According to our new market research study on "Cell Therapy Market Forecast to 2027 - COVID-19 Impact and Global Analysis - by Therapy Type, Product, Technology, Application, and End User," the market is expected to reach US$ 12,563.23 million by 2027 from US$ 7,260.50 million in 2019. It is estimated to grow at a CAGR of 7.2% from 2020-2027. The growth of the market is attributed to increasing prevalence of chronic diseases, rising adoption of regenerative medicines, and surging number of approvals for cell-based therapies. However, the high cost of cell therapy manufacturing hinders the growth of the market.
The cell therapy market, based on therapy type, is bifurcated into allogeneic and autologous. In 2019, the allogeneic section accounted for a larger share owing to the availability of substantial number of approved products for clinical use. For instance, in 2018, Alofisel created by TiGenix (Takeda) is the primary allogeneic foundational microorganism based therapy approved for use in Europe.
Chronic diseases, like cardiovascular disorders, neurological disorders, autoimmune disorders, and cancer, are the leading causes of death and disability around the world. According to the Habitats for Disease Control and Prevention (CDC), in 2019, nearly 6 in 10 individuals experienced at least one chronic disease in the US. Cardiovascular diseases (CVDs) are a significant cause of mortality owing to the furious way of life. According to the World Health Organization (WHO), CVDs are the number 1 cause of death globally, taking an estimated 17.9 million lives each year. Cancer is among the leading causes of mortality around the world, and the disease affects a tremendous population; therefore, it acts as a colossal financial weight on society. According to the WHO, in 2018, ~9.6 million deaths happened because of cancer globally. However, growing research on developing powerful treatments for the disease is positively affecting the market growth. Quality therapy and cell therapy are transforming the cancer treatment landscape; for example, Novartis Kymriah is used to treat diffuse large B-cell lymphoma. The launches of additional such products would be driving the demand for cell therapy, thus driving the growth of the cell therapy market in the coming years.
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The COVID-19 outbreak was first detailed in Wuhan (China) in December 2019. The pandemic is causing massive disruptions in supply chains, consumer markets, and economy across the world. As the healthcare sector is focusing on saving existences of COVID-19 patients, the demand for cell therapy is reducing around the world.
Vericel Corporation; MEDIPOST; NuVasive, Inc.; Mesoblast Limited; JCR Pharmaceuticals Co. Ltd.; Smith & Nephew; Bristol-Myers Squibb Company; Cells for Cells; Stemedica Cell Technologies, Inc; and Castle Creek Biosciences, Inc. are among the companies operating in the cell therapy market.
The Report Segments Cell Therapy Market as Follows:
By Therapy Type
- Systems and Software
- Viral Vector Technology
- Genome Editing Technology
- Somatic Cell Technology
- Cell Immortalization Technology
- Cell Plasticity Technology
- Three-Dimensional Technology
- Wound Management
- Other Applications
By End User
- Research Institutes
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America (SCAM)
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