Cell Therapy Technologies Market : Expecting Major Surge In Revenue In Next FIVE Years.!
Precision medicine is an evolving approach for disease treatment and prevention, which takes into account individual variability in genes, environments, and lifestyles. Precision medicine involves the selection of drugs wholly tailored to a patient based on disease condition and history. Although this practice is expanding into all disease areas, oncology has seen the most progress.
What the Market Looks Like?
The cell therapy technologies market is projected to reach USD 5.6 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 14.4% from 2020 to 2025. North America commanded the largest share of the cell therapy technologies market in 2020.
On the basis of product, the market is segmented into consumables, equipment, and systems & software. The consumables segment accounted for the largest share of the cell therapy technologies market in 2019. Factors such as increasing investments by companies to develop advanced products as well as government initiatives for enhancing cell-based research are contributing to the growth of the cell therapy consumables market.
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What are Key Trends in the Market?
The growth of the Cell Therapy Technologies Market is primarily influenced by the following factors:
- Rising government investments in cell-based research
- Rising incidence of chronic and infectious diseases
- Large number of oncology-related cell therapy clinical trials
- Increasing GMP certifications for cell therapy production facilities
The emerging economies such as Australia and China are expected to provide a wide range of growth opportunities for players in the market which is driven by their large and growing populations as well as increase in the number of clinical trials and investments in the field of personalized medicine in these countries.
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