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New York, March 03, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cell Therapy Technologies Global Market Report 2023” – https://www.reportlinker.com/p06229201/?utm_source=GNW
, Beckman Coulter, Danaher, Becton Dickinson and Company, and GE Healthcare.
The global cell therapy technologies market grew from $3.53 billion in 2022 to $4.24 billion in 2023 at a compound annual growth rate (CAGR) of 20.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The cell therapy technologies market is expected to grow to $7.39 billion in 2027 at a CAGR of 14.9%.
The cell therapy market consists of sales of cell therapy technologies that are medicinal solutions used for developing and improving cell therapy, such as cell processing, cell banking, and point-of-care technologies.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The Cell therapy is a type of treatment used to inject active cells into the body of a patient for treating some disorders.This therapy seeks to treat diseases by altering certain sets of cells.
In this technique, cells, which originate from the patient or a donor are modified outside the body and then injected into the patient.
North America was the largest region in the cell therapy technologies market in 2022.Asia-Pacific is predicted to record the fastest growth over the forecast period.
The regions covered in the cell therapy technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products in cell therapy technologies are consumables, equipment, systems & software and is applied to different type of cells, including t-cells, stem cells, and other cells.Stem cells are special human cells that can become almost any type of cell in the human body.
This can range from brain cells to muscle cells and is also used to fix damaged tissues.T-cells are white blood cells and are critical to the immune system for responding against specific foreign substances or pathogens.
The process involved in cell therapy technologies includes cell processing, cell preservation, distribution, and handling, process monitoring and quality control. Cell therapy technologies are used in various sectors, including life science companies and research institutes.
Increasing investments by the government in cell-based research contributed to the growth of the global cell therapy technologies market.Governments are increasingly investing in research activities for developing therapies for diseases such as cancer, cardiovascular disease (CVD), and others.
For instance, in May 2022, The California Institute for Regenerative Medicine (CIRM), a research center helping stem cell research invested more than $11 million to fund a clinical trial for a cell therapy for the treatment of throat cancer. The success of this therapy will save patients from undergoing radiotherapy and its side effects.
High costs associated with cell therapy are expected to restrain the market in the forecast period.The pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In less wealthy countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy.
For example, cell therapies, especially gene-editing cell therapies such as CAR-T therapy highly expensive.The two first CAR T-cell therapies, Kymriah and Yescarta, have been given price tags of $475,000 and $373,000, respectively, in the USA, with similar pricing in Europe.
Thus, the high cost of cell therapy is restraining the growth of the market.
Strategic collaborations and partnerships between the industry players are gaining popularity in the cell therapy technologies market.Major companies are collaborating and partnering with other companies to develop new technologies in cell therapy areas for the treatment of a variety of diseases.
For instance, in August 2020, IsoPlexis Corporation, USA-based, collaborated with Lonza, a Switzerland-based chemicals and biotechnology company, to enable the next generation of precision cell therapy manufacturing. In another instance, in July 2020, Hitachi, Ltd., a Japan-based provider of a broad range of solutions including automated cell culture technologies to pharmaceutical companies in the area of cell therapy and regenerative medicine industry, collaborated with ThinkCyte, Inc., a Japan-based biotechnology company to focus on developing artificial intelligence (AI)-driven cell analysis and sorting system.
In March 2020, Danaher Corporation, a USA-based company that designs, manufactures, and markets professional, medical, industrial, and commercial products and services, acquired General Electric (GE) biopharma business for $21.4 billion. The biopharma business was a part of the GE life sciences division that offered software and equipment used in biopharmaceutical research. The acquisition is expected to expand Danahe’s life sciences business. General Electric Company is an American company that operates in four industrial segments: aviation, power, renewable energy, and healthcare globally.
The countries covered in the cell therapy technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The cell therapy technologies market research report is one of a series of new reports that provides cell therapy technologies market statistics, including cell therapy technologies industry global market size, regional shares, competitors with a cell therapy technologies market share, detailed cell therapy technologies market segments, market trends and opportunities, and any further data you may need to thrive in the cell therapy technologies industry. This cell therapy technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06229201/?utm_source=GNW
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