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 the key factors driving the growth of this market. China, India, Japan, Korea, and Brazil are emerging markets for cell therapy instruments.
What the Market Looks Like?
Global 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% during the forecast period. China, India, Japan, Korea, and Brazil are emerging markets for cell therapy instruments.The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW).
These markets boast comparatively lenient standards and government regulations as opposed to developed markets in North America and the EU, and thus offer significant growth potential for providers. However, the high cost of cell-based research and the low success rate is expected to restrain market growth to some extent during the forecast period.
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What Drives the Market?
The growth of the Cell Therapy Technologies Market is primarily influenced by the following factors:
- Rising Government Investments in Cell-Based Research
- Large Number of Oncology-Oriented Cell-Based Therapy Clinical Trials
- Affordability and Sustainability of Advanced Cell Therapy Instruments
By product, the cell therapy technologies market is segmented into consumables, equipment, and systems & software.
The consumables segment is expected to account for the largest share of the market in 2018. Factors such as increasing investments by companies to develop advanced products as well as government initiatives for enhancing cell-based research are contributing to the growth of the cell therapy consumables market.
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