The worldwide stem cell therapy market is expected to attain an estimated CAGR of 10.3% over the forecast period. The application of stem cell for curing medical conditions is known as stem cell therapy.
The rising awareness of stem cell therapy applications in disease management, rising research for stem cell therapy applications, development of advanced genetic analysis techniques, increasing public-private investments in stem cell research, growing research in the identification of new stem cell lines, and new developments in stem cell banks are all contributing to market growth. Alzheimer's disease is treated with stem cells, which are used to replace diseased cells. This method has a lot of promise for preventing or slowing down neurodegenerative diseases like Alzheimer's. As a result, the market's growth is aided by the high prevalence of neurological diseases and increased government funding. The growth of this market has also been aided by the development of induced pluripotent stem cell (iPSC) lines. The increased adoption of iPSCs as an alternative to embryonic stem cells has resulted from the growing socio-ethical issues associated with embryonic stem cells. Other important factors contributing to the market's growth include a shift to a sedentary lifestyle, rising alcohol consumption, and an increase in smoking. The factors contributing to the growth include increasing demand for biologics, technological advancement in stem cell therapeutics, and a growing focus on the development of personalized medicines. New procurement methods are being discovered by researchers, which can be used to develop personalised medicines. Furthermore, companies are concentrating their efforts on developing therapies to alleviate the various stressors linked to COVID-19.
The global stem cell therapy market is segmented on the by cell source, end-user, therapeutic application and type.
Based on Cell source, the market is sub-segmented into bone marrow, embryo/cord blood-derived, adipose tissue, neural, and iPSCs.
By end-user, the market is segmented into research institutes hospitals, biotechnology companies, stem cell banks, and contract research organizations.
By therapeutic application, the market is segmented into cardiovascular diseases, medicine, bone regeneration, wound healing, neurodegenerative disorders, hematopoietic disorders, treatment of eyes, metabolic disorders, immunodeficiency, diabetes, and cancer.
The stem cell therapy market, by type, is sub-segmented into Autologous and Allogeneic.
The key players in the worldwide stem cell therapy market are MEDIPOST Co., Ltd. (South Korea), Osiris Therapeutics, Inc. (US), Anterogen Co., Ltd. (South Korea), Holostem Terapie Avanzate S.r.l. (Italy), Pharmicell Co., Ltd. (South Korea), JCR Pharmaceuticals Co., Ltd. (Japan), RTI Surgical, Inc. (US), NuVasive, Inc. (US), Thermo Fisher Scientific, and AlloSource (US).
Based on region, the global stem cell manufacturing is segmented into the Americas, Asia-Pacific, the Middle East and Africa and Europe.
The Americas market is sub-segmented into South America and North America. The North American market is further segmented into Canada and the US. The stem cell therapy market is ruled by North America due to the increasing chronic diseases in the region and burgeoning RD investments. Also, the rapid adoption of technology for early diagnosis of ailments, drives the market in this region.
The Asia-Pacific market is sub-segmented into Japan, Australia, India, the Republic of Korea, China, and the rest of Asia-Pacific. Key drivers such as high prevalence of chronic ailments, growing patient pool, increasing research, improving healthcare infrastructure development in the biotechnology sector encourages the market in this region. Additionally, the existence of key market players in India, Japan, and China, stimulates the market growth.
The Middle Eastern and African market is further segmented into the Saudi Arabia, United Arab Emirates, Oman, Qatar, Kuwait, and the rest of the Middle East and Africa. The presence of strict government policies and poor financial conditions poses MEA as a not-so-promising market. However, increasing awareness about health and funding by private market players in this region can accelerate the market growth.
The European market is segmented into Eastern Europe and Western Europe. Western Europe market is sub segmented further into Italy, Germany, the U.K., Spain, France, and the rest of Western Europe. Growing prevalence of chronic ailments like cancer is helping the expansion of the stem cell therapy market in Europe.
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