Albany, NY -- (SBWire) -- 09/15/2017 --According to the research report, the global autologous cell therapy market is expected to be worth US$23.7 bn by the end of 2024 as compared to US$3.8 bn in 2015. During the forecast period of 2016 and 2024, the global market is estimated to exhibit a CAGR of 21.9%.
High Prevalence of Cancer Triggers Demand for Autologous Cell Therapy
The America Cancer Society states about a million people in the U.S. alone are diagnosed with various types of cancer with each passing years. The World Health Organization states that there will be a 30% rise in the number of cancer cases in the next decades. Furthermore, drastically changing lifestyles that are defined by the poor dietary choices and sedentary living are also expected to contribute the soaring number of cancer cases across the globe. Statistics shared by International Agency for Research on Cancer (IARC) and WHO stated that the occurrence of cancer has been on the steady rise amongst the geriatric population. Furthermore, about 60% of the world's new cancer cases are registered in developing regions of Asia, Africa, and Central America. All of these factors have triggered a huge demand for autologous cell therapy for treating cancer and managing the disease.
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Grants to Continue R&D Keep North America in the Lead
On the basis of source, the global market is segmented into bone marrow and epidermis. Of these, the bone marrow segment is expected to prosper as compared to the other segment. By the end of 2024, the bone marrow segment is expected to reach a valuation of US$12.0 bn. Known as the hub of stem cell, the bone marrow segment is expected to grow against the backdrop of increasing number of bone marrow-based products being manufactured by the pharmaceutical industry. Furthermore, the extensive research and development activities for bone marrow-based stem cells is also expected to boost the growth of the market.
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In terms of geography, the global autologous market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these North America is expected to dominate the global market in the coming years. The North America autologous Cell therapy market was valued at US$2.1 bn in 2015. Provision for grants from organizations such as CIRM, National Institutes of Health (NIH), and New York Stem Cell Science are expected to keep North America in the forefront in the coming few years.
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Debate over Ethics of Embryonic Stem Cells Creates Impediment
The heated debate over ethical issues of the killing of embryos after extraction of cells is the toughest challenge of the global autologous cell therapy market. Thus, the restriction on research and development activities pertaining to embryonic stems cells is anticipated to hamper the growth of the overall market. Furthermore, lack of reimbursement policies for those seeking cell therapy along with the high cost of treatment is also expected to restrict the scope for growth for the overall market.
Global Autologous Cell Therapy Market Report is available @ US$ 5795
The leading players operating in the global autologous cell therapy market are Vericel Corporation, BioTime, Inc., Pharmicell Co., BrainStorm Cell Therapeutics, Opexa Therapeutics, Inc, Pharmicell Co., Inc. These companies are expected to focus on mergers and acquisitions to enter local markets, observes Transparency Market Research. Furthermore, efforts to establish subsidiaries and manufacturing centers in emerging economies are also expected to make the global market exceptionally competitive in the coming few years.
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With a CAGR of 21.9%, Autologous Cell Therapy Market to Reach US$23.7 Bn by 2024
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