Stem cell therapy is a kind of procedure used for treating or preventing a disease from spreading further into the body. It is the fastest-growing as well as the largest segment under regenerative medicine. Stem cells have the capability to grow new cells, replicate themselves, or replace damaged cells in the body. Moreover, stem cell therapies are also used for treating various chronic diseases like cancer and other blood disorders, thereby boosting the growth of the market for stem cell therapy.
Poised to grow at a CAGR of 11.0% during the forecast period, the global stem cell therapy market is expected to reach $145.8 million by 2021. Over the past decade, the stem cell therapy market has witnessed significant advancements in terms of product development and commercialization. Growing awareness related to the therapeutic potency of stem cells in disease management, development of advanced genome-based cell analysis techniques, increasing public-private investments, identification of new stem cell lines, and developments in infrastructure for stem cell banking and processing are the driving factors for the global market.
As of 2016, North America is expected to hold the largest share of the global stem cell therapy market. This growth can be attributed to the rising public awareness related to the therapeutic potency of stem cells in disease therapy, growing number of clinical trials that aim to evaluate therapeutic potential of stem cell-based products, increasing public-private funding & research grants for developing safe and effective stem cell therapy products, and the growing patient base for target diseases.
The allogeneic stem cell therapy segment is expected to offer high growth opportunities for players in the market. This growth can primarily be attributed to factors such as wider therapeutic applications of allogeneic stem cells, easier production scale-up due to easy availability of sources of stem cells, and growing number of clinical trials of allogeneic stem cell therapies as compared to autologous stem cell therapies. Company such as MEDIPOST Co., Ltd. (South Korea), Osiris Therapeutics, Inc. (U.S.), Athersys Inc. (U.S.), JCR Pharmaceuticals Co., Ltd. (Japan), and Mesoblast Ltd. (Australia) are investing in this high-growth market for the development of safe and effective allogeneic stem cell therapy products and to gain more profits in the market.
In 2016, the musculoskeletal disorders segment is expected to hold the largest share of the global stem cell therapy market. This can be attributed to the high prevalence of musculoskeletal disorders and bone & joint diseases, rising market availability of stem cell-based therapeutic products across major markets, and growing patient preference for effective & early treatment strategies.
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The major factors influencing the growth of the global stem cell therapy market are:
- Increased focus on stem cell research
- Increased funding from government and private organizations
- Growing awareness about stem cell therapies
Moreover, advancements in genomic methods for the analysis of stem cells, increased support and funding for new stem cell lines, and rise in the number of approvals of clinical research for stem cell therapy is further stimulating the growth of this market.
However, lack of suitable infrastructure in developing nations, issues related to embryonic stem cells and preservation of stem cells, inadequate reimbursement scenarios, and higher costs of stem cell processing are some of the factors hampering the growth of this market.