ALBANY, New York, June 27, 2019 /PRNewswire/ -- According to the experts at Transparency Market Research, the global cell expansion market is expected to witness a staggering growth with 14.7% CAGR in the forecast period. The market is also projected to reach to the value of US$26 bn by the end of 2024. The market is expected to exhibit this impeccable growth during the said forecast period. The market at a revenue valued at US$7.737 bn in 2015.
The report broadly categorizes the global cell expansion market on the basis of cell type, products, application, and end-users. Out of these categories, the human stem cell segment under cell type category is expected to dominate the global cell expansion market in the forecast period. The dominance is attributed to the rising incidences of chronic diseases in various regions across the globe. Geographically, North America is likely to show maximum potential for the players of global cell expansion market. The growth of the region is a result of the presence of many key players in the region.
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Rising Preferences of Regenerative Medicines to Boost the Growth of the Market
The extensive growth of global cell expansion market is majorly attributed to the widespread prevalence of various chronic diseases across the globe. The rising incidences of such medical conditions is further increasing the use of cell expansion-based medical processes. Moreover, the growing application of regenerative medicine is one of the key factors that is supporting the growth of global cell expansion market in the forecast period.
With the introduction of latest cell-based therapies, the number of patients willing to go for the treatment has increased substantially. This consequently is making the global cell expansion market grow substantially during the forecast period of 2018 to 2024. Lastly, the increasing preference of various biotherapeutics is one of the major factors that is expected to promote the growth of global cell expansion market in coming years.
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Unavailability of Skilled Professional to Hamper the Growth
The road for the growth of global cell expansion market is full of challenges. The market is expected to face major roadblocks as a result of high cost of cell expansion operations. Such high costs discourage the patients who have a lower disposable income to opt for the treatment. Moreover lack of skilled workforce in the field of cell expansion is another challenge that various players of global cell expansion market face. Owing to all these bottlenecks, the growth of the market is expected to dampen considerably in the forecast period.
However, with rising awareness of the benefits of cell expansion operations and various technological advancements in healthcare sector, the global cell expansion market is expected to surpass all the posed roadblock and retain a sustained growth in the forecast period of 2016 to 2024.
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A recent report by Transparency Market Research provides a detailed analysis of global cell expansion market. According to the report, the market of cell expansion is highly consolidated and is dominated by only few players across the globe. These players are increasing their investments in research and development activities in order to provide innovative solutions to the customers and gain an edge to maintain their dominance in the market.
The report also predicts that in coming years, the players are expected to shift their focus to acquiring product differentiation and strengthen the presence of their brand in the global cell expansion market. Various services offered by the new entrants in the market is expected to intensify the competitive landscape of the market in the forecast period of 2016 to 2024. Some of the prominent players of global cell expansion market are Thermo Fisher Scientific, Inc., Danaher Corporation (Pall Corporation), Takara Bio, Inc., GE Healthcare, and Bio-Techne (R&D Systems).
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Cell Expansion Market (Cell Type - Human Stem Cells, Human Differentiated Cells, and Animal Cells; Product - Instruments, Consumables, and Disposables; End User - Hospitals, CMO & CRO, Biotechnology & Pharmaceutical Companies, and Academic & Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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