The size of the North American cell therapy market is estimated to be growing at a promising rate of 7.5% CAGR from 2021 to 2026.
The market's growth is expected to be driven by the increasing attention to the development of regenerative therapies with an increasing emphasis on innovations and manufacturing. In addition, the availability of a significant number of products approved for clinical use is expected to continue the growth of the market during the forecast period. Other factors driving the growth rate include an increase in approval of clinical trials in cell biology research, growing demand for regenerative treatment regimes, and an advance in R&D development to initiate therapeutic options for chronic diseases.
The cell therapy market is growing, along with the increase in clinical trials in the region. North America, especially the United States, has conquered the overall market regarding the number of cell therapy trials. Stem cells play an important role in regenerative medicine, especially in the field of dermatology. However, oncology is expected to register the highest growth rate due to many products being developed for the treatment of cancer. Furthermore, with the increase in regenerative medicine centers, the cell therapy market is also expected to grow in the future.
In addition, stem cell banks are gaining interest with the support of government initiatives. As a result, the stem cell banks are increasing in the region, aiding in the market's growth. Besides, the growing awareness of stem cell storage among people has also positively affected the market.
However, several countries and region-specific conditions are implemented to allow further processing and testing; many existing trials and readings have been delayed. New trials have been halted altogether, so strict regulations are likely to restrict the market growth.
Impact of COVID-19 on the North American Cell Therapy Market:
The COVID-19 pandemic offers lucrative opportunities for companies operating in the cell therapy market to accelerate cell therapy research that could work against COVID-19. North America is negatively affected by the pandemic.
On the other hand, the pandemic provides research and development opportunities for various biotechnology and biopharmaceutical companies to introduce treatment options through vaccines and drugs and cell therapies such as plasma therapy to save lives around the world. However, advances in biotechnology have allowed companies to innovate in treatment through the use of cell therapy.
For example, in 2020, Celltex Therapeutics Corporation stated that it had received approval from the United States FDA to continue with Celltex's Investigational new drug use. The submitted application is to study the prophylactic efficiency of autologous adipose tissue extirpated from stem mesenchyme cells to treat COVID-19. The research results have shown promise in tackling the symptoms and complications associated with COVID-19. These advances in cell therapy to treat COVID-19 are likely to drive the growth of the North American cell therapy market in the coming years.
This research report on the North American cell therapy market has been segmented and sub-segmented into the following categories:
By Cell Source:
Geographically, the North American cell therapy market is expected to achieve the most significant share in the global market during the forecast period due to factors such as increased collaborative efforts to promote cell therapy and developments in cell therapy against COVID-19. According to estimates from the National Cancer Institute, 1,735,400 new cancer cases are expected to be diagnosed in the United States, and 609,690 are expected to die from the disease. The increasing diseases prevalence can be attributed to population growth.
The increasing prevalence of the population suffering from cardiovascular diseases, cancer, and other diseases is expected to affect the market's growth positively. In addition, the increased initiatives by authorities and governments to improve healthcare systems and publicize the benefits of cell therapy are also expected to increase the growth of the North American cell therapy market.
KEY MARKET PARTICIPANTS:
Merck KGaA and Thermo Fisher Scientific Inc, Lonza Group, Osiris Therapeutics, Inc., Danaher Corporation, Becton, Dickinson and Company, Sartorius AG, Fresenius Medical Care AG & Co. KGaA, FUJIFILM Irvine Scientific, Corning Incorporated, Mesoblast Ltd., Medipost Co., Ltd. Avantor, Inc., CellGenix GmbH, Bio-Techne Corporation, STEMCELL Technologies, SIRION Biotech GmbH, and Hemasoft are a few of the noteworthy companies operating in the North American cell therapy market.