The rising prevalence of chronic diseases coupled with increasing research activities are the major factors driving the cell expansion market. Furthermore, technological advances in cell expansion devices and growth in government investments regarding healthcare issues are the factors propelling the market. In addition, cost effective instruments for cell-based research is also expected to propel the market during the forecast period.
The cell expansion market is segmented on the basis of its product, application and end use. On the basis of product type, the market is segmented into consumables, reagents, media & serum, disposable instruments, automated cell expansion systems, bioreactors, and supporting equipments such as centrifuges, flow cytometers, incubators and microscopes. The disposable instruments dominate the market owing to less risk of infections due to medical devices. On the basis of application, the market is segmented into regenerative medicine, cancer & stem cell research, clinical diagnostics and biotechnology & biopharmaceuticals. Among various applications, the regenerative medicine segment is expected to account for the largest share in the market during the forecast period owing to technology advancements in the region due to which new products are being launched in the market. On the basis of end use, the market is divided into hospitals & diagnostic laboratories, research institutes, cell banks and biotechnology & biopharmaceutical companies.
North America dominates the cell expansion market accounting for a major share in the market. Increasing incidences of chronic and cell based diseases and rising geriatric population are the key factors driving the market in this region. The rising investment by companies as well as government for cell expansion research is also a factor driving the market in this region. Asia Pacific is poised to grow at the highest CAGR during the forecast period owing to rapidly expanding biotechnology and biopharmaceutical industries, increasing government investments for cancer and stem cell research and rising focus of prominent players on the emerging markets such as India and China.
The key players in the cell expansion market are Dickinson and Company, Becton, Danaher Corporation, Corning Incorporation, Merck Millipor, GE Healthcare, STEMCELL Technologies, Miltenyi Biotec, Terumo BCT, Sigma Aldrich Corporation and Thermo Fischer Scientific Inc. These companies are tending to adopt several marketing strategies such as collaborations, expansions and acquisitions to increase their market share and to establish a strong foothold in the global market.
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Biopharmaceutical innovators are at the forefront of the human response to the coronavirus pandemic. A significant number of major biotech firms are in the midst of a race to investigate the Sars-Cov-2 genome and prepare a viable vaccine for the same. As compared to the speed of response to SARS/MERs etc, the biotech entities are investigating SARs-Cov-2 at an unprecedented rate and a considerable amount of funds are being put into the R&D. With multiple candidates in trial, the public and private sectors are anticipated to work in unison for the foreseeable period, until a vaccine is developed for Covid-19. The report will account for Covid19 as a key market contributor.