Cancer Cell Market to Witness Lucrative Growth Owing To Rising Prevalence of Cancer
The cancer cell market is estimated to be valued at US$ 11,200 Mn in 2022 and is expected to exhibit a CAGR of 8.20 % over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cancer cells are the cells that divide and grow uncontrollably, forming a mass of tissue called a tumor. Cancer cells can spread to other parts of the body through blood and lymph systems. Different types of cancer cells are studied to better understand cancer progression and find more effective treatments. Researchers use these cells for testing potential new cancer drugs.
Market key trends:
The rising prevalence of cancer globally is expected to drive the growth of the cancer cell market over the forecast period. According to the WHO, cancer is the second leading cause of death worldwide, with around 10 million deaths in 2022. Various types of cancers like lung cancer, breast cancer, prostate cancer and colorectal cancer are increasingly being diagnosed. This rising disease burden is prompting more research to develop innovative treatment options, thus augmenting the demand for cancer cell lines in research activities.
Porter’s Analysis
Threat of new entrants: New players face high costs of establishing facilities, capital requirements and need to develop strong brand image.
Bargaining power of buyers: Large oncology centres and hospitals put pricing pressure on companies but demand for cancer therapies continues to rise.
Bargaining power of suppliers: Suppliers of raw materials and components have limited influence given the specialized nature of cancer therapies.
Threat of new substitutes: Substitute therapies are being developed but majority focus on enhancing existing treatment options rather than full replacement.
Competitive rivalry: Intense competition exists among major players to develop novel therapies through M&A and partnerships.
SWOT Analysis
Strengths: Growing aging population and increasing cancer incidence drive demand. Advancements in targeted therapies and immunotherapies.
Weaknesses: High costs associated with R&D, clinical trials and manufacturing. Complex disease biology poses challenges to identifying safe and effective treatments.
Opportunities: Emerging Asian markets expected to offer high growth potential. Combination therapies and personalized medicine offer new avenues.
Threats: Stringent regulatory approvals and reimbursement policies. Risk of drug resistance limiting long term therapeutic benefits.
Key Takeaways
The Global Cancer Cell Market Size is expected to witness high growth, exhibiting CAGR of 8.20% over the forecast period, due to increasing prevalence of cancer worldwide. According to WHO, cancer burden has risen to 19.3 million cases and 10 million cancer deaths in 2022.
Regional analysis
North America dominated the global cancer cell market in 2022 with a revenue share of over 40%, due to presence of advanced healthcare facilities and significant research expenditure. Asia Pacific is anticipated to grow fastest at a CAGR of 10.5% during 2022-2030, fueled by rising healthcare spending, growing generic drugs market, and expanding healthcare access in China and India.
Key players
Key players operating in the cancer cell market are Abbott Laboratories, Novartis International AG, Arcellx, Autolus Therapeutics, Kite Pharma, Cellectis, Celyad Oncology, Crescendo Biologics Limited, GammaDelta Therapeutics Ltd., Bio-Rad Laboratories Inc, QIAGEN Inc, Thermo Fisher Scientific, Merck Millipore, Siemens Healthineers AG, and GE Healthcare. These market players are focusing on new product launches, acquisitions, and collaborations to strengthen their market positions.
Read more: https://www.rapidwebwire.com/adoptive-cell-therapy-market-insights-trends/
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