COVID -19 Impact on the Cell Therapy Technologies Market
The outbreak of COVID-19 is expected to have a minimal or negligible negative impact on the cell therapy technologies market. The rise in the incidences of COVID has led to an increase in the need for an efficient drug or vaccine for COVID, which could help in reducing the severity of the cases. Cell-based research is an essential step during the manufacturing of vaccines, which can help in the growth of the market.
Expected Revenue Growth:
[ 173 Pages Report] The cell therapy technologies market is projected to reach USD 5.6 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 14.4% from 2020 to 2025.
What This Report Will Provide?
The study involved four major activities to estimate the current size of the cell therapy technologies market. Exhaustive secondary research was done to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size.
Major Growth Boosters:
The emerging economies such as Australia and China are expected to provide a wide range of growth opportunities for players in the market which is driven by their large and growing populations as well as increase in the number of clinical trials and investments in the field of personalized medicine in these countries.
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Key developments:In 2020, Lonza (Switzerland) collaborated with IsoPlexis (US) to develop the next generation of precision cell therapy manufacturing. In 2020, Biopharma business from General Electric Company’s Life Sciences division (US) Danaher acquired the Biopharma business from General Electric Company’s Life Sciences division. The acquisition led to a new business named Cytiva, a standalone operating company within Danaher’s Life Sciences segment. In 2019, Thermo Fisher Scientific invested ~USD 24 million in its Inchinnan (Scotland) site to expand its global bioproduction capabilities with additional large-volume liquid manufacturing capacity for cell culture media. In 2018, FUJIFILM Irvine Scientific (US) launched PRIME-XV NK Cell CDM, chemically-defined (CDM), animal component-free (ACF) medium for the ex vivo expansion of NK cells. The medium offers natural killer (NK) cell expansion while preserving NK cell potency and functionality. In 2017, STEMCELL Technologies signed an exclusive license with Propagenix to commercialize EpiX, an innovation empowering epithelial cell biology and cell therapy.
“Cell processing is expected to hold the largest share of the cell therapy technologies market in 2020”
On the basis of process, the market is segmented into cell processing; cell preservation, distribution and handling; and process monitoring and quality control. The cell processing segment dominated the market in 2019. This segment is expected to grow at the highest CAGR during the forecast period. The cell processing stage makes the highest use of cell therapy instruments and media, especially during culture media processing. This is the major factor responsible for the large share and high growth of this segment.
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Regional Growth Analysis:
On the basis of region, the cell therapy technologies market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2019, North America commanded the largest share of the cell therapy technologies market. The large share of this market segment can be attributed to the increasing incidence of CVD, increasing healthcare expenditure, growing disposable income, growing healthcare awareness, and the availability of technologically advanced devices in the region.
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