New York, July 09, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cell Therapy Technologies Global Market Report 2021: COVID-19 Growth And Change” – https://www.reportlinker.com/p06103749/?utm_source=GNW
, Beckman Coulter, Danaher, Becton Dickinson and Company, and GE Healthcare.
The global cell therapy technologies market is expected to grow from $2.36 billion in 2020 to $2.96 billion in 2021 at a compound annual growth rate (CAGR) of 25.4%. The growth is mainly due to an increase in investments in cell therapies and the growth in research and development for cell therapy. The market is expected to reach $5.57 billion in 2025 at a CAGR of 17.1%.
The cell therapy technologies market consists of sales of cell therapy technologies that are medicinal solutions used for developing and improving cell therapy, such as cell processing, cell banking, and point-of-care technologies.Cell therapy is a type of treatment used to inject active cells into the body of a patient for treating some disorders.
This therapy seeks to treat diseases by altering certain sets of cells. In this technique, cells, which originate from the patient or a donor are modified outside the body and then injected into the patient.
The main types of products in cell therapy technologies are consumables, equipment, systems & software and is applied on the different type of cells including t-cells, stem cells, and other cells.Stem cells are special human cells that can become almost any type of cell in the human body.
This can range from brain cells to muscle cells and is also used to fix damaged tissues.T-cells are white blood cells and are critical to the immune system for responding against specific foreign substances or pathogens.
The process involved in cell therapy technologies includes cell processing, cell preservation, distribution, and handling, process monitoring and quality control. Cell therapy technologies are used in various sectors including life science companies, research institutes.
North America was the largest region in the cell therapy technologies market in 2020.Asia Pacific is predicted to record fastest growth over the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
High costs associated with cell therapy is expected to restrain the market in the forecast period.The pressure to contain costs and demonstrate value is widespread.
Political uncertainty and persistent economic stress in numerous countries are calling into question the sustainability of public health care funding.In less wealthy countries, the lack of cost-effective therapies for cancer has influenced the health conditions of the population and has led to a low average life expectancy.
For example, cell therapies, especially gene-editing cell therapies such as CAR-T therapy highly expensive.The two first CAR T-cell therapies, Kymriah and Yescarta, have been given price tags of $475,000 and $373,000 respectively, in the USA, with similar pricing in Europe.
Thus, the high cost of cell therapy is restraining the growth of the market.
In March 2020, Danaher Corporation, a USA-based company that designs, manufactures, and markets professional, medical, industrial, and commercial products, and services acquired General Electric (GE) biopharma business for $21.4 billion. The biopharma business was a part of the GE life sciences division that offered software and equipment used in biopharmaceutical research. The acquisition is expected to expand Danahe life sciences business. General Electric Company is an American company that operates in four industrial segments: aviation, power, renewable energy, and healthcare globally.
Increasing investments by the government in cell-based research contributed to the growth of the global cell therapy technologies market.Governments are increasingly investing in research activities for developing therapies for diseases such as cancer, cardiovascular disease (CVD), and others.
For instance, in November 2019, the Australian government released $150 million, over 10 years, for The Stem Cell Therapies Mission.The funding was obtained by Medical Research Future Fund (MRFF), to support Australian researchers to deliver new therapies.
Moreover, in August 2019, Newcastle University spin-out Atelerix, pioneers in the storage and transport of cells at room temperature, were awarded a grant of £267,000 ($292,087) from Innovate UK, with collaborators Rexgenero and the cell and gene therapy catapult. Thus, the upsurge in government investments in cell-based research boosted the demand for the cell therapy technologies market in the historic period.
Strategic collaborations and partnerships between the industry players are gaining popularity in the cell therapy technologies market.Major companies are collaborating and partnering with other companies to developing new technologies in cell therapy areas for the treatment of a variety of diseases.
For instance, in August 2020, IsoPlexis Corporation, USA-based collaborated with Lonza, a Switzerland-based chemicals and biotechnology company to enable the next generation of precision cell therapy manufacturing. In another instance, in July 2020, Hitachi, Ltd., a Japan-based provider of a broad range of solutions including automated cell culture technologies to pharmaceutical companies in the area of cell therapy and regenerative medicine industry collaborated with ThinkCyte, Inc., a Japan-based biotechnology company to focus on developing artificial intelligence (AI)-driven cell analysis and sorting system.
The countries covered in the cell therapy technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06103749/?utm_source=GNW
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