Cell therapy involves the genetic modification and expansion of human cells for therapeutic purposes. Key cell therapy products includes cancer vaccines, CAR-T cell therapy, stem cell therapy, and others. Cell therapies aim to cure the underlying cause of disease and improve patient's quality of life. Cancer vaccines for melanoma, breast cancer, lung cancer among others have gained popularity. CAR-T cell therapy is a promising treatment for hematologic malignancies such as lymphomas and leukemias. Mesenchymal stem cell therapies aid in regenerating damaged tissues.
The global cell therapy market is estimated to be valued at US$ 973.1 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing Incidences of Cancer
The demand for cell therapies is expected to be spurred by increasing incidences of cancer globally. According to the World Health Organization, cancer is the second leading cause of death worldwide. Over 10 million new cancer cases are registered annually, propelling the need for advanced treatment options such as cancer vaccines and CAR T-cell therapies. These cell therapies hold potential to treat both solid tumors as well as liquid tumors.
Regenerative Capabilities of Stem Cells
Mesenchymal stem cell therapies leverage the regenerative capabilities of stem cells obtained from adult tissues to repair and replace damaged cells and tissues. Their immunomodulatory properties aid in treating conditions such as graft versus host disease. Preclinical studies indicate stem cell therapies may provide therapeutic benefits for neural disorders, cardiovascular diseases, diabetes and more. This widens the scope and opportunities for these biologics in the cell therapy market.
Segment Analysis
The global cell therapy market can be segmented based on therapy type, therapeutic area, end user and region. Based on therapy type, the market is segmented into allogeneic stem cell therapy and autologous stem cell therapy. Autologous stem cell therapy dominates the market with a share of over 60% and is projected to continue its dominance during the forecast period. This is because autologous stem cell therapy procedures use the patient's own stem cells which reduces risk of rejection or immunological response.
PEST Analysis
Political: The cell therapy market is regulated heavily by government agencies. Stringent regulations regarding the use and manufacturing of stem cells pose challenges for market players. However, favorable policies and initiatives by governments to promote stem cell research will support market growth.
Economic: Rising healthcare spending and increasing demand for advanced treatment options is fueling market growth. However, high cost of cell therapy procedures limits their use only for high-income groups.
Social: Growing awareness about stem cell therapies and their potential to treat various diseases is positively impacting the market. However, ethical issues associated with the use of embryonic stem cells hinder the market's progress to some extent.
Technological: Advances in stem cell biology and cell processing technologies have broadened the therapeutic application of cell therapies. Developments in areas such as CAR T-cell therapy and gene therapy are expanding the market scope.
Key Takeaways
The global Cell Therapy Market Growth is expected to witness high growth at a CAGR of 3.4% during the forecast period of 2024-2031. The market is projected to reach a value of US$ 1,378.7 Mn by 2031.
Regional analysis:
North America region currently dominates the global market and is expected to maintain its dominance during the forecast period. This is attributed to high healthcare awareness, rising research funding, and presence of leading market players in the region. Asia Pacific is projected to be the fastest growing market for cell therapy owing to increasing healthcare expenditure, rising patient pool and improving healthcare infrastructure.
Key players:
Key players operating in the cell therapy market include Abbott Laboratories, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V., Par Pharmaceutical, Inc., Apotex Inc., Sandoz AG, Dr. Reddy's Laboratories Ltd., Accord Healthcare Ltd. These players are focusing on developing innovative cell therapy products and addressing production challenges to strengthen their market position.
For more insights, read- https://www.newswirestats.com/adoptive-cell-therapy-market-size-and-share-analysis-growth-trends-and-forecasts/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/unlocking-security-the-rise-of-the-biometric-card-market
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