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Cell Therapy Technologies: Transformative Industry Report 2024
Cell Therapy Technologies Market
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According to The Business Research Company's, The cell therapy technologies market size has grown rapidly in recent years. It will grow from $4.29 billion in 2023 to $4.97 billion in 2024 at a compound annual growth rate (CAGR) of 15.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increased healthcare expenditure, increased investments by the government in cell-based research, and growing demand for personalized medicine.
The cell therapy technologies market size is expected to see rapid growth in the next few years. It will grow to $8.62 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%. The growth in the forecast period can be attributed to rising aging population, increasing prevalence of cancer, increasing research and development spending in pharmaceutical sector, and advancements in cell therapies. Major trends in the forecast period include developing innovative products, using advanced technologies, development of innovative cell therapies, investing in manufacturing facility, and partnerships and collaborations.
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Market Drivers and Trends:
Increasing investments by the government in cell-based research contributed to the growth of the global cell therapy technologies market. Governments are increasingly investing in research activities for developing therapies for diseases such as cancer, cardiovascular disease (CVD), and others. For instance, in May 2022, The California Institute for Regenerative Medicine (CIRM), a research center helping stem cell research invested more than $11 million to fund a clinical trial for a cell therapy for the treatment of throat cancer. The success of this therapy will save patients from undergoing radiotherapy and its side effects.
Major companies operating in the cell therapy technologies market are developing innovative products by using advanced technologies to grow in the market. For instance, in June 2022, Invetech, an Australia-based company that specializes in the design, engineering, and manufacture of commercial-scale diagnostic products and cell and gene therapies launched Korus, a new closed system for autologous cell therapies, to transform the industry standards in elutriation and cell wash. The technology uses a mild elutriation process to supply a cleaner cell population for cell therapy production processes, such as tumor-infiltrated lymphocytes (TIL), dendritic cells, chimeric antigen receptor (CAR)-T cell or induced pluripotent stem cell (IPSC)-derived therapy. It features elutriation and cell wash using gentle counterflow centrifugation and provides purified cell populations for downstream processing development and commercial manufacture. This will help improve the overall performance of processes through higher recovery and purity of target cells. Using the new Korus system, developers can expedite the clinical development and scale-up of their products.
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Major Key Players of the Market:
MetLife Inc, Allianz SE, American International Group Inc, Zurich Insurance Group, AXA,Assicurazioni Generali S.P.A., Chubb Corporation, The Hartford, Starr International Company, Tata AIG General Insurance Company Limited, Corporate Risks India Insurance Brokers Pvt Ltd, New India Assurance - General Insurance Brokers, Oriental Insurance Company, ICICI Lombard General Insurance Company, United India Insurance, HDFC ERGO Non-Life Insurance Company, Fanhua Holdings, Insubuy LLC, China Life Insurance Company Limited, SafetyWing, Genki, Insured Nomads, Sompo Japan Nipponkoa Insurance Inc, Mitsui Sumitomo Insurance Co. Ltd, Marsh & McLennan Companies UK Limited, Aon UK Limited, Arthur J Gallagher & Co, Willis Towers Watson plc, Lloyd's of London Limited, Funk Gruppe GmbH, Ecclesia Holding GmbH, Hannover Re, Crédit Agricole Assurances, Société Générale, Sogaz Insurance Group, Ingosstrakh Insurance Co, UNIQA, Česká Pojišťovna, Groupama, RSHB Insurance, Soglasie Insurance Company, Sberbank Insurance Company LLC, Travel Insurance Center, Global Underwriters Agency Inc., International Citizens Insurance, AIG Seguros Brasil SA, Mapfre Argentina Holding S.A., Sancor Seguros Argentina, Nación Seguros, Arabia Insurance Cooperative Company, Abu Dhabi National Insurance, Dubai Insurance Co, Al-Etihad Co-operative Insurance Co, Saudi Arabian Cooperative Insurance Co., Care Line Group, De Wet De Villiers, Travelinsure, Lensure Insurance Brokers Cc, Oojah Travel Protection, Takaful Insurance of Africa, Bryte Insurance Company Limited
Cell Therapy Technologies Market 2024 Key Insights:
• The cell therapy technologies market size is expected to see rapid growth in the next few years. It will grow to $8.62 billion in 2028 at a compound annual growth rate (CAGR) of 14.8%.
• Government Investments Drive Growth In Global Cell Therapy Technologies Market For Disease Treatments
• Companies Pioneer Advanced Technologies In The Cell Therapy Technologies Market
• North America was the largest region in the cell therapy technologies market in 2023
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