Cell Therapy Market is Estimated to Witness High Growth Owing to Opportunity for Treating Chronic Diseases

Global Cell Therapy Market Size
Global Cell Therapy Market Size



Cell therapy involves the use of live whole cells as medical products aimed at repairing, replacing or regenerating damaged tissues or cells. Cell therapy products such as regenerative medicines are increasingly being used to treat chronic conditions including cardiovascular diseases, neurological disorders and autoimmune diseases. Cells used in therapy include stem cells, differentiated cells and genetically modified cells. Stem cell therapy especially holds promise for treating chronic conditions by regenerating damaged tissues in the body.

 

The global cell therapy market is estimated to be valued at US$ 844.7 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity for cell therapy in treating chronic diseases presents a major market opportunity. Chronic diseases are long-lasting health conditions including heart disease, cancer, diabetes and lung disease that require ongoing management. It is estimated that chronic diseases account for around 60% of all deaths globally. Cell therapy offers potential solutions for managing chronic diseases by repairing or regenerating damaged tissues and organs. For example, mesenchymal stem cell therapy shows promise for treating cardiovascular diseases by regenerating heart tissues after a heart attack. Similarly, neural stem cell therapy could potentially reverse damage from neurological disorders. The growing chronic disease burden worldwide hence provides a massive market opportunity for cell therapy products and solutions that can manage chronic conditions more effectively through tissue regeneration. This presents lucrative prospects for cell therapy manufacturers over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the cell therapy market is low due to the high capital requirement for R&D and manufacturing facilities. Additionally, established players have significant brand recognition and distribution networks.
Bargaining power of buyers: The bargaining power of buyers in the cell therapy market is moderate as the buyers have the option to choose from various therapeutics. However, specialized cell therapies have created switching costs for buyers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as the suppliers of raw materials include academic institutions and biotech companies who have patented technologies. However, established players have backward integration to reduce supplier power.
Threat of new substitutes: The threat of new substitutes is low as cell therapies provide a unique way to treat chronic diseases. However, pharmaceutical drugs remain alternatives based on cost and efficacy.
Competitive rivalry: The competitive rivalry is high among global players owing to heavy investments in R&D and rapid advancement in cell-based technologies.

SWOT Analysis
Strengths: Growing prevalence of cancer and other chronic diseases drives the demand for cell therapies. Advancements in stem cell research have improved the clinical efficacy of these therapies.
Weaknesses: High costs associated with R&D and clinical trials restrict mass adoption. Complex manufacturing processes increase therapy costs.
Opportunities: Growing geriatric population increases the target pool for cell therapies in age-related diseases. Partnerships between players are increasing access to new technologies.
Threats: Stringent regulations surrounding cell therapies increase compliance costs. Concerns regarding side effects limit broader acceptance of therapies.

Key Takeaways
Global Cell Therapy Market Size is expected to witness high growth over the forecast period aided by increasing investments in cell-based research.

Regional analysis shows that North America dominates the market currently owing to presence of major players and supporting research ecosystem in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure and patient affordability in China and India.

Key players operating in the cell therapy market are Abbott Laboratories, Becton, Dickinson and Company, Celgene Corporation, Lonza Group AG, Merck KGaA, Thermo Fisher Scientific Inc. Abbott Laboratories holds a leading position in the immunotherapy segment while Becton, Dickinson and Company is a major player in cell culture instruments and consumables. Over the forecast period, these players are likely to increase their focus on strategic collaborations and acquisitions to gain access to new technologies and expand their therapeutic portfolios.

 

Explore More Related Article On This Topic: https://www.pressreleasebulletin.com/global-cell-therapy-market-share/

 

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