Global Stem Cell Therapy Market Analysis and Forecast (2019-2024) KSU | The Sentinel Newspaper – KSU | The Sentinel Newspaper

The global stem cell therapy market is expected to grow at a CAGR of 10.6% during the forecast period with its market size predicted to reach USD 214.5 million by 2024. The global stem cell therapy market is primarily driven by due to growing awareness regarding the therapeutic potency of stem cells and the development of infrastructure related to stem cell banking and processing. The market has witnessed a high demand for allogenic therapies over the last few years, due to the easy production scale-up process, and increasing commercialization of allogeneic therapy products.

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Industry Dynamics

Growth Drivers

The growing awareness related to the therapeutic potency of stem cells, development of infrastructure related to stem cell banking and processing, development of advanced genome-based cell analysis techniques, and increasing private-public investment for the development of stem cell therapies are the primary growth drivers for stem cell therapy market. According to the World Health Organization (WHO) globally, more than 50,000 transplants are carried out annually and it is increasing each year.

Increasing prevalence of chronic diseases, supporting regulations across developing countries, technological advancement in healthcare, cellular therapies are the major advancements in transforming healthcare, and the identification of new stem cell lines are also fueling the growth of the stem cell therapy market. Diseases such as osteoarthritis, multiple sclerosis, heart failure, hearing loss, and cerebral palsy are some of the diseases that could be treated using stem cell therapies. For instance, according to the WHO by 2050, it is estimated 900 million people will have disabling hearing loss. Moreover, 60 percent of childhood hearing loss is due to preventable causes.

Moreover, restrictions of traditional organ transplantation such as dependence on organ donors, the threat of infection, rejection, and immunosuppression threat, and increasing pipeline and development of drugs for emerging applications are also boosting the growth of the stem cell therapy market.

Moreover, the high cost of research, less developed research infrastructure for stem cell therapies and storage of stem cells, difficulty related to the preservation of stem cells, and strict regulations to conduct trials on humans are also hindering the growth of stem cell therapy market.

Geographic Overview

Geographically, North America is the largest stem cell therapy market and is observed to witness the fastest growth in the market. Some of the factors leading to the growth of the North American stem cell therapy market are increasing the number of clinical trials to evaluate the therapeutic potential of products, increasing prevalence of chronic diseases, the growing patient base for target diseases, growing public awareness related to the therapeutic potency of therapy, and increasing public-private funding & research grants for developing safe and effective stem cell therapy products. Europe is also anticipated to witness considerable growth in the coming years for stem cell therapy.

Competitive Insight

Major players in the industry are capitalizing on the development of technologically inventive and advanced products, which is strengthening their position in the stem cell therapy market. In March 2017, Osiris Therapeutics launched Prestige Lyotechnology, a method for the storage of living cells and tissues. In addition, in February 2018, MEDIPOST announced that the FDA has approved its stem cell-based Alzheimers disease drug, NEUROSTEM for clinical trials. Osiris Therapeutics, Inc., RTI Surgical, Inc., MEDIPOST Co., Ltd., Nuvasive, Inc., Pharmicell Co., Ltd., Holostem Terapie Avanzate Srl, JCR Pharmaceuticals Co., Ltd., Anterogen Co., Ltd., and Allosource are some of the key players offering stem cell therapy products.

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Global Stem Cell Therapy Market Analysis and Forecast (2019-2024) KSU | The Sentinel Newspaper - KSU | The Sentinel Newspaper