Cell Therapy Manufacturing Is Estimated To Witness High Growth
Cell therapy manufacturing involves the development and production of cellular components intended for transplantation, implantation, or infusion into a human recipient. This includes the derivation, large-scale expansion, and/or genetic modification of human cells and tissues. The global cell therapy industry has witnessed significant growth over the past few decades owing to the increasing prevalence of chronic diseases such as cancer. Cell therapies offer tailored treatment options with minimal side effects compared to conventional treatments.
The global cell therapy manufacturing market is estimated to be valued at US$ 12.99 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing incidences of cancer pose a major driver for the cell therapy manufacturing market. According to the World Health Organization (WHO), cancer is one of the leading causes of death globally and accounted for nearly 10 million deaths in 2020. Conventional treatment methods for cancer including chemotherapy and radiation therapy often have severe side effects and failure rates. Cell therapies offer targeted treatment that can eliminate cancerous cells while protecting normal cells, thus driving the need for large-scale manufacturing of various cell therapies. Moreover, increasing research activities in cell-based regenerative medicine will further contribute to the market growth over the forecast period. However, high costs associated with cell therapies and their manufacturing can potentially hamper market growth.
SWOT Analysis
Strength: The cell therapy manufacturing market possesses substantial growth opportunities owing to the rising incidence of chronic and life-threatening diseases. Cell therapies have shown promising results in treating complex diseases. Further, growing R&D investment by key players to develop innovative cell therapy products will augment the market growth over the forecast period.
Weakness: High costs associated with cell therapy development and manufacturing pose significant challenge for market growth. Significant capital is required for setting up manufacturing facilities, purchasing equipment, and conducting rigorous clinical trials for product approval which increases the overall cost of cell therapy products. Two, commercialization of cell therapies involves substantial regulatory compliance which lengthens the product approval timelines.
Opportunity: Growing geriatric population and increasing healthcare expenditure in developing nations provide lucrative growth prospects. Asia Pacific region in particular offers immense opportunities owing to improving healthcare infrastructure and rising medical tourism. Further, continual technological advancements in cell culture methods and gene engineering will expand the application scope of cell therapies in the coming years.
Threats: Stringent regulatory framework and complex reimbursement policies pose major challenges. Unclear reimbursement policies discourage the adoption of high-priced cell therapy products. Two, there are ethical issues associated with stem cell research which may impede market progress.
Key Takeaways
The Global Cell Therapy Manufacturing Market Size is expected to witness high growth over the forecast period driven by rising disease burden, growing healthcare expenditure, and continual technological advancements.
Regional analysis: Asia Pacific region dominates the global market and is anticipated to register fastest growth owing to improving healthcare infrastructure, rising medical tourism, and growing medical needs of large geriatric population in countries like China, Japan, and India. Key industry players are increasingly focusing on the untapped opportunities in Asia Pacific region.
Key players: Key players operating in the cell therapy manufacturing market are SARAHEALTH SARE, MRK Healthcare Pvt. Ltd., Amkay Products Pvt. Ltd., JIT & JIT, Kanam Latex Industries Pvt. Ltd., RFB Latex Limited, Safeshield Gloves, Amigo Surgicare Pvt. Ltd., Asma Rubber Products Pvt. Ltd., Narang Medical Limited, Phoenix Medical Technologies & Imports, Manglam Medikits Private Limited. These players are focused on expanding their manufacturing facilities, undertaking collaborative initiatives, and advancing their product portfolios through R&D to strengthen their market position.
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