February 29, 2024
Cell Therapy Market

The Global Cell Therapy Market Is Driven By Increasing Prevalence Of Chronic Diseases

Cell therapies are treatments that use human cells to treat disease or combat damage caused by illness or injury. Cells are often used in regenerative medicine to restore, maintain, or improve damaged tissues or organs. Some of the main cells used in these therapies are stem cells, immune cells, and nerve cells. Stem cell treatments show promise for advancing regenerative medicine by regenerating damaged or defective cells, tissues, and organs. Many chronic medical conditions like cancer, diabetes, and neurological disorders require life-long treatment and management of symptoms. This rising global prevalence of such chronic diseases is expected to boost the demand for cell therapies which aims to cure diseases at their source by regenerating cells and tissues.

The global Cell Therapy Market is estimated to be valued at US$ 973.1 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key Trends:

The cell therapy market has seen rising investments in research and development over the past decade. Advancements in regenerative medicine and cell biology have increased our understanding of how to harvest, culture, and deliver various cell types for therapeutic applications. Increased adoption of combination therapies that employ cell therapies along with drugs, biologics, or gene therapies is also gaining traction. Researchers are developing techniques like directed differentiation of stem cells which allows generation of specific cell types needed for different organs and tissues. 3D bioprinting technology shows promise to engineer tissues and organ structures outside the body using scaffolds, biomaterials, and living cells. With further product approvals and successful commercialization, cell therapies are expected to revolutionize the treatment of many currently incurable medical conditions over the coming years.

Porter’s Analysis

Threat of new entrants: The cell therapy market requires high R&D investments and clinical trials which make it difficult for new players to enter the market.

Bargaining power of buyers: Individual buyers have low bargaining power due to the highly specialized nature of cell therapy products and services. However, larger healthcare providers and institutions may negotiate on pricing.

Bargaining power of suppliers: A few big biotechnology and pharmaceutical companies manufacturing cell therapy products control the supply chain, giving them strong bargaining power over buyers.

Threat of new substitutes: Though alternative treatments like drugs and devices exist, cell therapy offers curative potential making substitutes less threatening.

Competitive rivalry: The market sees intense competition among major players to develop advanced products and receive regulatory approvals first, thereby gaining first-mover advantages.

Key Takeaways

The global Cell Therapy Market Growth is expected to witness high growth over the forecast period. The global Cell Therapy Market is estimated to be valued at US$ 973.1 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

North America currently dominates the market due to presence of major players and rising investment in R&D. The region is also expected to witness fastest growth during the forecast period supported by favorable reimbursement policies and regulatory approvals. Europe is another significant market for cell therapy globally on account growing incidences of chronic diseases and expanding biotechnology industry. Increasing government funding for cell-based research also supports regional market growth.

Key players

operating in the cell therapy market are Abbott Laboratories, Sun Pharmaceutical Industries Ltd., Teva Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Mylan N.V., Par Pharmaceutical, Inc., Apotex Inc., Sandoz AG, Dr. Reddy’s Laboratories Ltd., Accord Healthcare Ltd. Majority of these players are focused on developing novel therapeutics and expanding their global presence through strategic collaborations with research institutes and biotech companies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it