The cell expansion market is set to reach from US$ 12,666.8 Mn in 2020 to US$ 49,997.5 Mn by 2030 at a compound annual growth rate (CAGR) of 15.0% during the forecast period from 2023 to 2030. Lack of effective treatment regime for the chronic disease has resulted in significant rise in novel drug discovery and development research studies throughout the globe. Increasing demand for regenerative medicine and stem cell therapy further consolidates the cell expansion market growth.
"Significant rise in high throughput screening has resulted in increasing consumption of consumables during the novel drug discovery and development stage"
Consumables are reigning the products segment for cell expansion market. The chief contributing factor responsible for its positive market growth is significant rise in high throughput screening which increases the consumption of consumables during the novel drug discovery and development stage. Disposables will be growing at a rampant pace during the forecast period owing to negligible risk of cross contamination of laboratory equipments and flourishing biotechnology & pharmaceutical industry.
"Significant growth in translational research related to molecular biology and tissue engineering increases the demand for regenerative medicine"
Regenerative medicine is dominating the application segment for cell expansion market. In the last 2 decades there has been significant growth in translational research pertaining to molecular biology and tissue engineering. Regenerative medicine is widely employed in restoring normal function of cells and tissues of internal organs. Increasing demand for personalized medicine has created a lucrative market opportunity for the growth of regenerative medicine. Clinical diagnostics are garnering attention of researchers around the globe due to technological advancement in companion diagnostic kits and rising public health awareness resulting in early screening of chronic diseases.
"Rising prevalence of chronic disease and increasing demand for regenerative medicine together drive the market growth in North America"
North America with a market share of 35.2% is spearheading the regional segment for cell expansion market. The major factors influencing its market growth are rising prevalence of chronic disease. According to Center for Disease Control and Prevention (CDC), the statistics provided by National Health Council approximately 133 million Americans are suffering with chronic diseases. Tremendous demand for the development of regenerative medicine further propels the market growth in North America region. Europe represents a market share of 30.5% on account of domicile of major biopharmaceutical companies such as Becton Dickinson & Company, Merck Millipore, GE Healthcare etc. Asia Pacific presently holds 17.5% market share owing to the developing healthcare infrastructure and supportive regulatory environment provided by local healthcare agencies for the market proliferation of cell expansion products.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Cell Expansion market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report