Transparency Market Research has announced the addition of the “Cell Expansion Market : Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024" report to their offering.
Albany, NY -- (SBWIRE) -- 11/27/2017 -- With a handful of established players, the global cell expansion market demonstrates a consolidated structure, states a new report by Transparency Market Research (TMR). The top eight companies, namely, Merck Millipore, Thermo Fisher Scientific, GE Healthcare, Danaher Corp., Becton, Dickinson and Co., Lonza, and Corning, collectively held nearly 79% of the overall market in 2016. To strengthen their presence in the worldwide cell expansion market, the leading players have increased the investment in the research activities in order to develop novel cell lines and discover new applications. Going forward, the focus of these companies will shift to product differentiation in the near future, making the competitive environment much stiff.
According to the report, the global market for cell expansion is anticipated to witness a significant surge in its opportunity at a CAGR of 14.70% during the period from 2016 to 2024, rising from US$7.7 bn in 2015 to US$26 bn by the end of the forecast period. Human stem cells register a stronger hold on this market when compare to their animal and differentiated counterparts and the trend is anticipated to remain so over the next few years. Hospitals, biotechnology and pharmaceutical companies, CMO and CRO, and academic and research institutes have emerged as the key end users of cell expansion products across the world. North America, among all the regions, has occupied the leading position in the worldwide market for cell expansion, thanks to the presence of a large pool of participants. Researchers anticipate the North America cell expansion market to remain dominant over the period of the forecast.
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Increasing Incidence of Chronic Medical Conditions to Fuel Demand for Cell Expansion Products
The global market for cell expansion is witnessing a tremendous surge in its valuation. An analyst at TMR states that "the increasing cases of rare and chronic medical conditions across the world is the key driving force behind the growth of this market." The continued rise in the demand for biopharmaceuticals is also boosting this market significantly.
In addition to this, the increasing preference for regenerative medicines, offering faster results, will propel the global cell expansion market remarkably in the years to come. The emergence of cell-based therapies, with high patient compatibility, is also projected to drive this market over the next few years, notes the research study.
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High Cost of Operations to Create Obstacles for Market's Growth
Though all these factors point towards a thriving future of the global market for cell expansion, there are several roadblocks that can hold the market from growing smoothly in the years to come. The high cost associated with the operations is one such obstacle, which the market is expected to face over the forthcoming years. The dearth of high-tech instrumentation and a skilled workforce will also pose severe challenge for this market in the years to come. However, the increasing investment by companies and rising government support will normalize the effect of these restraints in the near future, states the research report.