The cell expansion market is set to grow from US$ 9,743.7 million in 2018 to US$ 33,443.2 million by 2027 at a compound annual growth rate (CAGR) of 15.0% during the forecast period from 2019 to 2027. The lack of an effective treatment regime for chronic disease has resulted in a significant rise in novel drug discovery and development research studies throughout the globe. Increasing demand for regenerative medicine and stem cell therapy further consolidates the cell expansion market's growth.
Market Synopsis
A significant rise in high-throughput screening has resulted in increasing consumption of consumables during the novel drug discovery and development stage.
Consumables reign over the product segment for the cell expansion market. The chief contributing factor responsible for its positive market growth is the significant rise in high-throughput screening, which increases the consumption of consumables during the novel drug discovery and development stages. Disposables will be growing at a rampant pace during the forecast period owing to the negligible risk of cross-contamination of laboratory equipment and the flourishing biotechnology and pharmaceutical industries.
Significant growth in translational research related to molecular biology and tissue engineering increases the demand for regenerative medicine.
Regenerative medicine is dominating the application segment of the cell expansion market. In the last two decades, there has been significant growth in translational research pertaining to molecular biology and tissue engineering. Regenerative medicine is widely employed in restoring the normal function of cells and tissues of internal organs. Increasing demand for personalized medicine has created a lucrative market opportunity for the growth of regenerative medicine. Clinical diagnostics are garnering the attention of researchers around the globe due to technological advancements in companion diagnostic kits and rising public health awareness, resulting in early screening of chronic diseases.
Rising prevalence of chronic disease and increasing demand for regenerative medicine together drive the market growth in North America.
North America, with a market share of 35.2%, is spearheading the regional segment for the cell expansion market. The major factors influencing its market growth are the rising prevalence of chronic diseases. According to the Centers for Disease Control and Prevention (CDC), the statistics provided by the National Health Council indicate that approximately 133 million Americans are suffering from chronic diseases. Tremendous demand for the development of regenerative medicine further propels market growth in the North American region.
Europe represents a market share of 30.5% on account of the domicile of major biopharmaceutical companies such as Becton Dickinson & Company, Merck Millipore, GE Healthcare, etc. Asia Pacific presently holds 17.5% of the market share owing to the developing healthcare infrastructure and supportive regulatory environment provided by local healthcare agencies for the proliferation of cell expansion products.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The market is segmented by product, application, and geography.Medical device companies spearheading the cell expansion market are Becton Dickinson & Company, Beckman Coulter, Inc., Danaher Corporation, GE Healthcare, Merck Millipore, Miltenyi Biotec, STEMCELL Technologies, Terumo Biotec, and Thermo Fisher Scientific.
Key questions are answered in this report.
Which major players are competing in the cell expansion market?
What are the organic and inorganic market growth strategies being adopted to perform the market assessment for the cell expansion market?
Which factors are responsible for the increasing demand for stem cell therapy and regenerative medicine?
Which factors are responsible for the increasing consumption of consumables in pharmaceutical and biotechnology companies?
What is the market performance in the developed regions of North America and Europe?
Frequently Asked Question:
The market for Cell Expansion Market is expected to reach USD$ 33,443.2 Mn in 2027.
The Cell Expansion Market is expected to see significant CAGR growth over the coming years, at 15.0%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Becton Dickinson & Company, Beckman Coulter, Inc., Danaher Corporation, GE Healthcare,are some of the major players in the global market.
