Cell therapy technologies market to hit USD 6.80 bn by 2029
The global cell therapy technologies market, valued at US$3.89 billion in 2023, is forecasted to grow at a robust CAGR of 11.0%, reaching US$4.03 billion in 2024 and an impressive US$6.80 billion by 2029. The major factors contributing to the growth of the cell therapy technologies market include the increased funding and investment in cell therapy and advancements in gene editing technologies. Furthermore, the growing adoption of automation in manufacturing processes enhance efficiency and scalability and regulatory support for fast-tracking therapies in the market is likely to drive market adoption in the coming years.
The product segment is segmented into media, sera, and reagents; cell engineering products; cell culture vessels; cell therapy equipment; systems & software; and other products. media, sera, and reagents cell therapy technologies segment dominated product segments owing to various factors such as high demand for growth factors and media in cell-based experiments and cancer research. The cell therapy equipment segment is anticipated to grow at a significant CAGR owing to the higher adoption and frequent use of cell processing equipment in biopharmaceutical companies and research institutes.
The market of cell therapy technologies has been segmented based on process such as cell-making, cell preserving, cell distribution, cell handling, and process monitoring & quality control. In the year 2023, the highest market revenue share in cell therapy technologies acquired by cell processing, which is largely due to the increasing demand for cell-based therapies and emerging technologies in automated bioreactors and gene editing instruments which need solutions for scalable production and GMP compliance. Additionally, cell preservation is also rapidly gaining market share because of the widespread adoption of stem cell therapies, CAR-T cell therapies, and other regenerative treatments that are advancing cryopreservation technology. This factor contributes to the growth of the cell preservation segment.
Based on the cell type, the market is divided into T-cells, stem cells, and other cells. The T cells dominated the market in 2023 owing to supportive government initiatives for cell-based therapies, the increasing demand for T-cell therapies. Stem cells segment is likely to grow at significant pace owing to rising awareness regarding the use of stem cells in the treatment of various diseases and the growing focus on stem cell research.
The application segment is segmented into cancer, cardiovascular disease (CVD), orthopedic disorders, autoimmune diseases, and other applications. The cancer application segment dominated application segment in 2023. An increased demand for T-cell therapies and the rising incidence of cancer diseases are supposed to contribute to the growth of this market.
The end-user market is categorized into the biopharmaceutical & biotechnology companies, CROs & CMOs, research institutes, and cell banks. The biopharmaceutical & biotechnology companies dominated the segment in 2023; the CROs & CMOs are likely to grow at a significant CAGR. Increased funding for CROs and CDMOs and increased collaboration between CROs, CMOs, and pharmaceutical & biotech companies contribute to the growth of end user market.
The cell therapy technologies market is split into several regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2023, North America held the largest market share. Moreover, the Asia Pacific region is projected to experience the fastest growth, with a notable compound annual growth rate (CAGR) expected over the forecast period. The growth of the Asia Pacific region is attributable to the large and aging population, coupled with a rising prevalence of chronic and degenerative diseases, creating significant demand for innovative treatments. Furthermore, increasing number of collaborations between local and global biotech firms fueling the growth of market. MarketsandMarkets
