The Personalized Cell Therapy Market is anticipated to witness high growth owing to increasing prevalence of chronic diseases
The Personalized Cell Therapy Market is anticipated to witness high growth owing to increasing prevalence of chronic diseases
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The growing prevalence of chronic diseases such as cancer and cardiovascular diseases has resulted in high demand for personalized cell therapy treatment globally. Personalized cell therapy involves extraction of patient's cells, modification or engineering of those cells and reintroducing them into the patient's body to treat diseases.
This minimally invasive treatment offers promising outcomes with fewer side effects compared to conventional treatment options. Personalized Cell Therapy Market Demand involves deriving cell-based treatments tailored for specific individuals.
The global personalized cell therapy market is estimated to be valued at US$ 14.12 Billion in 2024 and is expected to exhibit a CAGR of 24% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the personalized cell therapy market are Continental AG, Valeo, Robert Bosch, Denso Corporation, Magna International, Ficosa, ZF Friedrichshafen, Gentex, Aptiv, Renesas Electronics. Continental AG, Robert Bosch and Valeo dominate the market with their extensive R&D activities and a wide geographical presence.
The key opportunities in the personalized cell therapy market include rising healthcare expenditure in emerging economies, advancements in cell therapy technologies such as CRISPR and growing focus on development of off-the-shelf allogenic therapies. Several companies are also investing in establishing manufacturing facilities globally to cater to the growing demand.
The global expansion of key players in the personalized cell therapy market through collaborations, mergers and acquisitions is also supporting the market growth. For instance, Renesas Electronics expanded into the European market by acquiring Integrated Device Technology Inc in 2019.
Market drivers:
- Increasing incidence of cancer and other chronic diseases drives the demand for personalized cell therapy treatment. According to WHO, cancer burden is expected to grow to 27 million new cases by 2040.
- Advancements in cell therapy technologies such as CRISPR and manufacturing processes are increasing the potential of personalized cell therapy in treating various medical conditions.
Market restraints:
- High costs associated with R&D and production of personalized cell therapy may impede widespread adoption particularly in low-income regions.
- Stringent regulations for production and approval of cell therapy products also act as a challenge for new market entrants in certain geographies.
Segment Analysis
The Personalized Cell Therapy Market Size is segmented by cell type into stem cell therapy and non-stem cell therapy. Among these, the stem cell therapy segment dominates the global market owing to the increasing prevalence of chronic diseases and growing number of clinical trials. Stem cell therapy is also expected to witness faster growth during the forecast period due to rising adoption of regenerative medicines for chronic disease treatment.
Global Analysis
Regionally, North America holds the largest share in the personalized cell therapy market. This is attributed to the high prevalence of chronic diseases, presence of key players, rising adoption of cell therapy based products, and advanced healthcare infrastructure in the region. Asia Pacific is expected to witness fastest growth during the forecast period due to rising patient awareness, improving healthcare infrastructure, and increasing government initiatives for cell-based research in emerging economies such as China, India, and South Korea. Japan and China contribute significantly to the Asia Pacific market growth owing to growing R&D investment, focus on clinical research, and availability of skilled professionals in these countries.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191) Report this page