Autologous Cell Therapy Market Size to Accelerate at a Rapid CAGR of 21.9%

Robust Growth of Medical Tourism Sector in Developing Regions Foster Growth Prospects

The increasing occurrence of different types of cancer is providing a significant boost to the global autologous cell therapy market. According to a study by the American Cancer Society, more than a million people in the U.S. are diagnosed with cancer each year. Moreover, the flourishing medical tourism industry in developing regions is creating a fertile ground for the growth of the overall market. “With the development of medical tourism infrastructure in emerging countries such as the Philippines, India, and China, organizations providing cell therapy/ stem cell treatment are shifting their base from developed regions of Europe and North America to emerging countries of Asia Pacific,” says a TMR analyst.

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Cell therapy/stem cell research is underpinned by governments worldwide. The growing funding by governments is therefore, augmenting the market. Furthermore, the widening base of patients suffering from neurodegenerative diseases and booming stem cells banking services are working in favor of the growth of the market.

Bone Marrow to Remain Dominant Source Segment Until 2024

The global autologous cell therapy market was valued at US$4.87 bn in 2016 and is poised to rise to US$23.75 bn by 2024, progressing at a noteworthy CAGR of 21.9% therein. On the basis of source, bone marrow will continue to be the leading segment until 2024, representing 50.6% of the overall market value. Extensive research activities for bone marrow derived stem cells, owing to the fact that it is the hub for most of the stem cells, are propelling the growth of the segment. Epidermis is estimated to expand at a phenomenal CAGR of 23.4% during the same period.

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Geographically, North America will be the front runner in the market throughout the forecast period. The presence of advanced healthcare infrastructure and high prevalence of cancer is accentuating the growth of the market in the region. Asia Pacific is anticipated to post a CAGR of 23.9% during the review period, which will be higher than any other region. The growth of the region can be attributed to the growing medical tourism and improving economic conditions.

Restriction on Embryonic Stem Cell Research Activities Takes its Toll on Market Growth

Autologous cell therapies have to comply with stringent regulations to receive approval. However, the increasing number of unethical cases of killing of embryos after extraction of cells compelled governments to impose restriction on research activities pertaining to stem cells. To put this in perspective, in 1974, the U.S. government imposed a ban on federal funding of such research activities, which was lifted as late as 2009. Thus, bans on research activities on embryonic stem cells is adversely affecting the growth of the autologous cell therapy market. The high costs of cell therapies along with the lack of reimbursement policies in various less developed and emerging countries are hampering the growth of the market.

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BioTime Inc., Vericel Corporation, BrainStorm Cell Therapeutics, Pharmicell Co., Pharmicell Co. Inc., and Opexa Therapeutics Inc. are the torch-bearers in the global autologous cell therapy market, according to a study by Transparency Market Research (TMR). These companies are focusing towards acquiring small players to enter local markets. “Increasing efforts by several companies to establish subsidiaries and manufacturing facilities in emerging countries are likely to render the global market exceptionally competitive in the forthcoming years,” says TMR’s lead analyst.

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This release was published on openPR.