The report "Cell Therapy Technologies Market by Product (Media, Sera & Reagents, Cell Culture Vessels, Single-Use Equipment), Process (Cell Processing, Preservation), Cell type (T-Cells, Stem cells), End User (Biopharma, CROs, CMOs), Region - Global Forecast to 2028", is projected to reach USD 7.8 billion by 2028 from 4.2 billion in 2023, at a CAGR of 13.3 % between 2023 and 2028. Major factors driving the market growth at significant CAGR are increasing the prevalence of chronic diseases, increasing the funding for research, and the launch of novel products in the market by key market players.
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Here are a few key points about the cell therapy technologies market based on the information you provided:
- The global cell therapy technologies market was valued at $4.2 billion in 2023.
- The market is expected to grow at a CAGR of 13.3% from 2023 to 2028.
- By 2028, the market is projected to reach $7.8 billion.
- Major growth drivers include the rising prevalence of chronic diseases, increasing research funding, and new product launches by key players.
- The high growth rate indicates this is a rapidly expanding market, likely fueled by rising demand for cell therapies to treat diseases like cancer and diabetes.
- Key companies operating in this market are developing new cell therapy technologies and expanding their product portfolios.
- North America and Europe are likely leading regions in the cell therapy technologies market due to high healthcare spending, research infrastructure, and favorable regulations.
In summary, the cell therapy technologies market is in a high-growth phase and expected to see continued expansion over the next 5 years driven by key factors like chronic diseases, research investments, and new product development. The market size is projected to nearly double from 2023 to 2028.
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Key Market Players:
The cell therapy technologies market is consolidated, with a small number of players competing for market shares. Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Lonza Group (Switzerland)Danaher Corporation (US), Sartorius AG (Germany) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Recent Developments:
- In March 2023, Thermo fisher scientific Inc. entered into collaboration with Arsenal biosciences Inc. The collaboration allows development of manufacturing process for new cancer treatments. This research and process development-focused collaboration has enabled ArsenalBio to develop a robust manufacturing process for their next-generation, programmable autologous T cells for the treatment of cancer.
- In March 2023, Danaher entered into partnership with the University of pennsylvania's center for cellular immunotherapies to solve manufacturing difficulties that are affecting the adoption of cell therapies.
- In March 2023, Lonza and Vertex have entered a strategic collaboration to facilitate the manufacturing of Vertex's portfolio of investigational stem cell-derived islet cell therapies. As part of the collaboration, Vertex and Lonza will establish a dedicated manufacturing facility specifically for T1D cell therapies.
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