DUBLIN--(BUSINESS WIRE)--The "North America Cell Expansion Market to 2027 - Regional Analysis and Forecasts by Product; Cell Type; Application; End User, and Country" report has been added to ResearchAndMarkets.com's offering.
The cell expansion market in North America is anticipated to reach USD 14,697.41 million by 2027 from USD 4,522.07 4 million in 2019; it is projected to grow at a CAGR of 15.9% during 2020-2027. The growth of the market is attributed to the increasing prevalence of cancer, rising number of new product launches, and increasing inclination of patients toward regenerative and personalized medicines. Also, growing R&D expenditure on cancer research is likely to have a positive impact on the growth of the market in the coming years. In addition, technological advancements in the pharmaceuticals industry and extensive developments in drug discovery are likely to stimulate the growth of cell expansion market in North America during the forecast period.
Cell expansion is the large-scale artificial production of daughter cells from a single cell, and the process is carried out to support the medical research. It plays a critical role in exploring a wider range of benefits and applications of fully differentiated stem cell cultures for their use in therapeutics, drug screening, or advanced research.
R&D is a significant part of a majority of pharmaceutical and biotech companies; they focus on R&D to come up with new molecules with the most significant medical and commercial potential for various therapeutic applications. The companies invest big amounts in these activities to deliver innovative, high-quality products to the market. Moreover, as per the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expense of biopharmaceutical companies surged from US$ 49.6 billion in 2012 to US$ 58.8 billion in 2015.
Several government organizations are working on enhancing the detection methods and treatment procedures of cancer in the region. The National Cancer Institute (NCI) spends on various categories of the treatment, including specific cancer sites, cancer types, and cancer-related diseases, as well as types of NCI research mechanisms. The NCI allocated the funds of ~US$ 208.4 million for cell expansion research in 2017 from their total budget of US$ 5,636.4 million in that year for cancer research studies. Therefore, the growing R&D expenditure on cancer research by these companies is expected to provide them with opportunities for business expansion.
The North American cell expansion market has been segmented on the basis of cell type into human cells and animal cells. The human cells segment held a larger share of the market in 2018, and it is also projected to register a higher CAGR in it during the forecast period. Rise in research activities for the treatment of cancer is expected to offer considerable growth opportunities for the human cell expansion market players.
A few of the important secondary sources referred to for preparing this report on the cell expansion market are World Health Organization (WHO), Food and Drug Administration (FDA), Canadian Cancer Society, Centers for Disease Control and Prevention (CDC), and American Cancer Society.
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Key Market Drivers
- Patient shift towards regenerative medicines
- Increasing number of patients suffering with cancer
- Risk of contamination associated with the cell expansion process
Key Market Opportunities
- Growing R&D Expenditure for Cancer Research
Extensive development in drug discovery
- Merck KGaA
- Thermo Fisher Scientific, Inc.
- Terumo Corporation
- General Electric Company
- Corning Incorporated
- Miltenyi Biotec
Stemcell Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/f4qtwc.