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Cell Therapy Market to Grow at 7.2% CAGR to Hit USD 12,563.23 Million by 2027: COVID-19 Impact and Global Analysis by The Insight Partners

The Cell Therapy Market Growth driven by the rise in prevalence of chronic diseases, rising adoption of regenerative medicines and surging number of approvals for cell-based therapies; while market for Autologous Segment to Grow at Higher CAGR.

/EIN News/ -- Pune, India, April 07, 2021 (GLOBE NEWSWIRE) -- According to our new research study on “Cell Therapy Market to 2027 – Global Analysis and Forecast – by Therapy Type, Product, Technology, Application and End User,” the Cell Therapy Market was valued at US$ 7,260.50 million in 2019 and is projected to reach US$ 12,563.23 million by 2027; it is expected to grow at a CAGR of 7.2% during 2020–2027. The high cost of manufacturing of cell therapy products hinders the growth of the market.

Cell Therapy Market: Key Insights
In 2019, North America dominated the global cell therapy market and accounted for approximately half of the market revenue. The market growth in the region is credited to the growing numbers of research and development activities, increasing numbers of start-ups, and rising investments in the establishment of cell and gene therapy manufacturing plants. FDA has also approved a clinical trial to study COVID-19 patients administered with umbilical cord-derived mesenchymal stem cells, which should prevent lung inflammation. All such developments will add up to the future demand for cell therapy market in North America region.  

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On the basis of therapy type, the cell therapy market is segmented into allogeneic and autologous. The allogeneic cell therapy segment accounted for more than 50% of the cell therapy market in 2019. On the basis of product, the cell therapy market is segmented into consumables, equipment, and systems and software. The consumables segment is expected to register a higher CAGR in the market during the forecast period owing to high demand from end users. On the basis of technology, the viral vector technology segment accounted for the largest share in the cell therapy market in 2019. On the basis of application, the cell therapy market is segmented into oncology, cardiovascular, orthopedic, wound management, and other applications. The oncology and cardiovascular segment is anticipated to hold a major market share throughout the forecast period. On the basis of end user, the market is segmented into research institutes, hospitals, and others. The research institutes segment dominated the market in 2019.

Cell therapy procedure involves injecting, implanting, or grafting living and intact cells into patient's body. The procedure is employed for replacing dysfunctional cells with healthy functioning ones. Stem cells are primarily used in providing cell therapy due to their ability to differentiate into the specific cells required for repairing damaged or defective tissues or cells. Moreover, cell therapy also has applications in the development of regenerative medicines. The number of applications submitted to the Food and Drug Administration (FDA) for human trials of regenerative medicines is increasing every year. As per the Alliance for Regenerative Medicine, in 2019 (Q3), 1,052 clinical trials utilizing regenerative medicines were underway globally, while 218 cellular therapy trials were underway (41 Phase I, 147 Phase II, 30 Phase III) in the same period. Rapid advancements in the development of regenerative medicines to provide more effective solutions for chronic conditions are driving the market.

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Cell Therapy Market: Segmental Overview
In terms of therapy type, the autologous cell therapy segment is anticipated to register a higher CAGR in the cell therapy market during the forecast period. The use of autologous cells is associated with low the risk of immuno-rejection. In terms of product, the consumables segment accounted for more than 40% share in global cell therapy market in 2019. In terms of technology, the market for the viral vector technology segment is anticipated to grow at the highest CAGR during the forecast period. In terms of application, the orthopedic segment is anticipated to register the highest CAGR during the forecast period. In terms of end user, the market for the research institutes segment is expected to grow at the fastest CAGR during the forecast period.

Cell Therapy Market: Competition Landscape & Key Developments
Vericel Corporation, MEDIPOST, NuVasive, Inc., Mesoblast Limited, JCR Pharmaceuticals Co. Ltd., Smith & Nephew, Bristol-Myers Squibb Company, Cells for Cells, Stemedica Cell Technologies, Inc; and Castle Creek Biosciences, Inc. are among the key companies operating in the global cell therapy market. Leading players are focusing on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In November 2019, MEDIPOST started the extension of its GMP manufacturing facility. The newly extended manufacturing facility is anticipated to increase in sales of CARTISTEM and the development of a new pipeline of products.

In February 2017, Vericel Corporation announced the first implant of MACI in the US for the repair of symptomatic single or multiple full-thickness cartilage defects in knees in adults, with or without bone involvement.

About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Contact Person: Sameer Joshi
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