PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1496009
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1496009
The global cell harvesting market is projected to witness a compound annual growth rate of 39.15% to grow to US$21.090 billion by 2029, from US$2.088 billion in 2022.
The prime reason that is expected to drive the market growth during the forecasted period is the rising cases of cancers and disorders among patients. Data from the World Health Organization (WHO) shows that in 2020, more than 10.1 million new cases of mainstream cancer were diagnosed globally. The disease led to more than 5.019 million deaths in the year. Cell harvesting and cell therapy are leading cancer treatments that are expected to drive market growth.
Moreover, increasing expenditure in healthcare and health research and development has led to the innovation of products for early detection and superior treatment, which is expected to increase the market scope. Furthermore, increasing awareness is projected to support the market growth during the forecasted period. While cancer is a global disease, different regions have different survival chances based on the healthcare infrastructure and awareness.
Data from WHO shows that survival chances for a patient diagnosed with cancer range around 90% in developed nations. In India, the survival chance is as low as 66% while in South Africa, it is even lower to 40%. It has been observed that early detection and treatment in developed nations successfully increase the survival chances of patients. However, in developing nations, adequate treatment significantly affects the survival chances.
Cell transplant and cell therapy are leading treatments that are used to cure a patient with certain cancer types and cell disorders. Data from The Guyer Institute shows that stem cell therapy is effective in 45% of the treated patients. Advancement in technology is expected to increase the effectiveness and hence provide substantial growth for the cell harvesting market. The Asia Pacific cell harvesting market is projected to grow at an exponential rate owing to increasing medical tourism in the region.
The prime reason driving the market growth of the cell harvesting market is the rising cases of cancer. WHO report on breast cancer shows that in 2020, 2.3 million women globally were diagnosed with breast cancer, adding to a total active case of 7.8 million worldwide. 685,000 women died of breast cancer in the year, making it one of the leading cancer-causing death diseases among women.
Additionally, 2.21 million new cases of lung cancer were diagnosed while 1.93 million new cases of colon and rectum cancer were discovered. These two types were the leading cause of cancer deaths, taking 1.80 million lives and 0.935 million lives, respectively, in 2020. The skin was another leading cancer with 1.20 million new cases. Complex lifestyles along with increasing complexities have raised serious concerns about rising cases, leading to higher investment in early diagnosis. It has been observed that early diagnosis increases the survival chance of the patient and hence reduces cancer mortality.
Furthermore, cell therapy is an effective treatment to cure breast, colon rectum, and skin cancer. Substantial investment by higher-income countries has led to the successful reduction of cancer mortality by 40% in the past 3 decades. Furthermore, WHO estimates that a reduction of cancer mortality by 2-4% per year between 2020 to 2040 will avoid 2.5 million potential breast cancer deaths.
Under GBCI, the organization aims to increase awareness and encourage early detection practice through better healthcare technology and infrastructure. Furthermore, the organization aims to establish centralized services for diagnosis and treatment for better results. The rising investment is expected to drive the market demand for cell harvesting technology.
One of the prime constraints faced by the cell harvesting market is the significantly high cost of cell therapy treatment. Cell harvesting devices are used in cell therapy treatment for the extraction of cells from donors or patients. However, cell therapy treatment is an expensive procedure and takes time. High cost and time utilization discourage patients to opt for this treatment. Furthermore, the availability of less expensive substitutes such as chemotherapy and surgery, in cancer hinders the market growth.