Cell therapy is a type of immunotherapy where living cells are used to treat or prevent diseases. Cell therapy involves processing cells to produce medical benefits in the body such as treating cancer or blood disorders. Cells used in therapy include stem cells, immune cells, nerve cells, skin cells, and genetically modified cells. These cells work by repairing damaged tissues, fighting infections and diseases, or communicating important information to other cells in the body. The global demand for cell therapy is increasing due to rising number of clinical trials for the treatment of various chronic diseases like cancer.
The global Cell Therapy Market is estimated to be valued at US$ 95.2 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends driving the growth of global cell therapy market is increasing research and development activities for cancer treatment. According to World Cancer Research Fund International, it is estimated that over 18 million new cancer cases will be diagnosed worldwide in 2020. Cell therapy presents promising options for cancer treatment as compared to other conventional treatment options. Companies are engaged in developing cell therapy using CAR T-cells, tumor-infiltrating lymphocytes and genetically modified T cells for the treatment of various type of cancers including leukemia, lymphoma and multiple myeloma. Rising financing and funding from government as well as private organizations for cell-based research is expected to provide major growth opportunities over the forecast period.
Segment Analysis
The global cell therapy market is segmented based on therapy type, therapeutic area, application, end user. Based on therapy type, the market is dominated by allogeneic therapies segment as these therapies have wide applications and carry fewer associated risks as compared to autologous therapies. Further, the allogeneic therapies segment is expected to witness higher growth owing to easy availability of allogeneic stocks. By therapeutic area, the oncology segment holds the largest share in the global market due to increasing disease incidence and rising adoption of cell-based cancer treatments. The musculoskeletal segment is expected to witness fastest growth during the forecast period.
Key Takeaways
The Global Cell Therapy Market Size is expected to witness high growth over the forecast period owing to increasing research and development activities. The global Cell Therapy Market is estimated to be valued at US$ 95.2 billion in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global market and is expected to maintain its position during the forecast period. This is attributed to presence of key players, rising healthcare expenditure, and increasing adoption of advanced therapies in the region. However, Asia Pacific region is expected to witness highest growth rate during the forecast period. This is due to improving healthcare infrastructure, growing medical tourism industry and rising healthcare spending in emerging Asian countries.
Key players: Key players operating in the cell therapy market include Gilead Sciences, Novartis, Celgene Corporation, bluebird bio, Vericel Corporation and others. Gilead Sciences and bluebird bio dominate the market owing to their wide product portfolios. Novartis and Celgene Corporation are also leading players with focus on expanding their cell therapies for various indications through inorganic growth strategies.
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