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| 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.
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