Albany, NY -- (SBWIRE) -- 08/25/2017 -- Global Autologous Cell Therapy Market: Overview
Autologous cell therapy refers to infusion or transfer of human tissue or cells back to the same person for treating a diseased part. For the same purpose, stem cells are removed from the patient, harvested, cultured, and once again transplanted to the same person. The purpose of this method is to reduce the chances of rejection to the treatment by the body. Furthermore, autologous cell therapy does not even require immunosuppression. The growing number of cancer patients have triggered a significant demand for autologous cell therapy.
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According to the research report, the global market projected to reach a valuation of US$23.7 bn by the end of 2024 as compared to US$3.8 bn in 2015. During the forecast period of 2016 and 2024, the global market is estimated to exhibit a CAGR of 21.9%.
Unmet Medical Needs and Cost-effectiveness of Autologous Cell Therapy Drives Demand
The global market is expected to grow due to the huge pool of unmet medical needs for cell based therapy, growing government support for cell-based research, and rising number of technological innovations in cell based therapies. Currently, cell therapy is considered a promising technique for several conditions such as neurological, orthopedic, oncology, and a wide range of autoimmune diseases. The ability of stem cells to transform into a cartilage, tendon, bone (osteoblast), and muscle has given this market a fresh lease of life. The biggest advantages of autologous cells is the fact that it is relatively cost-effective, allows quick access to blood as it is derived from the patient, ensures easy method of production, and comes with the lowest threat of disease transfusion. All of these factors have been consistently boosting the demand for autologous cell therapy in recent years.
Supportive Government Policies across North America Favor Regional Market
Geographically, the market has been divided into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. North America holds a dominant position in the global market and is expected to maintain its stance in the coming years as well.
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The strengthening health care infrastructure and supportive government policies are expected ensure high adoption of autologous cell therapy in North America in the near future. The analysts estimate that Asia Pacific will also register a robust CAGR in the coming years. The growth of this market in Asia pacific will be driven by the proliferating medical tourism industry, increasing contract research activities, and economic growth of certain developing countries such as India and China.
Hospitals to Retain Dominance in Global Market over Forecast Period
The end users of autologous cell therapy are hospitals, research centers, and ambulatory centers. Of these, the hospitals dominated the global market in 2015 and are expected to continue its dominance till the end of 2024 as the surgical procedures continue to be on the rise across hospitals. The research report indicates that the ambulatory surgical centers segment will also expand at a significant rate in the coming years as it is known to reduce waiting time period before surgery, growing outpatient surgical procedures, high confidentiality and privacy of the data, and cost-effective procedure.
Some of the leading players operating in the global market are Major players operating in this Market are Vericel Corporation, BioTime, Inc., Pharmicell Co., BrainStorm Cell Therapeutics, Opexa Therapeutics, Inc, Pharmicell Co., Inc.