ALBANY, New York, March 28, 2019
ALBANY, New York, March 28, 2019 /PRNewswire/ -- According to TMR, the global cell expansion market achieved a revenue worth US$7.7 bn in 2015. The market is projected to rise at a whopping 14.7% CAGR from 2016 to 2024. Rising at this CAGR, the global cell expansion market is anticipated to achieve a revenue worth US$26 bn by 2024.
On the basis of geography, North America accounts for major share in the global cell expansion market. This is because of the presence of well-developed healthcare infrastructure in the region, better medical reimbursement plant and high adoption of advanced healthcare techniques in the region. Based on type, the human stem cell segment accounts for a leading share in the market owing to increasing instances of chronic diseases and favorable government support.
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Rising Prevalence of Chronic Diseases to Propel Growth
Technological advancements in cell expansion devices and rising healthcare investments by government are two strong factors driving the cell expansion market. In addition, introduction of cost effective instruments used for cell based research backed by intense research and development in the field is also expected to boost the cell expansion market during the forecast period.
Along with this, widespread prevalence of chronic medical conditions is increasing the demand for cell expansion based treatment. The rising awareness among people regarding cell expansion processes have increase adoption of the process. This is expected to fuel the rising demand for cell expansion based treatment. Lastly, growth in biopharmaceuticals is another factor which is likely to drive the global cell expansion market during the upcoming years.
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Inadequate Healthcare Infrastructure in Developing Regions Dampens Growth
Despite several drivers, high cost of cell expansion treatment is discouraging patients to opt for the process especially in emerging economies. People in such regions have less disposable income as compared to develop regions, hence restraining growth of the cell expansion market in the region. Additionally, week healthcare infrastructure and lack of skilled workforce in these regions also hamper growth of the global cell expansion market.
Nevertheless, introduction of healthcare scheme Ayushman Bharat in India has increased the affordability of people in the region to take advanced healthcare service. Similarly, other emerging economies are taking measure to improve their healthcare systems. This is expected to offer a favorable impact to the growth of the global cell expansion market in the emerging economies during the forecast period.
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The competitive landscape of the global cell expansion market is highly consolidated in nature, says Transparency Market Research (TMR). This is because major players have established their foothold in the market. In order to cement their position in future, these players are ramping their investment in research and development to develop advanced cell expansion equipment. Along with this, companies are expected to shift their focus to achieve product differentiation.
Mergers and acquisitions, business expansions and collaborations are noted as primary strategies of key players. For instance - in March 2019, GE Healthcare collaboration with Amgen to improve bio manufacturing performance. Likewise, in March 2017, Takara Bio USA Holdings, Inc. acquired WaferGen Bio-systems. A few other prominent players operating in the global cell expansion market are Corning Incorporated, Terumo Corporation, Lonza Group, Danaher Corporation, Eppendorf AG, PeproTech, Inc., Becton, Dickinson and Company, STEMCELL Technologies, and Merck Millipore.
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The review 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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