Autologous Cell Therapy Market: Unmet Medical Needs and Cost-effectiveness of Autologous Cell Therapy Drives Demand
The global autologous cell therapy market is expected to showcase intense competitive atmosphere in the coming years, as per Transparency Market Research (TMR). The leading players in the market are participating in joint ventures, takeovers, mergers, and acquisitions so as to gain entry in the local market. Companies are also setting up manufacturing units and subsidiaries in developing nations and this will contribute to the market for autologous cell therapy becoming extremely competitive in the near future, further adds TMR. Names of the leading companies include: Vericel Corporation, Phamicell Co. Inc., BioTime Inc., BrainStorm Cell Therapeutics, and Opexa Therapeutics.
As per TMR, the global market for autologous cell therapy will cross US$23.7 bn by 2024. Between 2016 and 2024, this market is slated to expand at a CAGR of 21.9%. On the basis of type of source, the global autologous cell therapy market is led by the bone marrow segment. This market segment is anticipated to cross US$12.0 bn by the end of 2024. By end users, the autologous cell therapy market is led by the hospital segment through 2024 thanks to the stupendous increase in surgical procedures across hospitals. The ambulatory surgical centres segment is also expected to expand at a considerable pace in the coming years. This is because ambulatory surgical centres offer cost effective procedures, have reduced waiting time period before surgery, and offers high confidentiality and privacy of data.
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In terms of geography, North America is leading in the market due to high investments in treatment facilities. Asia Pacific will witness a high paced growth rate in the coming years, thanks to the rising medical tourism sector in the region. Moreover, the improving healthcare infrastructure in countries such as China and India is also expected to accelerate the growth of this market.
Increasing Number of People Suffering from Cancer Worldwide Behind Growth
As per the America Cancer Society, a million people are suffering from cancer in the U.S. alone, and this will only increase every year. Sedentary lifestyle and poor dietary choices has fuelled the incidences of malignancy across the globe. This is expected to propel the growth of the global autologous cell treatment market. The continents in Asia, Africa, and Central America alone have 60% of its population suffering from cancer. This will create many growth opportunities for the global autologous cell treatment market.
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Moral Issues Regarding Killing of Embryos Restricting Growth of Market
On the other hand, the debate about the moral issues of killing the embryos upon extraction of cells is a constant challenge for the global autologous cell treatment market. This issue is also restricting further innovative work relating to embryonic stems cells, which in turn will inhibit the growth of the global autologous cell treatment market. Moreover, the lack of repayment arrangements for cell treatment will dampen the growth of this market. The high cost of the treatment is one of the key factors restraining the growth of this market further.
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