Growth in this market is largely driven by the rising global prevalence of cancer, growing awareness regarding cell-based therapies, and increasing government funding cell-based studies. On the other hand, the ethical concerns regarding research in cell biology is the major factor that is expected to restrain the growth of this market during the forecast period.
The global Cell Expansion Market is projected to reach USD 26.0 billion by 2024 from USD 12.7 billion in 2019, at a CAGR of 15.4% during the forecast period.
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“The consumables segment accounted for the largest share of the cell expansion market in 2018”
On the basis of type, the market is segmented into consumables and instruments. In 2018, the consumables segment accounted for the largest share of the market. This is mainly due to its high demand during the production of regenerative medicine and rising research activities on stem cells in the biopharmaceutical companies.
“Human cells segment is expected to grow at the highest growth rate during the forecast period”
Based on cell type, the market is segmented into human cells and animal cells. The human cells segment includes stem cells and differentiated cells. These cells are used for therapeutic and research purposes. In 2018, the human cells segment accounted for the larger share of the market majorly due to the increasing investments by public and private organizations for research on human cells such as stem cells, growing application areas of human stem cells, and the growing awareness regarding stem cell therapies.
- In 2018, Merck KGaA (Germany) entered an agreement with Incheon Free Economic Zone (IFEZ) to build an integrated Cell Culture facility in Songdo, South Korea.
- In 2018, Miltenyi Biotec (Germany) had received the European Medicines Agency (EMA) approval for the use of CliniMACS Prodigy instrument in MolMed S.p.A.’s GMP facility.
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