Stem Cell Therapy Market Research Report, by Type (Allogeneic, Autologous), by Product Type (Antibodies, Kits), by Application (Clinical Research), & by End-User (Clinical Diagnostics, Hospitals & Research Institutes) – Global Forecast Till 2023
Stem Cell Therapy Market – Overview
Stem cell therapy involves harvesting and processing a patient’s own stem cells, which are then populated on bio-absorbable polymer scaffold and surgical implants. It dramatically exceeds outcomes achieved with existing conventional treatment. Therefore, stem cell therapy now represents the biotechnology industry’s dominant, incumbent technology. Over the recent year, the stem cell therapy is gaining a huge market prominence, mainly due to its efficacy proven in the treatments of many chronic diseases such as diabetes, hematopoietic disorders, and degenerative disorders, among others.
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Resultantly, the global stem cell therapy market is rising pervasively, witnessing increasing uptake of this therapeutics. The market is exploding with a number of researches currently ongoing, and there have been several breakthrough outcomes as well. According to Market Research Future (MRFR), the global stem cell therapy market is booming and expected garner fabulous accruals by 2023. In its recent market analysis, MRFR also asserts that the market would register around 10.3% CAGR throughout the review period (2018–2023).
The market is predominantly driven by the growing prevalence of various chronic diseases such as cancer, diabetes, hematopoietic disorders (leukemia, thalassemia, and others), degenerative disorders (osteoarthritis, Alzheimer’s disease, Parkinson’s disease, chronic renal failure, congestive cardiac failure,) and others. Additionally, enormously rising demand for stem cell therapy to control the growth of the above-mentioned diseases and disorders boost the market growth. Substantial investments made in R&D initiatives by government and private companies influence the growth of the market.
On the other hand, lack of technicalities required for the collection and preservation of somatic stem cells that can lead to complexities such as risks of adverse effects and cross contaminations, etc. are impeding the growth of the market. Also, the high cost of surgeries and stringent regulatory framework are some of the major factors hindering the market growth. Nevertheless, rising awareness of the therapeutic application of stem cells in disease management would support the growth of the market throughout the review period.
The market is at an optimally productive level and will be capable of generating greater value for the firms in the market and its shareholders. Although, the market has also considerably neutralized the market advantages and thus is promoting an increase in the number of firms in the market. The diversification of the product assortment in the market is increasing the opportunity for the progress of the market. The management tendencies in the market are highlighting the level of growth that can be achieved in the present market scenario. The development patterns are reviewed in tandem to the customer likings to realize the greatest growth, and in the long run, viability. The ability to utilize the economies of scale is further proving to be beneficial for comprehensive market growth.
The notable market players in the market are Anterogen Co., Ltd. (South Korea), Pharmicell Co., Ltd. (South Korea), MEDIPOST Co., Ltd. (South Korea), Osiris Therapeutics, Inc. (US), JCR Pharmaceuticals Co., Ltd. (Japan), RTI Surgical, Inc. (US), AlloSource (US), Holostem Terapie Avanzate S.r.l. (Italy), NuVasive, Inc. (US), Thermo Fisher Scientific.
The stem cell therapy market is segmented on the basis of type, cell source, therapeutic application, and end-user. On the basis of type, the market is segmented into allogeneic and autologous. The segmentation on the basis of therapeutic application comprises of medicine, bone regeneration, neurodegenerative disorders, cardiovascular diseases, treatment of eyes, cancer, wound healing, hematopoietic disorders, immunodeficiency, metabolic disorders, and diabetes. The cell source segment is further segmented into bone marrow, adipose tissue, embryo/cord blood-derived, neural and iPSCs. The end user segment of the market consists of hospitals & research institutes, biotechnology companies, contract research organizations, and stem cell banks.
Detailed Regional Analysis
The North American region controls the stem cell therapy market due to the increasing prevalence of chronic diseases and elevated R&D investments within this region. The increasing adoption of technologically innovative systems for early diagnosis of diseases is motivating the market development in this region. The European region is the next biggest stem cell therapy market globally. The rising occurrence of chronic diseases such as cancer is propelling the growth of this market.
Furthermore, the quickly increasing biotechnology sector is expected to lift the market in this region. The Asia Pacific region is anticipated to be the swiftest growing region for stem cell therapy market. Major factors such as increasing patient pool, commonness of chronic diseases, emerging healthcare infrastructure and growing research & development activities in the biotechnology sector is projected to influence the market in this region. Similarly, the incidence of core market players in India, China, and Japan is driving the market development. The Middle East and African region holds the smallest share in the stem cell therapy market owing to the existence of stringent government policies and weak economies. However, the rising awareness among the population and prominent investments by private market players in this region that can boost the market development.
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