(PharmaNewsWire.Com, March 03, 2020 ) The 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%. Factors such as 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 driving the growth of this market.
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 market. 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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Key players in this market include Beckman Coulter (US), Becton, Dickinson and Company (US), GE Healthcare (US), Lonza (Switzerland), Merck KGaA (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies, Inc. (Canada), Terumo BCT (US), and Thermo Fisher Scientific (US).
Thermo Fisher was the largest player in the cell therapy technologies market in 2017. In order to maintain its position in the market and further expand its product portfolio, the company focuses on the strategies of product launches, acquisitions, and expansions. Merck holds the second position in the cell therapy technologies market. The company focuses on collaborations, agreements, and acquisitions to enhance its market position.
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