Cell Expansion Market: Increasing Adoption of Regenerative Medicines
Cell Expansion market is projected to reach US$ 42,837.11 Mn in 2027 from US$ 11,929.43 Mn in 2018. The market is projected to grow with a CAGR of 15.6% from 2019-2027.
The report provides trends prevailing in the global cell expansion market and the factors driving the market along with those that act as hindrances. The key factors that are driving the growth of the market are the increasing adoption of regenerative medicines, rising prevalence of cancer. However, the risk contamination during cell expansion is expected to hamper the market during the forecast period.
The factors contributing to the growth of cell expansion market in the countries of Asia Pacific are the rising development of cell expansion and a growing number of research and development activities in the field of life science. Furthermore, the presence of supportive government initiatives and research in the field of regenerative medicines also boosts the market growth.
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Key Findings from The Cell Expansion Market
- The cell expansion market based on product is segmented into consumables and instruments. In 2018, the consumables segment held the largest share of the market.
- Moreover, the consumables segment is expected to grow at the fastest rate during the coming year. These consumables are essential components of any laboratory experiment hence they are expected to witness significant growth during the forecast period. The other significant factor driving the growth of the market is the increasing adoption of consumables in research and development activity in cell expansion in the future.
- The companies operating in the cell expansion market have been implementing various strategies to grow in their corresponding markets; this has, in turn, enabled them to bring various changes in the market. The companies have utilized strategies such as product launches, and approvals of their product portfolio and acquisitions for the growth of their organizations.
- The cell expansion market majorly consists of players such as BD, Merck KGaA, Thermo Fisher Scientific, Inc., Terumo Corporation, General Electric Company, Corning Incorporated, Miltenyi Biotec, Danaher, Lonza and STEMCELL TECHNOLOGIES, INC. among others. Several companies are concentrating on organic strategies, such as product launch and product approvals. For instance, in October 2019, Thermo Fisher Scientific, under its brand Gibco, introduced Gibco BenchStable Media.
Increasing Adoption of Regenerative Medicines
Regenerative medicine has the potential to replace or heal tissues as well as organs damaged by age, disease, or trauma, as well as to normalize congenital defects. Over the last quarter of a century, there has been an emergence of a tissue engineering industry, one that has now evolved into the broader area of regenerative medicine. Regenerative medicine is defined as a rapidly growing interdisciplinary field that involves engineering sciences to develop clinical therapies intended for maintenance, repair, replacement and enhancement of biological function. Cell expansion is a crucial and invariable part of regenerative medicine. On the bases of study and investigation, desired regeneration techniques are used to develop the tissue which involves cell expansion procedures. It helps to understand how to treat injuries and diseases from broken bones to neurodegenerative diseases. Thus, the rise in the adoption of regenerative medicines is expected to foster the demand for cell expansion technique thereby driving the market growth.
Cell expansion has multiple potential applications that include drug testing and development, development of cell-based therapy, cancer tissue research and others. New drugs that are developed in pharmaceutical companies could be safely and effectively tested using differentiated stem cells. Furthermore, the regenerative medicines using cell-based models have the potential to help the researchers in early-intervention treatment for degenerative diseases and traumatic injuries. Therefore, owing to the factors mentioned above, the market is likely to propel during the forecast period.
Rising Prevalence of Cancer
Cancer is one of the major cause of human death worldwide. In recent years, the cases of cancer have been increasing tremendously and the trend is anticipated to remain the same in the upcoming years. According to the World Health Organization in 2018, approximately 9.6 million deaths across the globe were due to cancer. Furthermore, the National Cancer Institute predicted that in 2018, approximately 1,735,350 new cancer cases would be diagnosed in the US.
Changes in lifestyle have resulted in more exposure to oncogenic factors. Cancer can be cured if diagnosed and treated at an initial stage. Cancer sequencing using next-generation sequencing (NGS) methods provides more information. Additionally, cell expansion related procedures also aids in research, diagnostics and treatment of cancer.
Moreover, cancer is found to be commonly prevalent in European countries as well. As per the Cancer Research UK, in 2016, around 163,444 deaths in the UK were due to cancer.
Furthermore, Asia Pacific region is also facing the problem of the growing prevalence of cancer. The top 15 countries with Cancer prevalence are Japan, Taiwan, Singapore, South Korea, Malaysia, Thailand, China, Philippines, Sri Lanka, Vietnam, Indonesia, Mongolia, India, Laos, and Cambodia. According to the National Institute of Cancer Prevention and Research (NICPR), in 2018, in India, total deaths due to cancer were 784,82, which thereby propels the market growth.
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