(PharmaNewsWire.Com, March 23, 2020 ) The report "Cell Expansion Market by Product (Reagent, Media, Flow Cytometer, Centrifuge, Bioreactor), Cell Type (Human, Animal), Application (Regenerative Medicine & Stem Cell Research, Cancer & Cell-based Research), End User, and Region - Global Forecast to 2024" The cell expansion market is projected to reach USD 26.0 Billion by 2024 from USD 12.7 Billion in 2019, at a CAGR of 15.4%.
“The media segment accounted for the largest share of the consumables segment in the cell expansion market in 2018.” On the basis of product type, the consumables market is segmented into media, reagents, sera, and disposables. In 2018, the media segment accounted for the largest share of the consumables segment in the cell expansion market. The large share of this segment can be attributed to its high requirement during the production of pharmaceutical products and rising R&D investments on cell-based therapies.
“Increasing production of regenerative medicine in biotechnology & biopharmaceutical companies.” Based on end users, the cell expansion market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2018, biotechnology & biopharmaceutical companies were the largest end users in the cell expansion market, and the trend is the same throughout the forecast period.
Key Players Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).
Thermo Fisher Scientific accounted for the largest share of the cell expansion market in 2018. The company mainly focuses on acquisitions and expansions to strengthen its position in the cell expansion market. In 2018, to expand its bioprocessing product portfolio, the company acquired BD’s bioprocessing unit for USD 477 million. Apart from this, the company focuses on developed and emerging markets to generate a significant amount of revenue. Thermo Fisher Scientific earned approximately 58% of its total revenue from the US and China together.
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