CHICAGO, July 6, 2020 /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 2025", published by MarketsandMarkets™, the Cell Expansion Market is estimated to be USD 14.9 billion in 2020 and projected to reach USD 30.1 billion by 2025, at a CAGR of 15.1%.
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Growth in this market is primarily 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
Based on product type, consumables are segmented into media, reagents, sera, and disposables. The media segment accounted for the largest share of the consumables segment in the 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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Biotechnology & biopharmaceutical companies accounted for the fastest-growing end user segment of the market
Based on end-users, the market has been segmented into research institutes, biotechnology & biopharmaceutical companies, cell banks, and other end users (includes hospitals, diagnostic centers, and laboratories). In 2019, 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 market
North America accounted for the largest share of the market. 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, increasing 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), Danaher (US), Becton, Dickinson and Company (US), Lonza (Switzerland), Corning, Inc. (US), Merck KGaA (Germany), Sartorius Stedim Biotech (France), Getinge AB (Sweden) Terumo Corporation (Japan), and Miltenyi Biotec (Germany)
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