The size of the Cell Expansion Market in Latin America is valued at USD 2.23 billion in 2022. This value is projected to be growing at a CAGR of 16.2% to touch USD 4.73 billion by 2027.
The growth of this market is primarily driven by the increasing incidence of chronic diseases, government investments in cellular research, the growing focus on personalized medicine, the growing focus on R&D for cellular therapies, and the rising GMP Certifications for cell therapy production facilities. The cell expansion market is expected to grow in the predicted years as many multinational companies focus on launching new cell expansion systems. Also, the cell expansion market is said to increase due to government regulation and funding.
Government institutes provide funding for stem cell research and other research that will accelerate the market for cell expansion systems. Multinational companies invest in the manufacture of cell expansion systems because they minimize the risk of contamination, increase cell density, control cell expansion, and are suitable for use in the regulatory environment. The cellular expansion has multiple potential applications, including drug testing and development, cell therapy development, cancer tissue research, etc.
New drugs developed in pharmaceutical companies could be tested safely and effectively using differentiated stem cells. Additionally, regenerative drugs using cell models can help researchers in the early intervention treatment of degenerative diseases and traumatic injuries. Hence, the market is expected to rise during the forecast period due to the factors mentioned above.
The lack of qualified professionals and the high cost of installation is a limiting factor for the market in the years to come. The shortage of high-tech instrumentation and 3D cellular expansion technology will be problematic for years to come.
This research report on the Latin America Cell Expansion Market has been segmented and sub-segmented into the following categories:
Regionally, In LATAM, Mexico accounts for the majority of the cell expansion market in 2020. This segment's large share can be attributed mainly to the increase in cancer incidence, increase in government funding, increasing research activities on stem cell therapies, growing awareness of advanced treatment methods, growing geriatric population, and industry players' strong presence in the region. Cellular research is broad in scope and covers the central area of tissue regeneration and genetic engineering, with advancements in biotechnology and pharmaceutical companies focusing on personalized medicine. The interests and investments of the private sector in the R&D of cell technologies and treatments are increasing. Therefore, the market is also developing simultaneously throughout LATAM.
Some of the Prominent Companies leading the Latin America Cell Expansion Market Profiled in the Report include Beckman Coulter, Inc. (U.S.), Becton, Dickinson, and Company (U.S.), Corning, Inc. (U.S.), GE Healthcare (U.K.), Lonza (Switzerland), Merck KGaA (Germany), Miltenyi Biotec (Germany), STEMCELL Technologies, Inc. (Canada), Terumo BCT, Inc. (U.S.), and Thermo Fisher Scientific, Inc. (U.S.).
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