Dublin, March 28, 2024 (GLOBE NEWSWIRE) -- The "GMP Cell Therapy Consumables Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Market Growth Drivers
The latest industry analysis reveals a significant upswing in the global market for GMP cell therapy consumables. Fueled by advancements in regenerative medicine and an increasing focus on personalized healthcare, the market size is expected to rise from $14.13 billion in 2023 to $18.25 billion in 2024, achieving a compound annual growth rate (CAGR) of 29.2%. This growth trajectory is supported by substantial investments in cell therapy research, the rise in chronic disease prevalence, and burgeoning awareness and acceptance of personalized medicine.
Future Market Projections
The forecast period sees the market for GMP cell therapy consumables continuing its significant growth, anticipated to reach $46.86 billion by 2028, at a compound annual growth rate (CAGR) of 26.6%. Factors propelling this impressive growth include the broadening scope of cell therapy applications, a global surge in cell therapy trials, regulatory endorsements, and technological innovations in therapeutic platforms, coupled with strategic expansions in cell therapy manufacturing.
Technological Innovations Spurring Growth
The market's expansion is being bolstered by newfound developments in drug discovery, powered by leading-edge technologies in molecular biology, genetics, and high-throughput screening. The approval of numerous new drug entities signals a positive trend in drug discovery activities, further augmenting the market for GMP cell therapy consumables.
Chronic Diseases – A Catalyst for Market Expansion
The increasing incidence of chronic diseases is a critical factor driving the demand for GMP cell therapy consumables. Current research initiatives focused on cell therapy as a promising solution to chronic conditions underscore the growing requirement for high-quality consumables that ensure the efficacy of clinical trials and therapy delivery.
Product Innovation
Innovation remains front and center in the sector with companies such as Thermo Fischer Scientific and Sony Group Corporation introducing groundbreaking products like the HyPerforma DynaDrive single-use bioreactors and the CGX10 Cell Isolation System respectively. These innovations are not only enhancing operational efficiency but are also propelling the sector forward by meeting stringent regulatory standards for cell-based therapies.
Acquisitions and Mergers
Strategic acquisitions and mergers continue to reshape the landscape of the GMP cell therapy consumables market. Notably, Cellistic's recent acquisition of Celyad Oncology's manufacturing facility marks a significant step towards expanding cell therapy manufacturing capabilities.
Regional Market Insights
In terms of regional market share, North America led the GMP cell therapy consumables market in 2023. However, the Asia-Pacific region is projected to be the fastest-growing region in the subsequent forecast period, indicating a shift in the global market dynamics.
Conclusion
The upward surge in the global GMP cell therapy consumables market can be attributed to a complex interplay of technological advancements, regulatory support, increased chronic disease incidence, and relentless product innovation. As industry players continue to explore and invest in novel solutions, the market is poised for robust growth, promising significant advancements in the field of cell therapy.
A selection of companies mentioned in this report includes, but is not limited to:
- Thermo Fisher Scientific Inc.
- Fresenius Kabi AG
- Danaher Corporation
- Merck KGaA
- Asahi Kasei Corporation
- GE HealthCare Technologies Inc.
- Corning Incorporated
- Avantor Inc.
- Lonza Group AG
- Terumo Corporation
- Catalent Inc.
- Sartorius AG
- Bio-Techne Corp
- Repligen Corporation
- Miltenyi Biotec BV & Co KG
- Genscript Biotech Corporation
- Rentschler Biopharma SE
- FUJIFILM Irvine Scientific Inc.
- BioLegend Inc.
- STEMCELL Technologies Inc.
- BioLife Solutions Inc.
- Abzena Ltd.
- Sino Biological Inc.
- ProBioGen AG
- MaxCyte Inc.
- PromoCell GmbH
- PeproTech Inc.
- Cellares Corp.
- Wilson Wolf Corporation
- Cellexus Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/gguk6k
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