Cell Therapy Technologies Market is projected to reach USD 19.9 billion by 2023 from USD 10.2 billion in 2018, at a CAGR of 14.4%.
According to the new market research "Cell Therapy Technologies Market by Product (Consumables, Equipment, Software), Cell Type (Human Stem & Differentiated, Animal), Process Stages (Cell Processing, Distribution, Handling, QC), End User, and Region - Global Forecast to 2023", published by MarketsandMarkets™.
Factors such as rising government investments for cell-based research, the increasing number of GMP-certified production facilities, and the large number of oncology-oriented cell-based therapy clinical trials are driving the growth of this market.
The market is dominated by players such as Beckman Coulter, Inc. (US), Becton, Dickinson and Company (US), GE Healthcare (US), Lonza (Switzerland), Merck KGaA (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies, Inc.
(Canada), Terumo BCT, Inc. (US), and Thermo Fisher Scientific, Inc. (US).
On the basis of product, the market is segmented into consumables, equipment, and systems & software. The consumables segment is expected to account for the largest share of the cell therapy instruments market in 2018.
The large share of this segment is attributed to the high demand for consumables (such as growth factors and media) in cell-based experiments and cancer research and the growing number of new product launches. Moreover, consumables are required at every step of cell processing.
This is further expected to drive their adoption in the market.
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On the basis of process, the market is segmented into cell processing; cell preservation, distribution, and handling; and process monitoring and quality control. The cell processing segment is expected to account for the largest market share in 2018 and is expected to grow at the highest CAGR during the forecast period.
The cell processing stage makes the highest use of cell therapy instruments and media, especially during culture media processing. This is a major factor responsible for the large share and high growth of this segment.
The market, by region, is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to account for the largest share of this market in 2018.
The large share of this regional segment can primarily be attributed to the high burden of chronic diseases and increasing R&D activities in pharmaceutical and biotechnology industries.
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