According to the new market research report "Cell Therapy Technologies Market by Product (Consumables, Equipment, Software), Cell Type (Human Stem & Differentiated, Animal), Process Stages (Cell Processing, Distribution, Handling, QC), End User, and Region - Global Forecast to 2023", published by MarketsandMarkets™, The global cell therapy technologies market is projected to reach USD 19.9 billion by 2023 from USD 10.2 billion in 2018, at a CAGR of 14.4% during the forecast period.
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Rising government investments for cell-based research, the increasing number of GMP-certified production facilities, and the large number of oncology-oriented cell-based therapy clinical trials are the key factors driving the growth of this cell therapy technologies market.
Consumables segment to account for the largest share of the cell therapy instruments market, by product
On the basis of product, the market is segmented into consumables, equipment, and systems & software. The consumables segment is expected to account for the largest share of the cell therapy instruments market in 2018. The large share of this segment is attributed to the high demand for consumables (such as growth factors and media) in cell-based experiments and cancer research and the growing number of new product launches. Moreover, consumables are required at every step of cell processing. This is further expected to drive their adoption in the market.
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116 - Pages
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China, India, Japan, Korea, and Brazil are emerging markets for cell therapy instruments. These markets boast comparatively lenient standards and government regulations as opposed to developed markets in North America and the EU, and thus offer significant growth potential for providers. However, the high cost of cell-based research and the low success rate is expected to restrain market growth to some extent during the forecast period.
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Cell processing segment to witness the highest growth during the forecast period
Based on process, the cell therapy technologies market is segmented into cell processing; cell preservation, distribution, and handling; and process monitoring and quality control. The cell processing segment is expected to account for the largest market share in 2018 and is projected to witness the highest CAGR during the forecasted period. The cell processing stage makes the highest use of cell therapy instruments and media, especially during culture media processing. This is the major factor responsible for the large share and high growth of this segment.
The market is dominated by players such as Beckman Coulter, Inc. (US), Becton, Dickinson and Company (US), GE Healthcare (US), Lonza (Switzerland), Merck KGaA (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies, Inc. (Canada), Terumo BCT, Inc. (US), and Thermo Fisher Scientific, Inc. (US).
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