Cell Therapy Market Size to Surpass US$ 60.67 Billion by 2030 – GlobeNewswire

Ottawa, May 12, 2022 (GLOBE NEWSWIRE) -- The global cell therapy market size was estimated at US$ 10.35 billion in 2021. The governments all over the world are constantly investing in the biopharmaceutical industry's development. This has a direct impact on the worldwide cell therapy market's growth. For the introduction of innovative cell treatments into the worldwide market, leading industry participants are partnering with government authorities.

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Furthermore, for the growth and development of the global cell therapy market, industry participants are focusing on existing and developing areas. The high cost of cell therapies, on the other hand, is a major impediment to the worldwide cell therapy market's expansion. Furthermore, the cell treatment market's expansion is hampered by a scarcity of experienced personnel. However, due to the vast range of applications for cell therapy, the worldwide cell therapy market is likely to rise rapidly in the near future.

Regional Snapshot

North America is the largest segment for cell therapy market in terms of region. The U.S. is dominating the cell therapy market in the North America region. For the development of the cell therapy industry, variables such as rising chronic disease occurrences and increasing investments are important. Furthermore, expanding uses of stem cell technology for the treatment of various ailments are propelling the cell therapy market in North America. In addition, the market for cell treatment in North America is rising due to increased research and development activities.

Asia-Pacific region is the fastest growing region in the cell therapy market. China holds the highest market share in the Asia-Pacific cell therapy market. The expansion of the cell therapy market in this region is aided by favorable government policies. In addition, as a result of enhanced healthcare facilities, reduced costs, and rise in awareness of cell therapy, growing nations are expected to rise.

Scope of the Report

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Report Highlights

Market Dynamics

Drivers

Growing approvals for cell-based therapies

The cell therapies are getting approved easily by government agencies. Since FDA approved products are readily available in developing regions, cell treatments are commonly used. For example, the FDA granted Novartis Kymriah regenerative medicine enhanced therapy designation in April 2020 for the treatment of refractory follicular lymphoma in adults. The FDA authorized brexucabtagene autoleucel, a CAR T-cell treatment for patients with mantle cell lymphoma in July 2020.

Restraints

High capital investments for cell therapy plants

People seeking the most up to date alternative remedies for the various ailments have become increasingly interested in stem cell therapy nowadays. Every day, new sorts of therapies are launched and individuals all over the globe are turning to them instead of standard drug regimens and hospital visits. Despite the high demand for stem cell therapies, they are still prohibitively costly to develop. Simple joint injections can set back about $1,000 while more complex procedures can cost up to $100,000 depending on the issue.

Opportunities

Growing government initiatives

The government is heavily investing in research and development activities. The Australian government published The Stem Cell Therapies Mission, journey of 10 years for stem cell research, in November 2019. The Medical Research Future Fund would receive $102 million to support stem cell research in order to develop novel medicines. Thus, the growing government initiatives are creating lucrative opportunities for the growth of global cell therapy market.

Challenges

Lack of skilled professionals

The lack of skilled professionals is a major challenge faced by global cell therapy market. As per the National Accrediting Agency for Clinical Laboratory Sciences, there is a global demand supply mismatch for competent personnel. According to a research study conducted by the Gatsby Foundation, the UK will require an additional 700,000 professionals to sustain the economy by 2030.

Related Reports

Recent Developments

Market Segmentation

By Use Type

By Therapy Type

By End User

By Geography

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Cell Therapy Market Size to Surpass US$ 60.67 Billion by 2030 - GlobeNewswire