ALBANY, New York, June 15, 2017 /PRNewswire/ --
The global market for Cell Expansion Market is consolidated in nature with a handful of major companies accounting for a significant share in it. In 2016, the top eight players led by Merck Millipore, for example, accounted for over 78.8% share in the market. Merck Millipore accounted for 17.6% market share in 2016 and it was trailed by Thermo Fisher Scientific, Inc., Danaher Corporation (Pall Corporation), GE Healthcare, Becton, Dickinson and Company, Corning and Lonza.
One of the key measures adopted by astute key players in the global market for cell expansion to bolster their positions further is increased investments in research and development to come up with new cell lines and uncover new applications. They are also resorting to product differentiation to capture greater market share. This has made competition stiff in the global cell expansion market.
The entry barriers for aspiring players in the global market for cell expansion is relatively high on account of the steep upfront investment, high cost of operations, and high degree of expertise required.
As per a report by Transparency Market Research, the global cell expansion market will likely expand at a robust 14.7% CAGR from 2016 to 2024. Rising at this pace, the report forecasts it to become worth US$26 bn by 2024-end from US$7.737 bn in 2015.
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Rising Occurrence of Chronic Diseases Bolsters Demand for Human Stem Cells
Depending upon the type of cell, the global cell expansion market can be broadly split into human cells and animal cells. The human cell can be further divided into stem cells and differentiated cells. Revenue-wise, the human stem cell segment accounts for a dominant share in the market on account of the rising prevalence of various chronic diseases and support provided by the government. In 2016, it held a substantial 58.1% share in the overall revenue in the global cell expansion market.
Geographically, the key segments of the market are Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among them, North America is the leading market on account of the concentration of many key players in the region and the increasing research and development in the field. Going forward, North America is slated to slightly pare its market share to hold a 37.7% share in it by 2024. It will still, however, remain the dominant market.
Rising Prevalence of Rare and Chronic Conditions Propels Market
At the forefront of driving demand in the global cell expansion market is the growing instances of rare and chronic conditions and also the continued rise in demand for biopharmaceuticals. Another factor majorly fuelling growth in the market is the increase in demand for regenerative medicines that provide faster results and cell-based therapies that have high patient compatibility.
High Operational Costs Providing Headwinds to Market
Posing a roadblock to global cell expansion market is the high cost involved in operations. This in turn, results from the need to hire highly skilled workforce and high tech instrumentation. Besides, there are ethical issues in human cell line culturing that has drawn criticism from different groups worldwide. As per the TMR analyst, "Rising ethical concerns have led to the framing of stringent laws and regulations in the cell expansion system. Further, cell expansion system is leveraged for regenerative therapies, cell-based therapies (stem cell), production of biologics and biopharmaceuticals, etc. This has prompted regulating authorities for streamlining the procedures levying stringent rules and regulations for their producers and their applications"
This review is based on the findings of a TMR report, titled, "Cell Expansion Market (Cell Type - Human Stem Cells, Human Differentiated Cells, and Animal Cells; Product - Instruments, Consumables, and Disposables; End User - Hospitals, CMO & CRO, Biotechnology & Pharmaceutical Companies, and Academic & Research Institutes) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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SOURCE Transparency Market Research