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  • Published In : Apr 2024
  • Code : CMI5413
  • Pages :168
  • Formats :
      Excel and PDF
  • Industry : Biotechnology

Market Size and Trends

Global cell therapy market is estimated to be valued at USD 2,583.8 Mn in 2024 and is expected to reach USD 4,847.5 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.4% from 2024 to 2031.

Cell Therapy Market Key Factors

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Global cell therapy market is expected to witness significant growth over the forecast period. Rising prevalence of chronic diseases and increasing funding for cell-based research are some key factors driving the growth of the market. In addition, advancements in cell culturing technologies and growing awareness about the therapeutic potency of cell therapy are further supporting the increased adoption of these therapeutics. Moreover, the development of novel treatments for conditions like cancer and cardiac muscular degeneration is also anticipated to boost its demand.

Market Driver – Technological Advancement for Development of Cell Therapy

Key players are involved in developing and launching various types of technologies for cell therapy, and this is expected to provide immense growth opportunities for industry players in the cell therapy market. For instance, in August 2022, Cytiva, a subsidiary of Danaher Corporation, and Forecyte Bio, a provider of CDMO service designed for cell gene therapy, collaborated to accelerate the development and manufacturing of cell and gene therapies in China and the U.S. Forecyte Bio will use Cytiva’s FlexFactory platform to launch its contract development and manufacturing organization (CDMO) business for pharmaceutical products.

Market Driver – Increasing Number of Regulatory Approvals for Cell Therapy Products

Manufacturers of cell therapy product candidates are engaged in receiving regulatory approvals to enhance their cell therapy process, and this is expected to drive the cell therapy market growth. For instance, in May 2022, the U.S. Food and Drug Administration announced that it had approved Novartis AG’s chimeric antigen receptor (CAR) T-cell therapy, Kymriah, for the treatment of adults with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy.

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