Cell Therapy Technologies Market to Witness Huge Growth by 2031
Cell Therapy Technologies Market: Introduction
Cell therapy, also called cytotherapy or cellular therapy, is a form of biotherapy used to develop drugs and therapeutic strategies based on cells. This therapy refers to the biological activities carried out by cells that would lead to a desired effect either in vivo or in vitro.
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In the past few years, a growing number and range of suitable cell types for external administration have been determined. These cells have shown positive healing ability in animal-based experiments for numerous diseases. In cell therapy, cell suspensions enter into an organ or tissue or the blood stream with the possibility that these cells would be able to heal any injury.
Key Drivers, Restrains, and Opportunities of Global Cell Therapy Technologies Market
The global cell therapy technologies market is projected to witness strong growth in the next few years. Increase in mergers and acquisitions among the key players drives the global cell therapy technologies market during the forecast period. For instance, GE Healthcare acquired Asymptote (UK) in 2017. The acquisition bolstered GE Healthcare's existing cell therapy portfolio with the help of new technologies for cellular materials’ cryopreservation.
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Focus of key players on increasing manufacturing units boosts the growth of the global cell therapy technologies market during the forecast period. On June 26, 2019, Sartorius opened its manufacturing operations site in Yauco, Puerto Rico. The site cost investment of up to US$ 100 Mn. The objective of the new site is to cater to the needs of the U.S. market given that the company has been expanding its presence in the U.S. in the past few years.
On June 19, 2019, Gamida Cell Ltd. and Lonza entered into a strategic manufacturing agreement for commercial production of its cytotherapy, Omidubicel. The cell product developed by Gamida is not yet fully approved by any national regulatory body. However, it currently has a phase III trial to test its use for the treatment of hematological malignancies. Better infrastructure, rise in number of GMP-certified manufacturing facilities, and rise in the number of cell-based therapy clinical trials are likely to fuel the growth of the global cell therapy technologies market.
Presently, the world is struggling with the COVID-19 pandemic. This infection leads to pneumonia, severe & acute respiratory disorders, multiple organ failure, and, in severe cases, death. The market has experienced growth during the pandemic due to rise in demand for cell therapy technologies across the globe.
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Governments of developing countries are making significant investments to modernize health care infrastructure in their respective countries, which is likely to increase access to health care. This is expected to drive the demand for cell therapy technologies.
However, high cost associated with development of new cell therapy technologies is likely to hamper the growth of the global market. However, government and regulatory bodies across the globe are allotting significant funds for the development of new cell therapy technologies. This is likely to boost the growth of the global cell therapy technologies market in the next few years.
North America to Capture Major Share of Global Cell Therapy Technologies Market
In terms of region, the global cell therapy technologies market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to be a major market during the forecast period. This is due to considerable rise in research & development activities. Moreover, advancements in the health care sector have led to the development of new technologies and equipment, which is anticipated to propel the market in the region. Furthermore, presence of leading companies and early access to latest & emerging technologies are attributed to North America's dominance of the global market in the next few years.
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The market in Asia Pacific is projected to witness strong growth in the next few years. The region is anticipated to offer considerable opportunities for leading companies operating across the globe. This is expected to augment the market in the region. Emerging economies such as India, South Korea, Brazil, and China present significant opportunities in the cell therapy technologies market. Regulations are comparatively lenient in these countries than the developed countries. These factors are likely to propel the cell therapy technologies market in Asia Pacific in the next few years.
Key Players Operating in Global Cell Therapy Technologies Market
- Terumo BCT, Inc.
- STEMCELL Technologies, Inc.
- Thermo Fisher Scientific, Inc.
- Beckman Coulter, Inc.
- Miltenyi Biotec
- Merck KGaA
- General Electric Company
- Other prominent players
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