February 04, 2021 08:57 ET | Source: Precedence Research
OTTAWA, Feb. 04, 2021 (GLOBE NEWSWIRE) -- The global stem cells market garnered revenue around USD 9.25 billion in 2019, according to new report study by Precedence Research.
Stem cells are also called as tissue specific and can renew themselves via mitotic cell division and differentiating into an assorted range of specialized cell type. Stem cells are found in all human being, from the early stages of human development to the end of life. Human body contains stem cells and may use it whenever required. These are used to develop the adult stem cells present in the body from the development of an embryo. Cord blood processing and storage together with automation in adult stem cell are the pointer technologies anticipated to positively impact the growth of the adult cord blood stem cells market. The existence of stem cell-based treatments has been established as a clinical standard of care for different conditions such as epithelial stem cell-based therapy for burns as well as corneal disorders and hematopoietic stem cell transplant for leukemia. The potential stem cell-based therapies have expanded owing to advances in stem cell-based research.
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Growth factors
Since past few years, stem cells market is growing with the increasing investment in stem cell-based research by biopharmaceutical and pharmaceutical firm along with the success of regenerative medicines. Stem cells market is growth is backed by escalating number of clinical trials across the world. Some of the major factors driving the growth of the stem cells market include advancement in stem cell manufacturing technology as well as increasing harvest awareness regarding therapeutic potency. High occurrences of infections have steered the development of vaccines using various human diploid and non-tumorigenic cell lines.
Growing demands as well as awareness along with ongoing research and development of vaccines against different diseases are certain growth influencers of the stem cells market. Additionally, prevalence of chronic diseases will also fuel the market growth. Presence of advanced stem cells banking and availability of stem cells donor will significantly boost the market demand during upcoming years. Rigorous support of government via different initiatives aids stem cells banking to obtain significance. Increasing number of stem cells banks in emerging economies is further encouraging market penetration. Also, growing awareness about stem cell harvest which holds high potential in therapeutic and diagnosis field offers lucrative prospects to the market during impending years.
Intensifying prevalence of cancer worldwide is offering substantial boost to the growth of cancer stem cells market. As per the data published by World Health Organization, the global cancer implication is projected to have risen to around 18 million latest cases and around 9.2 million deaths in year 2018. Additionally, according to Cancer Research UK, the population enduring the cancer is anticipated to grow in near future.
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Report Highlights
Regional Snapshot
North America held the largest share in the market and is anticipated to continue its dominance over the forecast period due to existence of organized and developed healthcare systems which uplift research and development in the U.S. and Canada. Asia Pacific is likely to grow with the highest Compound Annual Growth Rate (CAGR) owing to wide usage of stem cells in regenerative medicines particularly in the sector of dermatology. Oncology applications are expected to grow at highest CAGR owing to large number of pipeline products available for the cure of cancer and tumors. Growing number of regenerative medicines centers are in turn expected to drive the stem cell in near future.
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Key Players & Strategies
Stem Cells market is highly competitive and includes several major players such as STEMCELL Technologies, Inc., Osiris therapeutics, Inc., Cynata Therapeutics, Human Longevity, Inc., Advanced Cell Technology, Inc., BIOTIME, Inc.Mesoblast Limited, Promethera Biosciences S.A. N.V., Merck Group, Takara Bio Group. Prominent market giants are emphasizing on product development and improvement which is increasing overall competition in the market.
In January 2019, The Cesca Therapeutics acquired ThermoGenesis Corp., and formed new wholly-owned ThermoGenesis subsidiary in order to focus on its Car-TXpress cellular processing platform. This acquisition was directed at commercializing and developing automated technologies as well as medical devices integrated in the therapies.
Market Segmentation
By Product
By Application
By Technology
By Therapy
By Regional Outlook
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Stem Cells Market Value to Reach Around USD 17.79 Bn by 2027 - GlobeNewswire
