Stem Cell Therapy Market Size, Volume, Competitive Dynamics and Analysis to 2024
Posted by Yash Chauhan on March 1st, 2019
Stem cells are the basic cells of the body which are used to repair or replace patients’ body cells and are responsible for organ growth and repair and wound healing. The global stem cell therapy market is growing at a significant pace due to increasing awareness regarding the therapeutic power of stem cells and the development of infrastructure related to stem cell banking and processing. The market has seen a high demand for allogeneic therapies over the last few years, due to easy production scale-up process, and increasing commercialization of allogeneic therapy products.
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The rising awareness related to the therapeutic potential of stem cells, development of infrastructure related to stem cell banking and processing, development of advanced genome-based cell analysis techniques, and growing private-public investment for the development of stem cell therapies are the primary growth drivers for stem cell therapy market. As per the World Health Organization (WHO) globally, more than 50,000 transplants are carried out annually and it is increasing each year.
The growing prevalence of chronic diseases, supporting regulations across developing countries, technological advancement in healthcare, cellular therapies are the major advancements in transforming healthcare and identification of new stem cell lines are also powering the growth of the stem cell therapy market. Diseases like osteoarthritis, multiple sclerosis, heart failure, hearing loss, and cerebral palsy are some of the diseases that could be treated using stem cell therapies.
However, restrictions of traditional organ transplantation such as dependence on organ donor, 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.
The main challenges for the new entrants are the subsistence in the capital demanding and highly regulated stem cell therapy market. furthermore, the competition among the players also increases due to less product differentiation.
Globally, North America is the biggest stem cell therapy market and is witness the fastest growth in the market. Some of the key factors leading to the growth of the North American stem cell therapy market are increasing number of clinical trials to evaluate therapeutic potential of products, rising 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.
Key players in the industry are capitalizing in the development of technologically inventive and advanced products, which is strengthening their position in the stem cell therapy market globally. In March 2017, Osiris Therapeutics launched Prestige Biotechnology, a method for storage of living cells and tissues. In addition, in February 2018, MEDIPOST announced that the FDA has approved its stem cell-based Alzheimer’s 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.
Source: VynZ Research
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About the AuthorYash Chauhan
Joined: February 25th, 2019
Articles Posted: 106
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