The market for cell therapy technologies is driven by a rising demand for cell therapy for the treatment of various health disorders. The increased funding from government and private organizations to support clinical trials for cell therapy is another factor resulting in growth of the market. The increasing number of research institutions also results in an increasing demand for newer technologies and instruments.
Diseases such as cancer, cardiovascular diseases and degenerative disorders have a high prevalence all around the world. According to American Cancer Society, 29% of childhood cancers are leukemia which may be treated by stem cell transplantation. This is leading to a higher demand for cell therapy, further supporting the growth of this market.
The advancements in cellular research has led to the increased usage of cell therapy technologies boosting the growth of the market. For instance, the new and advanced cell therapy manufacturing techniques and development of research facilities result in an expansion of the production and storage of cells, thereby leading to growth of the cytotherapy technologies market at a global level.
The market for cell therapy technologies is anticipated to witness a significant growth owing to the rise in development of different forms of cell-based therapies. The production and handling of cells for cell therapy involve complicated procedures which require a number of techniques and instruments. The growth of the cell therapy technologies market is attributed to the increasing demand for these equipment and new technologies.
The cell therapy technologies market is anticipated to record a CAGR of around 15% and attain a significantly high market size over the forecast period i.e. 2019-2027. The market is segmented by cell type into human cells and animal cells, out of which, the human cells segment is anticipated to significantly boost the growth of cell therapy technologies market on account of increasing demand for human cells for cell therapy, leading to growth in the production of necessary equipment.
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The successful research experiments conducted for the study of cell therapies are limited in number, resulting in limited usage of cell therapy technologies. In addition, the various research and development activities carried out by research institutions are highly expensive and time consuming which is anticipated to negatively affect the growth of cell therapy technologies market.
Our in-depth analysis of the cell therapy technologies market includes the following segments:
By Product Type
By Cell Type
By Process Stages
On the basis of regional analysis, the cell therapy technologies market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in the North America region is anticipated to hold the leading share in cell therapy technologies market owing to the increasing development in the research facilities and research studies based on cell therapy. The growing number of research laboratories in the region is another factor leading to the expansion of the market. Furthermore, the market in Asia-Pacific region is estimated to experience the highest growth during the forecast period which can be attributed to the increased funding by government and private organizations for the research and development activities in healthcare industry.
The cell therapy technologies market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.