The surge in therapeutic investments by various governments is aimed at addressing the unmet medical needs of millions of people around the world. While such ambitious initiatives by governments aid the development of the global medical and pharmaceutical industries, such policies also pave way for the ancillary markets within the sector to rise to the forefront, the global stems cells market being one of them. Fuelled by a myriad R&D undertakings from private and public sector healthcare agencies and increasing consumer demand for stem cell banking, the global stem cells market is poised to register exponential growth in the near future. Improved government funding, intended to boost the healthcare sector, will also spur the growth of the global stem cells market.
According to a report published by Transparency Market Research, the global stem cells market, which stood at US$26.23 billion in 2013, is anticipated to reach US$119.52 billion by 2019. If the figures published in the report hold true, the global stem cell market will exhibit a phenomenal CAGR of 24.2%.
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Unmet Medical Needs and Increasing Government Support Boost Global Stem Cells Market
As the volume of unmet medical needs and incidence of chronic illnesses grows, it fuels the number of R&D activities in the field of stem cells. Improved government support and availability of funding for clinical research in stem cells have fostered increased growth opportunities for the stem cells market. The market for stem cells is also capitalizing on the growing awareness regarding the available options for regenerative treatment, the importance of stem cells in drug discovery, and stem cells banking services.
Rapid proliferation of medical tourism facilities across countries such as India, Brazil, China, Malaysia, and Mexico also aids the development of the stem cells market in Latin America and Asia Pacific. Apart from the aforementioned market drivers, a multitude of factors present substantial growth opportunities before the market, such as rising disposable incomes in developing economies, development of the contract research industry, increasing prevalence of neurodegenerative diseases, and the need to replace animal tissue in drug discovery.
North America Leads Global Stem Cells Market, Asia Pacific to Register Fastest Growth
Regionally, the global stem cells market is segmented into Europe, Asia Pacific, North America, and Rest of the World. Of these regions, North America led the global stem cells market in 2011, holding a majority share in the global market. The region was followed by Europe, with a share of over 25% of global stem cells market the same year. High prevalence of neurological and cardiac diseases in the U.S, which, according to the Centers for Disease Control and Prevention, causes more than 50% of the total deaths in the country every year, is a significant factor contributing to the growth of the stem cells market in North America.
In the next couple of years, the stem cells market in Asia Pacific is expected to register a double-digit CAGR. The rapidly growing sector of medical tourism and increase in contract research outsourcing to the region are the factors likely to boost the stem cells market in Asia Pacific.