New York, United States, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Recent advancements in stem cell therapies and tissue engineering have the potential to attract interest in the treatment of a variety of ailments. In addition, the development of stem cell banking facilities and the resulting enhancement of stem cell production, storage, and characterization are anticipated to increase the market's volumetric capacities on a global scale, which will immediately result in the expansion of this market's revenue.
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Rising Funds for Accelerating Stem Cell Research to Drive the Global Stem Cells Market
The stem cell business is anticipated to have considerable growth over the projected period due to the rise in healthcare spending in rich nations and the improvement of healthcare infrastructure in developing countries. Government measures such as the Patient Protection and Affordable Care Act (ACA) and expanded access to healthcare facilities contribute to the expansion of this sector in developed nations. In addition, the market is anticipated to expand due to widespread applications in several fields, including gene therapy, drug discovery, and personalized medicine. The International Stem Cell Banking Initiative (ISCBI), led by the UK Stem Cell Bank, seeks to establish a global network of stem cell banks by supporting current banks and encouraging the establishment of new banks in member nations.
Growing Demand for Stem Cell Banking to Provide Opportunities for the Global Stem Cells Market
Preserving stem cells for future therapy using public and private umbilical cord & tissue banking has proven successful in the past; this technique has already achieved widespread approval, giving the stem cells market a considerable boost. In addition, adult cell-related private banking services are being added to the services offered by biospecimen banking. Expanding acceptance of stem cells and regenerative medicine, the development of viable commercial models by current players in the cord blood industry, and the expansion of worldwide initiatives to stimulate stem cell research is projected to drive the growth of the adult stem cell banking market. The vast untapped potential of cord tissue stem cells presents specialists in the storage and banking industries with attractive chances.
Key Highlights
- The global stem cells market size is estimated to reach an expected value of USD 31950 million by 2030 at a CAGR of 11.6% through the forecast period (2022-2030).
- By product, the global stem cells market is segmented into adult stem cells, human embryonic stem cells, induced pluripotent stem cells (iPSCs), very small embryonic-like stem cells. Adult stem cells dominated the market and is estimated to register a CAGR of 11.8% during the forecast period.
- By application, the global stem cells market is segmented into regenerative medicine, drug discovery, and development. Regenerative medicine dominated the market and is estimated to register a CAGR of 11.5% during the forecast period.
Regional Insights
By region, the global stem cells market is segmented into Europe, Asia Pacific, North America, Latin America, Middle East & Africa.
North America dominated the market during the forecast period. Stem cells are an indispensable research tool for biomedical and life science studies. In 2020, the need for stem cells in North America was the largest due to the increasing FDA clearance of stem cell treatments and the rise in government funding. Canada has been positioned for future success through organizations such as CellCAN Regenerative Medicine and Cell Therapy Network, the Centre for Commercialization of Regenerative Medicine (CCRM), and the Stem Cell Network (SCN).
Europe is the second largest region. To replace sick cells and develop new tissues, advances in stem cell technology and molecular biology have led to the introduction of new technologies and increased research activity. Over the forecast period, increasing government approvals and favorable government policies will drive stem cell market demand in European nations. The initiative was coordinated by the UCL Institute of Child Health (ICH) and Great Ormond Street Hospital (GOSH).
Competitive Landscape
The major companies in the global stem cells market are Pluristem Therapeutics, Inc, Stemcell Technologies, Inc, Bristol-Myers Squibb, Celgene Corporation, ReNeuron Group Plc, Virgin Health Bank, Biovault Family, Precious Cells International Ltd, Mesoblast Ltd, Caladrius Biosciences, Inc, Seneca Biopharma, Opexa Therapeutics, Inc, Astellas Pharma, Inc, Cellular Engineering Technologies, and Lineage Cell Therapeutics.
Market News
- July 2022 - Pluristem Therapeutics Inc. Changes its Name to "Pluri Inc." Reflecting the Company's Strategy to Leverage its Innovative 3D Cell-based Technology Platform to Additional Industries.
- March 2022 - Pluristem Releases PLX-R18 Hematology Phase I Study Results: Data Show Increase in All Blood Lines and Reduction in Blood Transfusions
Global Stem Cells Market: Segmentation
By Product
- Adult Stem Cells
- Human Embryonic Stem Cells
- Induced Pluripotent Stem Cells (iPSCs)
- Very Small Embryonic Like Stem Cells
By Application
- Regenerative Medicine
- Neurology
- Drug Discovery and Development
By Technology
- Cell Acquisition
- Cell Production
- Cell Culture, Isolation
- Cryopreservation
- Expansion
- Sub-Culture
By Therapy
- Autologous
- Allogenic
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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