The global cell expansion market depicts a highly consolidated structure to exist in its vendor landscape, owing to the presence of a handful of players, says Transparency Market Research based on a recently published report. Leading players in the market are increasing the rate of investments, thereby cementing their position in the global cell expansion market. The companies are also carrying out extensive research-based activities to develop advanced cell expansion applications. In the next few years, most companies are expected to shift their focus to achieve product differentiation. Presence of a variety of services along with new players regularly making their foray in the market is expected to intensify the competition during the next few years.
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Takara Bio, Inc., Corning Incorporated, GE Healthcare, Terumo Corporation, Octane Biotech, Inc., Lonza Group, Danaher Corporation (Pall Corporation), Eppendorf AG, PeproTech, Inc., Becton, Dickinson and Company, STEMCELL Technologies, Merck Millipore (Merck KGaA), Bio-Techne (R&D Systems), Cell Signaling Technology, Inc., Thermo Fisher Scientific, Inc., and HiMedia Laboratories, and CellGenix GmbH, are key players operating in the global cell expansion market.
The global cell expansion market is expected to grow at a stellar CAGR of 14.70% during the forecast period from 2016 to 2024. The market initially had gained a revenue worth US$7.7 bn in 2015, which is further expected to increase up to US$26 bn by 2024.
Rising Preference for Regenerative Medicines Boosts Market’s Growth
The global cell expansion market is gaining extensive growth mainly due to widespread prevalence of chronic medical conditions, which further increasing the need for use of cell expansion-based processes. The preference for regenerative medicines is also fast rising, which is greatly expected to propel the global cell expansion market’s growth in the near future. As newer cell-based therapies are introduced, the number of patients who want to utilize the treatments increases, consequently making the market gain extensive growth. Lastly, a rise in biopharmaceuticals is another factor, which is likely to augur the global cell expansion market to expand substantially during the upcoming years.
Lack of Skilled Workforce in Underdeveloped Regions Dampens Growth
High cost of cell expansion operations could discourage those having less disposable income to not opt for treatments that incorporate cell expansion-based processes, thereby restraining the market. This could highly occur in several economies mainly located in developing and underdeveloped regions of Asia Pacific and Latin America. Lack of skilled workforce and high-tech instrumentation in these regions is also known to substantially restrict the global cell expansion market. Nevertheless, a rising awareness about the existence of cell-expansion processes is increasing interest levels shown by players to grow in the market. This awareness can ultimately contribute towards early diagnosis of several chronic diseases, consequently offsetting the restraints during the upcoming years.
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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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