Growth in this market is largely driven by the increasing incidence of chronic diseases, government investments for cell-based research, growing focus on personalized medicine, increasing focus on R&D for cell-based therapies, and increasing GMP certifications for cell therapy production facilities.
What the Market Looks Like?
Predicted to grow at a CAGR of 15.4% during the forecast period, the global Cell Expansion marketis estimated to reach USD 26.0 Billion by the end of 2024.
“The media segment accounted for the largest share of the consumables segment in the cell expansion market in 2018.”
On the basis of product type, the consumables market is segmented into media, reagents, sera, and disposables. In 2018, the media segment accounted for the largest share of the consumables segment in the cell expansion market.
“Increasing production of regenerative medicine in biotechnology & biopharmaceutical companies.”
Based on end users, the cell expansion market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2018, biotechnology & biopharmaceutical companies were the largest end users in the cell expansion market, and the trend is the same throughout the forecast period.
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Geographical growth scenario of Cell Expansion Market
North America accounted for the largest share of the cell expansion market in 2018. The large share of this segment can primarily be attributed to the rising incidence of cancer, increasing government funding, rising research activates on stem cell therapies, growing awareness regarding advanced treatment methods, growing geriatric population, and the strong presence of industry players in the region.
Leading market players
The prominent players in the Cell Expansion market include Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).
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