According to Precedence Research, the global cell therapy market is expected to surpass 60.67 billion dollars by the end of 2030. The expected CAGR is 21.72% during 2022-2030, the forecast period. The market size in 2021 reached 2021 billion dollars with the largest market in North America and the fastest growing market in Pacific Asia.
The growth of the global cell therapy market including cell therapy CDMO and CROs is attributed to various factors. One major growth driver is the rising incidence of chronic diseases and infections. The number of researches for drug discovery and clinical trials has also increased by leaps and bounds in the last few years which adds to the growth of the cell therapy market.
The latest and innovative technologies are pouring in every day and their implementation in the cell therapy market is another growth driver. COVID-19 also impacted the cell therapy market and propelled it forward. The new and strict government regulations and guidelines are also positively moving the market forward. The growing investment in the cell therapy market is another plus. In 2019, Bayer invested 215 million dollars in a biotechnology company established in the US that develops medicines for solid and blood tumors. Governments all over the world are investing in biopharma which indirectly impacts the growth of the cell therapy market.
Restraints and Challenges:
One of the major challenges of the cell therapy industry is the high cost of cell therapy in various treatment and management programs. It is crucial to make the therapy affordable for the general public. Another big challenge is the lack of professional skilled staff. A chain is as strong as its weakest link. To make a cell therapy CDMO successful, all the personnel should be highly skilled and adept in the work. The training of each individual according to the job they have, is a necessary step which is lacking in most companies. But since the applications of cell therapy are wide, these restraints will be met with appropriate solutions to make the much-needed growth possible.
Role of Research:
In 2021, the research segment contributed 61% of the growth of the cell therapy market. The growing research initiatives have the potential to push the market even higher. The private companies are putting a lot of resources into the research department. The government is also investing in research and development of cell therapy. Cell therapy is used in diagnostics and therapeutics of various malignancies, autoimmune disorders, and dermatology. Thus, the growing number of clinical trials is also pushing the industry forward.
Role of Autologous Therapies:
The autologous segment of the cell therapy market generated 55 percent of the revenue in 2021. The segment growth is attributed to the ability to convert it into a large-scale segment. Autologous therapies are cost-effective as compared to allogeneic therapies. The allogeneic therapies are also expected to grow during the forecast season. Market competitors are adopting innovative strategies for segment growth.
The cell therapy market is on the verge of a revolution in this decade and it is yet to see what the second half of 2022 holds in store for growth.