CHICAGO, April 24, 2019 /PRNewswire/ -- According to the new market research report "Cell Expansion Market by Product (Reagent, Media, Flow Cytometer, Centrifuge, Bioreactor), Cell Type (Human, Animal), Application (Regenerative Medicine & Stem Cell Research, Cancer & Cell-based Research), End User, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Cell Expansion Market is projected to reach USD 26.0 Billion by 2024 from USD 12.7 Billion in 2019, at a CAGR of 15.4%.
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Growth in this market is largely driven by the increasing incidence of chronic diseases, government investments for cell-based research, growing focus on personalized medicine, increasing focus on R&D for cell-based therapies, and increasing GMP certifications for cell therapy production facilities.
The media segment accounted for the largest share of the consumables segment in the Cell Expansion Market in 2018.
On the basis of product type, the consumables market is segmented into media, reagents, sera, and disposables. In 2018, the media segment accounted for the largest share of the consumables segment in the Cell Expansion Market. The large share of this segment can be attributed to its high requirement during the production of pharmaceutical products and rising R&D investments on cell-based therapies.
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Increasing production of regenerative medicine in biotechnology & biopharmaceutical companies.
Based on end users, the Cell Expansion Market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2018, biotechnology & biopharmaceutical companies were the largest end users in the Cell Expansion Market, and the trend is the same throughout the forecast period.
Increasing production of regenerative medicine and rising awareness regarding advanced treatment methods such as personalized medicines and other cell-based therapies are the major driving factors for this segment.
North America accounted for the largest share of the Cell Expansion Market in 2018.
North America accounted for the largest share of the Cell Expansion Market in 2018. The large share of this segment can primarily be attributed to the rising incidence of cancer, increasing government funding, rising research activates on stem cell therapies, growing awareness regarding advanced treatment methods, growing geriatric population, and the strong presence of industry players in the region.
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Some of the leading players in the Cell Expansion Market include Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).
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