The global cell expansion market is estimated to expand at a CAGR of 14.70% during the forecast period from 2016 to 2024 and gain the valuation of US$26 Bn by 2024. The market is expected to be driven by many factors including rising prevalence of different health issues among people from across major parts of the globe.
A study by Transparency Market Research (TMR) delivers comprehensive assessment of factors shaping the growth curve of the cell expansion market. Hence, this report provides in-depth assessment of growth drivers, restraints, challenges, competition analysis, and key regions of the market for cell expansion.
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The TMR report performs segmentation of the global cell expansion market based on several crucial parameters such as type of cells, product type, end user, and region. In terms of type of cells, the market is classified into human cells, differentiated cells, animal cells, and stem cells. Based on product type, the market for cell expansion is divided into consumables, instruments, and disposables. On the basis of end user, the cell expansion market is segmented into CMO & CRO, hospitals, academic & research institutes, and biotechnology & pharmaceutical companies.
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Rising Prevalence of Various Health Issues Fuels Cell Expansion Market
Over the period of past few years, the number of people living with different health disorders is increasing, which in turn, is boosting the need for cell expansion-based procedures in the healthcare industry. Moreover, healthcare providers are growing inclination toward regenerative prescriptions. This factor is driving the sales prospects in the global cell expansion market.
Rising use of cell therapy technique for the development of drugs, vaccines, antibiotics, and therapeutics is creating lucrative avenues in the cell expansion market. Furthermore, the expansion of the biopharmaceutical industry is prognosticated to help in the market growth in the forecast period.
Government bodies of many nations across the globe are promoting the researches focused on cell-based therapies by offering them financial support. This factor is bolstering the global cell expansion market. Besides, the rising popularity of concept of personalized medicine is anticipated to help in the market growth in the years ahead. Furthermore, the market is prognosticated to be driven by a notable increase in the GMP certifications intended for cell therapy production facilities.
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North America: Prominent Region for Market Players
Some of the key regions supporting the growth of the global cell expansion market include North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Of them, North America is dominating region owing to factors such as presence of many key players in the region and increase in R&D projects focused on cell expansion technologies. Hence, the North America market is estimated to expand at a CAGR of 14.7% during the forecast period.
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