Selected research
Market Structure
Global Cell Therapy CDMO Services Market by Size, by Type, by Application, by Region, History and Forecast 2021-2032
Market perspective
The global Cell Therapy CDMO Services market was valued at US$ million in 2026 and is projected to reach US$ million by 2032, implying a CAGR of xx% over 2026-2032.
The US & Canada market for Cell Therapy CDMO Services is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The Europe market for Cell Therapy CDMO Services is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Read the full market overview
The Asia Pacific market for Cell Therapy CDMO Services is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
The China market for Cell Therapy CDMO Services is projected to increase from US$ million in 2026 to US$ million by 2032, at a CAGR of % over 2026-2032.
Leading global manufacturers of Cell Therapy CDMO Services include Thermo Fisher Scientific, Wuxi AppTec, Lonza, KBI Biopharma, RoslinCT, Cell and Gene Therapy Catapult, Cell Therapies, Minaris Regenerative Medicine and MEDINET, among others. In 2025, the top three vendors together accounted for approximately % of global revenue.
Report Includes
This report provides an overview of the global Cell Therapy CDMO Services market and its size, analyzing global market trends based on historical revenue data for 2021-2025, estimates for 2026, and projected CAGRs through 2032.
The study covers key producers of Cell Therapy CDMO Services and revenue in major regions and countries, assesses future market potential, and highlights priority regions and countries for segmenting the market into sub-sectors, with country-specific market value data for the U.S., Canada, Mexico, Brazil, China, Japan, South Korea, Southeast Asia, India, Germany, the U.K., Italy, the Middle East, Africa, and other countries.
The report also presents Cell Therapy CDMO Services revenue, market share, and industry ranking for the main manufacturers for 2021-2026, identifies the major stakeholders in the global market, and analyzes their competitive landscape and market positioning based on recent developments and segmental revenues.
In addition, the report analyzes segment data by Type and Application—covering revenue and growth rates—for 2021-2032, and evaluates and forecasts the Cell Therapy CDMO Services market size, projected growth trends, production technologies, key applications, and end-use industries.
Cell Therapy CDMO Services Segment by Company
Thermo Fisher Scientific
Wuxi AppTec
Lonza
KBI Biopharma
RoslinCT
Cell and Gene Therapy Catapult
Cell Therapies
Minaris Regenerative Medicine
MEDINET
Catalent Biologics
Oxford BioMedica
GenScript
Cell-Easy
SK pharmteco
Charles River Laboratories
AGC Biologics
FUJIFILM Cellular Dynamics
Cell Therapy CDMO Services Segment by Type
Preclinical Stage
Clinical Commercialization Stage
Cell Therapy CDMO Services Segment by Application
Pharmaceutical Company
Research Institute
Cell Therapy CDMO Services Segment by Region
North America
United States
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Russia
Spain
Netherlands
Switzerland
Sweden
Poland
Asia-Pacific
China
Japan
South Korea
India
Australia
Taiwan
Southeast Asia
South America
Brazil
Argentina
Chile
Middle East & Africa
Egypt
South Africa
Israel
Türkiye
GCC Countries
Study Objectives
1. To analyze and research the global status and future forecast, involving, production, value, consumption, growth rate (CAGR), market share, historical and forecast.
2. To present the key manufacturers, capacity, production, revenue, market share, and Recent Developments.
3. To split the breakdown data by regions, type, manufacturers, and Application.
4. To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints, and risks.
5. To identify significant trends, drivers, influence factors in global and regions.
6. To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
Reasons to Buy This Report
1. This report will help the readers to understand the competition within the industries and strategies for the competitive environment to enhance the potential profit. The report also focuses on the competitive landscape of the global Cell Therapy CDMO Services market, and introduces in detail the market share, industry ranking, competitor ecosystem, market performance, new product development, operation situation, expansion, and acquisition. etc. of the main players, which helps the readers to identify the main competitors and deeply understand the competition pattern of the market.
2. This report will help stakeholders to understand the global industry status and trends of Cell Therapy CDMO Services and provides them with information on key market drivers, restraints, challenges, and opportunities.
3. This report will help stakeholders to understand competitors better and gain more insights to strengthen their position in their businesses. The competitive landscape section includes the market share and rank (in volume and value), competitor ecosystem, new product development, expansion, and acquisition.
4. This report stays updated with novel technology integration, features, and the latest developments in the market.
5. This report helps stakeholders to gain insights into which regions to target globally.
6. This report helps stakeholders to gain insights into the end-user perception concerning the adoption of Cell Therapy CDMO Services.
7. This report helps stakeholders to identify some of the key players in the market and understand their valuable contribution.
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (product type, application, etc), including the market size of each market segment, future development potential, and so on. Revenue of Cell Therapy CDMO Services in global and regional level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and capacity of each country in the world. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Analysis key trends, drivers, challenges, and opportunities within the global Cell Therapy CDMO Services industry.
Chapter 3: Detailed analysis of Cell Therapy CDMO Services companies' competitive landscape, revenue, market share and industry ranking, latest development plan, merger, and acquisition information, etc.
Chapter 4: Provides the analysis of various market segments by type, covering the revenue, and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 5: Provides the analysis of various market segments by application, covering the revenue, and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 6: Provides profiles of key companies, introducing the basic situation of the main companies in the market in detail, including product descriptions and specifications, Cell Therapy CDMO Servicesrevenue, gross margin, and recent development, etc.
Chapter 7: North America (US & Canada) by type, by application and by country, revenue for each segment.
Chapter 8: Europe by type, by application and by country, revenue for each segment.
Chapter 9: China by type, and by application, revenue for each segment.
Chapter 10: Asia (excluding China) by type, by application and by region, revenue for each segment.
Chapter 11: South America, Middle East & Africa by type, by application and by country, revenue for each segment.
Chapter 12: Concluding Insights of the report.
More report detail
Tables and figures
Scope & coverage.
Types
- Preclinical Stage
- Clinical Commercialization Stage
Applications
- Pharmaceutical Company
- Research Institute
Companies covered
- Thermo Fisher Scientific
- Wuxi AppTec
- Lonza
- KBI Biopharma
- RoslinCT
- Cell and Gene Therapy Catapult
- Cell Therapies
- Minaris Regenerative Medicine
- MEDINET
- Catalent Biologics
- Oxford BioMedica
- GenScript
- Cell-Easy
- SK pharmteco
- Charles River Laboratories
- AGC Biologics
- FUJIFILM Cellular Dynamics
Inside the report.
1 Market Overview
- 1.1 Product Definition
- 1.2 Market Analysis by Type
- 1.2.1 Global Cell Therapy CDMO Services Market Size Growth Rate by Type: 2021 VS 2025 VS 2032
- 1.2.2 Preclinical Stage
- 1.2.3 Clinical Commercialization Stage
- 1.3 Market Analysis by Application
- 1.3.1 Global Cell Therapy CDMO Services Market Size Growth Rate by Application: 2021 VS 2025 VS 2032
- 1.3.2 Pharmaceutical Company
- 1.3.3 Research Institute
- 1.4 Global Market Growth Prospects
- 1.5 Global Cell Therapy CDMO Services Growth Trends by Region
- 1.5.1 Global Cell Therapy CDMO Services Market Size by Region: 2021 VS 2025 VS 2032
- 1.5.2 Cell Therapy CDMO Services Market Size by Region (2021-2026)
- 1.5.3 Cell Therapy CDMO Services Market Size by Region (2027-2032)
- 1.6 Assumptions and Limitations
- 1.7 Study Goals and Objectives
- 1.8 Years Considered
2 Global Cell Therapy CDMO Services Market Dynamics
- 2.1 Cell Therapy CDMO Services Industry Trends
- 2.2 Cell Therapy CDMO Services Industry Drivers
- 2.3 Cell Therapy CDMO Services Industry Opportunities and Challenges
- 2.4 Cell Therapy CDMO Services Industry Restraints
3 Competitive Landscape by Company
- 3.1 Global Cell Therapy CDMO Services Revenue by Company (2021-2026)
- 3.2 Global Cell Therapy CDMO Services Players Revenue Ranking, 2024 VS 2025 VS 2026
- 3.3 Global Cell Therapy CDMO Services Key Company Head office and Area Served
- 3.4 Global Cell Therapy CDMO Services Company, Product Type & Application
- 3.5 Global Cell Therapy CDMO Services Company Establishment Date
- 3.6 Market Competitive Analysis
- 3.6.1 Global Cell Therapy CDMO Services Market CR5 and HHI
- 3.6.2 Global Top 5 and 10 Cell Therapy CDMO Services Players Market Share by Revenue in 2025
- 3.6.3 2025 Cell Therapy CDMO Services Tier 1, Tier 2, and Tier 3
4 Cell Therapy CDMO Services Market by Type
- 4.1 Global Cell Therapy CDMO Services Market Size by Type (2021 VS 2025 VS 2032)
- 4.2 Global Cell Therapy CDMO Services Market Size by Type (2021-2032)
- 4.3 Global Cell Therapy CDMO Services Market Size Share by Type (2021-2032)
5 Cell Therapy CDMO Services Market by Application
- 5.1 Global Cell Therapy CDMO Services Market Size by Application (2021 VS 2025 VS 2032)
- 5.2 Global Cell Therapy CDMO Services Market Size by Application (2021-2032)
- 5.3 Global Cell Therapy CDMO Services Market Size Share by Application (2021-2032)
6 Company Profiles
- 6.1 Thermo Fisher Scientific
- 6.1.1 Thermo Fisher Scientific Company Information
- 6.1.2 Thermo Fisher Scientific Business Overview
- 6.1.3 Thermo Fisher Scientific Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.1.4 Thermo Fisher Scientific Cell Therapy CDMO Services Product Portfolio
- 6.1.5 Thermo Fisher Scientific Recent Developments
- 6.2 Wuxi AppTec
- 6.2.1 Wuxi AppTec Company Information
- 6.2.2 Wuxi AppTec Business Overview
- 6.2.3 Wuxi AppTec Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.2.4 Wuxi AppTec Cell Therapy CDMO Services Product Portfolio
- 6.2.5 Wuxi AppTec Recent Developments
- 6.3 Lonza
- 6.3.1 Lonza Company Information
- 6.3.2 Lonza Business Overview
- 6.3.3 Lonza Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.3.4 Lonza Cell Therapy CDMO Services Product Portfolio
- 6.3.5 Lonza Recent Developments
- 6.4 KBI Biopharma
- 6.4.1 KBI Biopharma Company Information
- 6.4.2 KBI Biopharma Business Overview
- 6.4.3 KBI Biopharma Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.4.4 KBI Biopharma Cell Therapy CDMO Services Product Portfolio
- 6.4.5 KBI Biopharma Recent Developments
- 6.5 RoslinCT
- 6.5.1 RoslinCT Company Information
- 6.5.2 RoslinCT Business Overview
- 6.5.3 RoslinCT Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.5.4 RoslinCT Cell Therapy CDMO Services Product Portfolio
- 6.5.5 RoslinCT Recent Developments
- 6.6 Cell and Gene Therapy Catapult
- 6.6.1 Cell and Gene Therapy Catapult Company Information
- 6.6.2 Cell and Gene Therapy Catapult Business Overview
- 6.6.3 Cell and Gene Therapy Catapult Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.6.4 Cell and Gene Therapy Catapult Cell Therapy CDMO Services Product Portfolio
- 6.6.5 Cell and Gene Therapy Catapult Recent Developments
- 6.7 Cell Therapies
- 6.7.1 Cell Therapies Company Information
- 6.7.2 Cell Therapies Business Overview
- 6.7.3 Cell Therapies Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.7.4 Cell Therapies Cell Therapy CDMO Services Product Portfolio
- 6.7.5 Cell Therapies Recent Developments
- 6.8 Minaris Regenerative Medicine
- 6.8.1 Minaris Regenerative Medicine Company Information
- 6.8.2 Minaris Regenerative Medicine Business Overview
- 6.8.3 Minaris Regenerative Medicine Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.8.4 Minaris Regenerative Medicine Cell Therapy CDMO Services Product Portfolio
- 6.8.5 Minaris Regenerative Medicine Recent Developments
- 6.9 MEDINET
- 6.9.1 MEDINET Company Information
- 6.9.2 MEDINET Business Overview
- 6.9.3 MEDINET Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.9.4 MEDINET Cell Therapy CDMO Services Product Portfolio
- 6.9.5 MEDINET Recent Developments
- 6.10 Catalent Biologics
- 6.10.1 Catalent Biologics Company Information
- 6.10.2 Catalent Biologics Business Overview
- 6.10.3 Catalent Biologics Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.10.4 Catalent Biologics Cell Therapy CDMO Services Product Portfolio
- 6.10.5 Catalent Biologics Recent Developments
- 6.11 Oxford BioMedica
- 6.11.1 Oxford BioMedica Company Information
- 6.11.2 Oxford BioMedica Business Overview
- 6.11.3 Oxford BioMedica Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.11.4 Oxford BioMedica Cell Therapy CDMO Services Product Portfolio
- 6.11.5 Oxford BioMedica Recent Developments
- 6.12 GenScript
- 6.12.1 GenScript Company Information
- 6.12.2 GenScript Business Overview
- 6.12.3 GenScript Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.12.4 GenScript Cell Therapy CDMO Services Product Portfolio
- 6.12.5 GenScript Recent Developments
- 6.13 Cell-Easy
- 6.13.1 Cell-Easy Company Information
- 6.13.2 Cell-Easy Business Overview
- 6.13.3 Cell-Easy Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.13.4 Cell-Easy Cell Therapy CDMO Services Product Portfolio
- 6.13.5 Cell-Easy Recent Developments
- 6.14 SK pharmteco
- 6.14.1 SK pharmteco Company Information
- 6.14.2 SK pharmteco Business Overview
- 6.14.3 SK pharmteco Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.14.4 SK pharmteco Cell Therapy CDMO Services Product Portfolio
- 6.14.5 SK pharmteco Recent Developments
- 6.15 Charles River Laboratories
- 6.15.1 Charles River Laboratories Company Information
- 6.15.2 Charles River Laboratories Business Overview
- 6.15.3 Charles River Laboratories Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.15.4 Charles River Laboratories Cell Therapy CDMO Services Product Portfolio
- 6.15.5 Charles River Laboratories Recent Developments
- 6.16 AGC Biologics
- 6.16.1 AGC Biologics Company Information
- 6.16.2 AGC Biologics Business Overview
- 6.16.3 AGC Biologics Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.16.4 AGC Biologics Cell Therapy CDMO Services Product Portfolio
- 6.16.5 AGC Biologics Recent Developments
- 6.17 FUJIFILM Cellular Dynamics
- 6.17.1 FUJIFILM Cellular Dynamics Company Information
- 6.17.2 FUJIFILM Cellular Dynamics Business Overview
- 6.17.3 FUJIFILM Cellular Dynamics Cell Therapy CDMO Services Revenue and Gross Margin (US$ Million) & (2021-2026)
- 6.17.4 FUJIFILM Cellular Dynamics Cell Therapy CDMO Services Product Portfolio
- 6.17.5 FUJIFILM Cellular Dynamics Recent Developments
7 North America
- 7.1 North America Cell Therapy CDMO Services Market Size (2021-2032)
- 7.2 North America Cell Therapy CDMO Services Market Size by Type
- 7.2.1 North America Cell Therapy CDMO Services Market Size by Type (2021-2026)
- 7.2.2 North America Cell Therapy CDMO Services Market Size by Type (2027-2032)
- 7.2.3 North America Cell Therapy CDMO Services Market Share by Type (2021-2032)
- 7.3 North America Cell Therapy CDMO Services Market Size by Application
- 7.3.1 North America Cell Therapy CDMO Services Market Size by Application (2021-2026)
- 7.3.2 North America Cell Therapy CDMO Services Market Size by Application (2027-2032)
- 7.3.3 North America Cell Therapy CDMO Services Market Share by Application (2021-2032)
- 7.4 North America Cell Therapy CDMO Services Market Size by Country
- 7.4.1 North America Cell Therapy CDMO Services Market Size by Country (2021 VS 2025 VS 2032)
- 7.4.2 North America Cell Therapy CDMO Services Market Size by Country (2021-2026)
- 7.4.3 North America Cell Therapy CDMO Services Market Size by Country (2027-2032)
- 7.4.4 North America Cell Therapy CDMO Services Market Share by Country (2021-2032)
- 7.4.5 United States
- 7.4.6 Canada
- 7.4.7 Mexico
8 Europe
- 8.1 Europe Cell Therapy CDMO Services Market Size (2021-2032)
- 8.2 Europe Cell Therapy CDMO Services Market Size by Type
- 8.2.1 Europe Cell Therapy CDMO Services Market Size by Type (2021-2026)
- 8.2.2 Europe Cell Therapy CDMO Services Market Size by Type (2027-2032)
- 8.2.3 Europe Cell Therapy CDMO Services Market Share by Type (2021-2032)
- 8.3 Europe Cell Therapy CDMO Services Market Size by Application
- 8.3.1 Europe Cell Therapy CDMO Services Market Size by Application (2021-2026)
- 8.3.2 Europe Cell Therapy CDMO Services Market Size by Application (2027-2032)
- 8.3.3 Europe Cell Therapy CDMO Services Market Share by Application (2021-2032)
- 8.4 Europe Cell Therapy CDMO Services Market Size by Country
- 8.4.1 Europe Cell Therapy CDMO Services Market Size by Country (2021 VS 2025 VS 2032)
- 8.4.2 Europe Cell Therapy CDMO Services Market Size by Country (2021-2026)
- 8.4.3 Europe Cell Therapy CDMO Services Market Size by Country (2027-2032)
- 8.4.4 Europe Cell Therapy CDMO Services Market Share by Country (2021-2032)
- 8.4.5 Germany
- 8.4.6 France
- 8.4.7 U.K.
- 8.4.8 Italy
- 8.4.9 Russia
- 8.4.10 Nordic Countries
9 China
- 9.1 China Cell Therapy CDMO Services Market Size (2021-2032)
- 9.2 China Cell Therapy CDMO Services Market Size by Type
- 9.2.1 China Cell Therapy CDMO Services Market Size by Type (2021-2026)
- 9.2.2 China Cell Therapy CDMO Services Market Size by Type (2027-2032)
- 9.2.3 China Cell Therapy CDMO Services Market Share by Type (2021-2032)
- 9.3 China Cell Therapy CDMO Services Market Size by Application
- 9.3.1 China Cell Therapy CDMO Services Market Size by Application (2021-2026)
- 9.3.2 China Cell Therapy CDMO Services Market Size by Application (2027-2032)
- 9.3.3 China Cell Therapy CDMO Services Market Share by Application (2021-2032)
10 Asia (Excluding China)
- 10.1 Asia Cell Therapy CDMO Services Market Size (2021-2032)
- 10.2 Asia Cell Therapy CDMO Services Market Size by Type
- 10.2.1 Asia Cell Therapy CDMO Services Market Size by Type (2021-2026)
- 10.2.2 Asia Cell Therapy CDMO Services Market Size by Type (2027-2032)
- 10.2.3 Asia Cell Therapy CDMO Services Market Share by Type (2021-2032)
- 10.3 Asia Cell Therapy CDMO Services Market Size by Application
- 10.3.1 Asia Cell Therapy CDMO Services Market Size by Application (2021-2026)
- 10.3.2 Asia Cell Therapy CDMO Services Market Size by Application (2027-2032)
- 10.3.3 Asia Cell Therapy CDMO Services Market Share by Application (2021-2032)
- 10.4 Asia Cell Therapy CDMO Services Market Size by Country
- 10.4.1 Asia Cell Therapy CDMO Services Market Size by Country (2021 VS 2025 VS 2032)
- 10.4.2 Asia Cell Therapy CDMO Services Market Size by Country (2021-2026)
- 10.4.3 Asia Cell Therapy CDMO Services Market Size by Country (2027-2032)
- 10.4.4 Asia Cell Therapy CDMO Services Market Share by Country (2021-2032)
- 10.4.5 Japan
- 10.4.6 South Korea
- 10.4.7 Taiwan
- 10.4.8 Southeast Asia
- 10.4.9 India
- 10.4.10 Australia
11 South America, Middle East & Africa
- 11.1 South America, Middle East & Africa Cell Therapy CDMO Services Market Size (2021-2032)
- 11.2 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Type
- 11.2.1 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Type (2021-2026)
- 11.2.2 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Type (2027-2032)
- 11.2.3 South America, Middle East & Africa Cell Therapy CDMO Services Market Share by Type (2021-2032)
- 11.3 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Application
- 11.3.1 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Application (2021-2026)
- 11.3.2 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Application (2027-2032)
- 11.3.3 South America, Middle East & Africa Cell Therapy CDMO Services Market Share by Application (2021-2032)
- 11.4 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Country
- 11.4.1 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Country (2021 VS 2025 VS 2032)
- 11.4.2 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Country (2021-2026)
- 11.4.3 South America, Middle East & Africa Cell Therapy CDMO Services Market Size by Country (2027-2032)
- 11.4.4 South America, Middle East & Africa Cell Therapy CDMO Services Market Share by Country (2021-2032)
- 11.4.5 Brazil
- 11.4.6 South Africa
- 11.4.7 Saudi Arabia
- 11.4.8 Turkey
- 11.4.9 Argentina
- 11.4.9 UAE
- 11.4.9 Egypt
- 11.4.9 Chile
12 Concluding Insights
13 Appendix
- 13.1 Reasons for Doing This Study
- 13.2 Research Methodology
- 13.3 Research Process
- 13.4 Authors List of This Report
- 13.5 Data Source
- 13.5.1 Secondary Sources
- 13.5.2 Primary Sources
- 13.6 Disclaimer
GET THE RESEARCH
Choose your license.
Choose who needs access.
All options are for this report and research series.
PDF by email within 3–5 working days after payment confirmation.
Talk to an analyst