GMP CELL BANKING SERVICES MARKET ANALYSIS

Gmp Cell Banking Services MarketSize and Trends

The global GMP cell banking services market is estimated to be valued at US$ 803.9 million in 2023 and is expected to exhibit a CAGR of 13.5% during the forecast period (2023-2030).

Figure 1. Global GMP Cell Banking Services Market Share (%), by Cell Type, 2023

Global GMP Cell Banking Services Market – Driver

Increasing inorganic growth strategies such as collaboration

The Increasing organic growth strategies such as product launch, inorganic growth strategies such as acquisition, collaboration, and increasing prevalence of cancer are act as an driver for the GMP cell service market. The increasing inorganic growth strategies such as collaboration by key market players to expand product portfolio is expected to drive the market growth over the forecast period. For instance, in June 2021, Heartseed Inc., a life science company, announced a collaboration with Novo Nordisk A/S, a healthcare company, for the development, manufacturing, and commercialization of Heartseed’s lead asset HS-001. HS-001 is an investigational stem cell therapy using purified cardiomyocytes derived from induced pluripotent stem cells (iPSC), which is currently under development by Heartseed for the treatment of heart failure.

Increasing prevalence of cancer

The increasing prevalence of cancer is expected to drive the market growth over the forecast period. For instance, in January 2022, according to data provided by American Cancer Society, a total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the U.S. in 2022, which is about 1,670 deaths a day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for cell banking which is expected to drive the market growth