The latest market report published by Credence Research, Inc. “Global Cell Expansion Market – Growth, Future Prospects, Competitive Analysis, 2019- 2027,” the global cell expansion market was valued at US$ 9,743.7 Mn in 2018, and is expected to reach US$ 33,443.2 Mn by 2027, expanding at a CAGR of 15.0% from 2019 to 2027.
World Health Organization (WHO), supports the fact that 70% of the global mortality rate is associated with a high prevalence rate of chronic diseases in both developed and developing nations. Lack of effective treatment regimen has resulted in increasing demand for regenerative medicine, stem cell therapy and personalized medicine which ensures maximum therapeutic efficacy and safety with minimal side effects. On the contrary high cost associated with cell expansion operations and dearth of skilled workforce will possibly dampen the cell expansion market growth during the forecast period.
Browse the full report Cell Expansion Market – Growth, Future Prospects, Competitive Analysis, 2019 – 2027 report at https://www.credenceresearch.com/report/cell-expansion-market
Consumables are reigning the product segment for cell expansion market. The major factor responsible for its positive market growth is significant rise in high throughput screening which increases the consumption of consumables during the investigation of a new drug stage. Disposables will be registering rapid growth during the forecast period on account of negligible risk associated with cross-contamination of laboratory equipment and flourishing biotechnology and pharmaceutical industry.
Regenerative medicine is spearheading the application segment for cell expansion market. In the last 2 decades, there has been technological advancement in the translational research pertaining to molecular biology and tissue engineering used in regenerative medicine. It ensures the restoration of normal cellular activity of internal organs present in the human body. Clinical diagnostics are gathering the attention of researchers worldwide owing to the technological advancement in companion diagnostic kits and increasing public health awareness resulting in early screening of chronic ailments.
North America with a market share of 35.2% is dominating the regional segment for cell expansion market. The chief contributing factors propelling the cell expansion market growth in the region are rising prevalence of chronic disease and increasing demand for regenerative medicine. As per the research citing of National Health Council of CDC, approximately 133 million Americans are suffering with chronic ailments. Europe is accountable for 30.5% market share primarily due to the presence of major players such as Merck Millipore, GE Healthcare, Becton Dickinson & Company, etc. The Asia Pacific presently holds a 17.5% market share on account of developing healthcare infrastructure and a supportive regulatory environment provided by the local healthcare agencies in the region.
Medical device companies spearheading the cell expansion market are Becton Dickinson & Company, Beckman Coulter, Inc., Danaher Corporation, GE Healthcare, Merck Millipore, Miltenyi Biotec, STEMCELL Technologies, Terumo Biotec and Thermo Fisher Scientific.
Key Market Movements:
- The rising incidence rate of chronic illness worldwide
- Increasing demand for regenerative medicine and stem cell therapy owing to its safety and efficacy
- The supportive regulatory environment provided by healthcare agencies worldwide