Cell Expansion Market to Attain a Value of US$ 26 Bn by 2024
Global Cell Expansion Market: Snapshot
The global cell expansion market is fairly consolidated with the top eight players accounting for most of the market share. Majority of the top players, with an aim of furthering their market share, are expending a lot of money and time on research and development in order to come up with new cell lines and applications. They are also focusing hard on product differentiation to bolster their positions. On account of this, competition is robust in the market for cell expansion.
Providing tailwinds to the global cell expansion market is the growing prevalence of rare and chronic conditions and also the continued rise in demand for biopharmaceuticals. Growing demand for regenerative medicines that provide faster results and cell-based therapies that have high patient compatibility are also said to be stoking market growth.
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High cost involved in operations due to the need for skilled workforce and high tech instrumentation, however, is acting as a deterrent for the market. Strict rules and regulations pertaining to cell expansion processes owing to the ethical concerns surrounding it too is crimping market growth to an extent.
However, despite all obstacles, the market will likely clock a robust CAGR of 14.7% between 2016 and 2024, finds a report by Transparency Market Research. Growing at this pace, the report predicts the market to attain a value of US$26 bn by 2024-end from US$7.737 bn in 2015.
Increase in Chronic Diseases Propels Market for Human Stem Cells
The global cell expansion market can be broadly divided into human stem cells, human differentiated cells, and animal cells based on the types of cells. Of them, the human stem cell segment accounts for a leading share in the market vis-à-vis revenue due of the increasing instances of various chronic diseases and support provided by the government. In 2016, it held a substantial 58.1% share in the overall revenue in the global cell expansion market.
The animal cell segment, on the other hand, is also predicted to grow at an impressive 14.6% CAGR from 2016 to 2024 to become worth US$ 7,432.6 Mn by 2024 on the back of demand for development of vaccines against some parasitic and viral diseases.
North America Market Shines due to Presence of Key Players in the Region
Geographically, the global cell expansion market can be segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. North America, of them, is the leading market. In 2016, it held a 39.3% share in the market. The regions dominant share is the result of a large number of prominent players domiciled there and the increasing spends on research and development in the area. In the years ahead, North America is predicted to trim its market share and by 2024 it is slated to hold 37.7% share. It will still retain its leading share, however by rising at a 14.7% CAGR during the period from 2016 to 2024.
In terms of growth rate, Asia Pacific will expected to outpace all other regions by clock a stellar CAGR of 16.4% between 2016 and 2024. This is because of the key players keen on tapping into the opportunities in the emerging economies in the region such as India and China. Besides, growing number of market participants from the nations of Japan, Australia, India, and China is also majorly filliping the cell expansion market in Asia Pacific. The trend of outsourcing research processes to low cost destinations in Asia Pacific and the availability of expertise in the region has also been stoking growth.
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