The Global Cell Therapy Market was valued at US$ 7.7 Bn in 2020, and it is expected to reach US$ 19.5 Bn by 2027, with a CAGR of 14.2%, during the forecast period, 2021 - 2027.
The increasing prevalence of cancer during the forecast period is the major propelling factor for the growth of the target market. Additionally, government is taking initiative and investing in the R&D activities which is the driving factor for the growth of the global cell therapy market. Moreover, the number of cell bank is rising and the positively support of governments for the stem cell banking is the boosting factor for the growth of cell therapy market.
In addition to this, cell therapy uses to diagnose the cancer and also used for the treatment of the cancer fuels the target market growth. According to World Health Organization (WHO), in the year 2020, around 2.3 million women were diagnosed with breast cancer. In addition, according to the data published by NHS hospital UK, around 131,640 admitted in 2018-19, which were for primary diagnosis of cancer. Also, this number is increased from 122,073 in 2017-18. Besides this, the increased in number of obese populace due to unhealthy lifestyle which is another uplifting factor for the growth of cell therapy market.
However, the less skilled professional in the emerging economies is anticipated to hamper the market growth. The developing and underdeveloped countries lack the infrastructure required for stem cells banking, and the people in these countries are not aware about the merits and demerits of cell therapy. This hampers their decision-making ability when it comes to cell therapy market analysis. Furthermore, availability of cell therapy centres in the various areas is a challenge for the growth of the target market.
In terms of geography, the Asia Pacific region is the fastest growing region for cell therapy market. The region is witnessing huge growing adoption of cell therapy due to increasing chronic diseases in the aged and obese population. The governments across the Asia Pacific region is making significant investments to improve the stem cells banking. Additionally, improving healthcare facilities are some other factors supporting in the Asia-Pacific regional market.