The report"Cell Therapy Technologies Marketby Product (Media, Sera Reagents, Cell Culture Vessels, Single-Use Equipment), Process (Cell Processing, Preservation), Cell type (T-Cells, Stem cells), End User (Biopharma, CROs, CMOs), Region - Global Forecast to 2028", is projected to reach USD 7.8 billion by 2028 from 4.2 billion in 2023, at a CAGR of 13.3 % between 2023 and 2028. Major factors driving the market growth at significant CAGR are increasing the prevalence of chronic diseases, increasing the funding for research, and the launch of novel products in the market by key market players.
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The cell processing segment accounted for the largest share of the process segment in the cell therapy technologies market in 2022.
Based on process, the global cell therapy technologies market is segmented into cell processing, cell preservation, distribution handling, process monitoring quality control. In 2022, the cell processing segment held dominant share in cell therapy technologies market. The factors attributable to the dominance are adoption of technologically advance products and instruments in the market.
The biopharmaceutical biotechnology companies sub segment accounted for the largest share of the end user segment in thecell therapy technologiesmarket in 2022.
Based on end users, the cell therapy technologies market is segmented into biopharmaceutical biotechnology companies, CROS CMOs, research institutes cell banks. In 2022, the biopharmaceutical biotechnology companies segment accounted for the largest share of the cell therapy technologies market. The segment held the dominant share in the market owing to various factors such as increased funding, rising academia and biopharma collaboration for research and development in cell-therapy products.
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North America dominated the cell therapy technologies market.
Based on region, the cell therapy technologies market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East Africa. In 2022, North America dominated the market, followed by Europe. The increasing funding for research for chronic diseases and the presence of top players operating in the region are key factors supporting the growth of the North America cell therapy technologies market. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Increased adoption of cell-based therapy in emerging countries coupled with emphasis on geographical expansions by key market players in emerging countries these are some of the factors anticipated to contribute to the cell therapy technologies market growth in the Asia Pacific.
Key Market Players
The cell therapy technologies market is consolidated, with a small number of players competing for market shares. Thermo Fisher Scientific Inc. (US), Merck KGaA (Germany), Lonza Group (Switzerland)Danaher Corporation (US), Sartorius AG (Germany) are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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