The market is estimated to grow at a CAGR of 7. 2% from 2020–2027. The growth of the market is attributed to increasing prevalence of chronic diseases, rising adoption of regenerative medicines, and surging number of approvals for cell-based therapies.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cell Therapy Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Therapy Type ; Product ; Technology ; Application ; End User, and Geography" - https://www.reportlinker.com/p06027528/?utm_source=GNW
However, the high cost of cell therapy manufacturing hinders the growth of the market.
Cell therapy is a procedure where living and intact cells are injected, implanted, or grafted into the patient’s body.This technology relies on replacing dysfunctional cells with healthy functioning ones.
Cells mainly used for such advanced therapies are stem cells, as they have ability to differentiate into the specific cells required for repairing damaged or defective tissues or cells. Moreover, cell therapy has applications in the development of regenerative medicines.
The biotechnology sector in Asia Pacific is proliferating with the support of heavy investments and strategic developments between private and public organizations. For instance, in December 2019, Astellas Pharma Inc. (Japan) signed an agreement to acquire Audentes Therapeutics Inc., a gene therapy company, for US$ 3 billion. Similarly, in November 2019, Fujifilm invested ~US$ 120 million (JPY 13 billion) in gene therapy as a part of the contract development and manufacturing segment of the organization. In addition, the Japan Pharmaceutical Medical Device Agency approved two gene therapy products. The products were approved simultaneously under Sakigake designation, which is equivalent to the FDA breakthrough therapy designation and the EMA Priority Medicine (PRIME) designation and is expected to approve at least one therapy per year.
Such strategic developments by the domestic players in the Asian countries for the cell therapy domain are likely to increase the demand for cell therapy in the coming future.Since the approval of Gendicine for the treatment of head-and-neck squamous cell carcinoma by substituting affected copies of the p53 tumor suppressor gene with normal gene copies, China has expanded cell therapy applications and increased cell therapy production.
Rising awareness about cell therapy is allowing the increase in adoption of cell therapies in Asia Pacific.For instance, in 2018, Taiwan held the ninth position for a regulatory agency to approve cell therapy’s clinical application.
In January 2020, the country introduced six autologous cell therapy treatments, which include two for cancer, two for skin cell transplantation, and two for bone and cartilage regeneration.In Taiwan, four hospitals have licenses to provide cell therapies, and 26 more hospitals have already applied for a license to provide cell therapies.
Furthermore, regenerative medicine research in cell therapy, gene therapy, and tissue engineering is rapidly growing in Asia Pacific countries. Also, rise in geriatric population; increase in developments in healthcare services; surge in requirement for transplants; and emergence of personalized medicines in Japan, China, India, and South Korea would create demand for cell therapies in the coming years. This is likely to offer various growth opportunities for the market players during the forecast period.
The cell therapy market, based on therapy type, is bifurcated into allogeneic and autologous.In 2019, the allogeneic segment accounted for a larger share owing to the availability of substantial number of approved products for clinical use.
For instance, in 2018, Alofisel developed by TiGenix (Takeda) is the first allogeneic stem cell-based therapy approved for use in Europe.
The COVID-19 outbreak was first reported in Wuhan (China) in December 2019.The pandemic is causing massive disruptions in supply chains, consumer markets, and economy across the world.
As the healthcare sector is focusing on saving lives of COVID-19 patients, the demand for cell therapy is reducing worldwide.
The International Society of American College of Cardiology (ACC), World Health Organization (WHO), European Union (EU), Organization for Economic Co-operation and Development, Comisión Federal para la Protección contra Riesgos Sanitarios (COFEPRIS), Ministry of Health and Prevention (MoHAP), and US Food and Drug Administration (FDA) are a few of the prime secondary sources referred to while preparing the report on the cell therapy market.
Read the full report: https://www.reportlinker.com/p06027528/?utm_source=GNW
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