Cell therapy products like stem cell therapies are widely used for treating various chronic diseases like cancer, diabetes, neurological disorders and other conditions that damage tissues and organs in the body. These cell therapy products provide advantages like better disease management, reduced hospital stays and side effects from medications.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the cell therapy market is the increasing adoption of cell therapies. Due to growing awareness about the advantages of cell therapies over traditional drug therapies and improvements in cell therapy technologies, more patients and healthcare providers are opting for cell therapies to treat various chronic diseases. The development of new cell therapy products for different applications is also supporting the adoption of this therapeutic area. For example, numerous cell therapy candidates are under clinical trials for treating cardiovascular diseases, diabetes, osteoarthritis and COVID-19. As the clinical research progresses, the commercialization of these new cell therapy products will further propel the market growth during the forecast period.
Segment Analysis
The global cell therapy market is dominated by the allogenic stem cell therapy sub-segment. This sub-segment currently holds more than 60% of the market share owing to the increasing prevalence of cancers, availability of stem cell donors, and its potential therapeutic benefits, including minimized risk of rejection and graft-versus-host disease. The autologous stem cell therapy sub-segment is expected to witness high growth during the forecast period due to ongoing research and development activities focused on developing various autologous cell therapies for treating chronic diseases.
Key Takeaways
The Global Cell Therapy Market Demand is expected to witness high growth over the forecast period. Factors such as rising healthcare expenditure, increasing prevalence of chronic diseases, growing geriatric population, and technological advancements in cell therapies are expected to drive the market growth. 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 2023-2030.
Regional analysis
North America currently holds a majority share of the global cell therapy market owing to the presence of well-established healthcare infrastructure, favorable reimbursement policies, and rising awareness about advanced treatment options. Asia Pacific is expected to be the fastest-growing regional market due to improving healthcare facilities, increasing healthcare expenditure, growing medical tourism, and rising incidence of chronic diseases.
Key players
Key players operating in the cell therapy market are Abbott Laboratories, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V., Par Pharmaceutical, Inc., Apotex Inc., Sandoz AG, and Dr. Reddy's Laboratories Ltd., Accord Healthcare Ltd. These players are focusing on new product launches, mergers & acquisitions, and partnerships & collaborations to expand their presence and capabilities in the cell therapy market. For instance, in 2023, Abbott Laboratories collaborated with RegenxBio to develop treatments for genetic retinal diseases using gene therapies.
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