Cell Therapy Market Size Will Grow at a CAGR of 7.2% and Reach US$ 12563.23 million by 2027 – Digital Journal

According to our new market research study on Cell Therapy Market Forecast to 2027 COVID-19 Impact and Global Analysis by Therapy Type, Product, Technology, Application, and End User, the market is expected to reach US$ 12,563.23 million by 2027 from US$ 7,260.50 million in 2019. It is estimated to grow at a CAGR of 7.2% from 20202027. The report highlights trends prevailing in the market, and drivers and hindrances pertaining to the market growth. The growth of the market is attributed to increasing prevalence of chronic diseases, rising adoption of regenerative medicines, and surging number of approvals for cell-based therapies. However, the high cost of cell therapy manufacturing hinders the growth of the market.

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The cell therapy market, by technology, is segmented into viral vector technology, genome editing technology, somatic cell technology, cell immortalization technology, cell plasticity technology, and three-dimensional technology. The viral vector technology segment held the largest share of the market in 2019. Also, the same segment is anticipated to register the highest CAGR in the market during the forecast period.

Regenerative therapies aim to induce regeneration of cells, tissues, and organs and restore their functions. Increasing number of regenerative medicine applications for human clinical trials are submitted to the Food and Drug Administration (FDA) each year. As per the Alliance for Regenerative Medicine, in 2019 (Q3), 1,052 clinical trials utilizing regenerative medicine were underway globally; 218 cellular therapy trials were underway (41 Phase I, 147 Phase II, 30 Phase III) in 2019. Rapid advancements in the development of regenerative medicines to provide more effective solutions for chronic conditions are driving the market. Cell therapy is one of the fastest-growing segments of the regenerative medicine domain. Novartiss Kymriah was the first cell therapy solution offered to treat B-cell acute leukemia, which opened opportunities for this emerging treatment therapy. Moreover, RepliCel, a regenerative medicine provider, has a wide range of regenerative medicine products in the pipeline, with three productsRCH-01, RCS-01, and RCT-01in the development phase. Further, Sernova is engaged in the development of regenerative medicine technologies and has a huge pipeline of products for conditions, such as Diabetes, Hemophilia A, and hyperthyroidism. Thus, rising adoption of regenerative medicines drives the growth of the cell therapy market.

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The COVID-19 outbreak was first reported in Wuhan (China) in December 2019. The pandemic is causing massive disruptions in supply chains, consumer markets, and economy across the world. As the healthcare sector is focusing on saving lives of COVID-19 patients, the demand for cell therapy is reducing worldwide.

Vericel Corporation; MEDIPOST; NuVasive, Inc.; Mesoblast Limited; JCR Pharmaceuticals Co. Ltd.; Smith & Nephew; Bristol-Myers Squibb Company; Cells for Cells; Stemedica Cell Technologies, Inc; and Castle Creek Biosciences, Inc. are among the companies operating in the cell therapy market.

The report segments global cell therapy market as follows:

By Therapy Type Allogeneic AutologousBy Product Consumables Equipment Systems and SoftwareBy Technology Viral Vector Technology Genome Editing Technology Somatic Cell Technology Cell Immortalization Technology Cell Plasticity Technology Three-Dimensional TechnologyBy Application Oncology Cardiovascular Orthopedic Wound Management Other ApplicationsBy End User Research Institutes Hospitals OthersBy Geography North America US Canada Mexico Europe France Germany UK Spain Italy Asia Pacific (APAC) China India Japan Australia South Korea Middle East and Africa (MEA) Saudi Arabia UAE South Africa South and Central America (SCAM) Brazil Argentina

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Cell Therapy Market Size Will Grow at a CAGR of 7.2% and Reach US$ 12563.23 million by 2027 - Digital Journal