Cell Therapy Technologies Market is projected to grow from USD 4.0 billion in 2022 to USD 8.0 billion by 2027, at a CAGR of 14.6% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growth in the market can be attributed to number of cell therapy clinical trials related to cancer. Furthermore, increasing incidence of communicable diseases and the growing risk of pandemics are also expected to fuel the market growth.
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Key Market Players
Key players in the cell therapy technologies market include Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), Danaher Corporation (US), Lonza Group (Switzerland), Sartorius AG (Germany), Terumo BCT (US), Becton, Dickinson and Company (US), Fresenius SE & Co. KGaA (Germany), Avantor, Inc. (US), Bio-Techne Corporation (US), Corning Incorporated (US), FUJIFILM Irvine Scientific (US), MaxCyte Inc. (US), Werum IT Solutions GmbH (Germany), RoosterBio Inc. (US), SIRION Biotech GmbH (Germany), TrakCel (UK), L7 Informatics, Inc. (US), Miltenyi Biotec GmbH (Germany), STEMCELL Technologies (Canada), GPI Iberia (Spain), MAK-SYSTEM (US), OrganaBio, LLC (US), IxCells Biotechnology (China), and Wilson Wolf Manufacturing Corporation (US).
Global Cell Therapy Technologies Market Dynamics
Rising Incidence of Chronic Diseases
Cell therapy has a wide range of applications in providing diagnostic/prognostic information as well as during clinical research related to HIV/AIDS, cancer, and various infectious diseases. Several factors, such as the growth in the population, climate change, and increasing contact between humans and animals, have increased the threat of new virus outbreaks. This has led to increase in cell therapy treatments, thus fueling the market growth.
Dearth of skilled labor
Despite technological innovation and product development over the last decade, the market has been affected by the lack of a trained workforce to operate complex instruments. According to a research study carried out by the Gatsby Foundation, by 2030, the UK will require a further 700,000 technicians to support the economy. The shortage of skilled professionals is one of the key factors limiting the adoption and utilization of cell therapy technologies in several countries across the globe.
Emergence of iPSCs as alternatives to ESCs
iPSCs can be used for various applications, including the development of regenerative medicine and drug discovery (such as disease modeling and cytotoxicity studies), thus reducing the overall cost of clinical trials. The use of iPSCs for stem cell therapy allows for the generation of pluripotent cells that are identical to the patient’s genetic map. Due to such advantages, the use of iPSCs in cell therapy research is increasing.
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Survival of small players and new entrants
Established players have a robust product portfolio and strong brand recognition. As a result, it is difficult for small players and new entrants to compete with established players. Also, as large investments are required for the R&D and launch of innovative products in the market, it is difficult for small players to sustain their operations and compete with established players that have large R&D budgets.
The Asia Pacific region is the fastest-growing region of the cell therapy technologies market.
The Asia Pacific is estimated to be the fastest-growing segment of the market. The growth of the market of the region is mostly driven by their low labor and manufacturing costs, which has drawn huge investments by biopharma giants to these countries. The increasing disposable income, growing prevalence of lifestyle and age-related chronic diseases also contribute to the high growth of the regional market.
Recent Developments
- Thermo Fisher Scientific launched the first T-cell medium designed specifically for allogeneic cell therapy workflows.
- Danaher acquired the Biopharma business from General Electric Company's Life Sciences division. The acquisition has led to the formation of a new business named Cytiva, a standalone operating company within Danaher's Life Sciences segment.
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