PUBLISHER: Inkwood Research | PRODUCT CODE: 1142627
PUBLISHER: Inkwood Research | PRODUCT CODE: 1142627
The global cell therapy market is projected to register a CAGR of 14.46% during the forecast period, 2022-2030. The market growth is accredited to the increasing prevalence of chronic disease, thriving regenerative medicine, and rising cellular therapy clinical trials.
Cell therapy has a vast range of applications in offering diagnostic/prognostic information during clinical research related to several infectious diseases, cancer, and HIV/AIDS. Also, several factors like the growing population, climate change, and the growing contact between animals and humans have raised the threat of virus outbreaks. Cell therapy replaces dysfunctional or diseased cells with healthy functioning ones. The cells majorly used for such advanced therapies are stem cells, given their ability to differentiate into specific cells needed for repairing defective cells.
Further, cell therapy has applications in the development of regenerative medicine. Additionally, cells like bone marrow and blood cells, embryonic stem cells, adult stem cells, and solid & immature cells are used in cell therapy procedures. Such factors drive the global cell therapy market growth. However, the growing skills gap restricts market growth.
The global cell therapy market's geographical segmentation includes the assessment of Asia-Pacific, Europe, North America, and Rest of World. North America is the largest revenue-generating region in the global market, supplemented by the presence of key players, advanced healthcare infrastructure, robust reimbursement policies, extensive research and development, etc.
Some of the eminent companies operating in the market include: Bristol Myers Squibb Company, Gilead Sciences Inc, Cells for Cells SA, JCR Pharmaceuticals Co Ltd, Anterogen Co Ltd, etc.