Cell Expansion Market

Thermo Fisher Scientific, Inc. (US) and GE Healthcare (US) are the Leading Player in the Cell Expansion Market

The cell expansion market is projected to reach USD 26.0 Billion by 2024 from USD 12.7 Billion in 2019, at a CAGR of 15.4%. Market growth is largely driven by the increasing incidence of chronic diseases, government investments for cell-based research, growing focus on personalized medicine, increasing focus on R&D for cell-based therapies, and increasing GMP certifications for cell therapy production facilities. High growth in emerging economies such as China, India, and Brazil are also driving the demand for cell expansion products. However, the ethical concern regarding research on cell biology is the major factor that is expected to restrain the growth of this market to some extent during the forecast period.

The cell expansion market is highly consolidated in nature, with a few players offering a variety of products. The leading players in the cell expansion market include Thermo Fisher Scientific, Inc. (US), Becton, Dickinson and Company (US), Terumo BCT (Japan), Merck KGaA (Germany), Danaher Corporation (US), Miltenyi Biotec (Germany), Lonza Group Ltd. (Switzerland), STEMCELL Technologies Inc. (Canada), GE Healthcare (US), and Corning, Inc. (US).The key strategies followed by most companies in the cell expansion market are product launches & approvals. This strategy accounted for the largest share of the overall growth strategies mapped from 2016 to 2019.

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Thermo Fisher accounted for the largest share of the cell expansion market in 2018. The company mainly focuses on acquisitions and expansions to strengthen its position in the cell expansion market. In 2018, to expand its bioprocessing product portfolio, the company acquired BD’s bioprocessing unit for USD 477 million. Apart from this, the company focuses on developed and emerging markets to generate a significant amount of revenue. Thermo Fisher Scientific earned approximately 58% of its total revenue from the US and China together. In order to maintain its leading position in the market, the company is also investing 3–5% of its total revenue on R&D each year.

GE Healthcare accounted for the second-largest share of the cell expansion market. The company mainly focuses on agreements and expansions to strengthen its business operations. For instance, in 2018, the company opened a biotechnology manufacturing center at the Stevenage Bioscience Catalyst Open Innovation Campus in Stevenage, UK. Moreover, the company has a significant footprint in the developed countries of North America and Europe with its distribution channels. It earned approximately 44% of its total revenue from the US alone in 2018.

Related Reports:

Cell Expansion Market by Product (Reagent, Media, Flow Cytometer, Centrifuge, Bioreactor), Cell Type (Human, Animal), Application (Regenerative Medicine & Stem Cell Research, Cancer & Cell-based Research), End User, and Region - Global Forecast to 2024

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Report Code
BT 2850
RI Published ON
6/10/2016
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