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.
The 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.
+ Increasing Incidence of Chronic Diseases
+ Government Investments for Cell-Based Research
+ Growing Focus on Personalized Medicine
+ Increasing Focus on R&D for Cell-Based Therapies
+ Increasing GMP Certifications for Cell Therapy Production Facilities
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The consumables market is segmented into media, reagents, sera, and disposables. In 2018, the media segment accounted for the largest share of the consumables segment in the cell expansion market. The large share of this segment can be attributed to its high requirement during the production of pharmaceutical products and rising R&D investments on cell-based therapies.
The cell expansion market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2018, biotechnology & biopharmaceutical companies were the largest end users in the cell expansion market, and the trend is the same throughout the forecast period.
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