PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319145
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319145
The global stem cell therapy market reached US$ 5.8 billion in 2022 and is expected to witness lucrative growth by reaching up to US$ 19.1 billion by 2030. The global stem cell therapy market is expected to exhibit a CAGR of 16.6% during the forecast period (2023-2030). Stem cell therapy has a wide range of applications in various fields of medicine and research.
Stem cells are unique cells that have the ability to differentiate into specialized cell types and regenerate damaged tissues . Also stem cell therapy plays a crucial role in tissue engineering; process of generating functioning tissues or organs in the laboratory for transplantation or repair. Stem cells are mixed with biomaterials and growth factors to form artificial tissues including skin, cartilage, and blood vessels that may be utilised to replace damaged or wounded tissues.
Rise in the number of clinical studies is the key driver that helps the market to grow during the forecast period. The objective of clinical trials is to assess the efficacy of stem cell therapy for specific medical conditions. Researchers can analyse the efficacy and potential advantages of a therapy by examining its capacity to accomplish desired results and comparing it to existing therapies .
For instance, according to clinical trials. gov, on April 1 2020, Yan'an Affiliated Hospital of Kunming Medical University started a clinical study on Umbilical Cord Mesenchymal Stem Cells Therapy for Diabetic Nephropathy which is currently in the early phase 1 where 15 participants have been enrolled for the studies and it is estimated to complete its study by Sep 2024.
Rise in the prevalence of neurodegenerative diseases is also a key driver that helps the stem cell therapy market to grow during the forecast period. Stem cell therapy holds potential as a treatment approach for neurodegenerative diseases due to the regenerative properties of stem cells.
For instance, according to the Parkinson's Foundation Neurodegenerative diseases affect millions of people worldwide. Alzheimer's disease and Parkinson's disease are the most common neurodegenerative diseases. In the United States, as many as 6.2 million people may have Alzheimer's disease and Nearly a million Americans are living with Parkinson's disease.
The main constraints impeding the growth of the global stem cell therapy industry are a lack of understanding about treatment choices and ethical concerns about embryonic stem cells. For instance, according to statistics provided by the National Centre for Biotechnology Information, the biggest source of worry is the fear of unknown treatments and a lack of public understanding about treatment alternatives. Furthermore, the high cost of the treatments leads to lesser adoption, resulting in decreasing demand for the product globally.
COVID-19 has had a beneficial impact on the stem cell treatment business, as lung dysfunction was the leading cause of mortality during the pandemic. For instance, in January 2020, University of Miami researchers provided two stem cell infusions to COVID-19 patients with lung damage. The results revealed no discernible adverse effects, and the treatment was successful.
The Russia-Ukraine conflict is estimated to have a moderate impact on the global stem cell therapy market, owing to the low prevalence and absence of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global stem cell therapy market growth over the forecast period.
The global stem cell therapy market is segmented based on type, cell source, therapeutic application, end user and region.
The musculoskeletal disorders from the therapeutic application segment with around 41.3% are expected to dominate during the forecast period, owing to the prevalence of muscular disease, and the increase in R&D musculoskeletal disorders, which are a large category of illnesses that affect the muscles, bones, joints, tendons, ligaments, and other elements of the musculoskeletal system. These illnesses can cause discomfort, stiffness, reduced range of motion, and other symptoms that interfere with everyday activities.
For instance, in Jan 2023,The National Ethics Committee has approved RegenOrthosport, a BMAC-PRP combination treatment for patients with Musculoskeletal Disorders, using Autologous Bone Marrow Aspirate Concentrate and Platelet-Rich Plasma.
North America is estimated to hold about 40.6% of the total market share throughout the forecast period due to the presence of key players engaged in developing stem cell therapies, advanced healthcare infrastructure, extensive R&D, supportive reforms from the healthcare sector, and strong reimbursement policies.
For instance, in June 2023, StemCyte has signed a cooperation agreement with a US immune cell therapy company to supply raw materials for allogeneic-modified cell therapy. The company is developing allogeneic genetically modified CAR-NK cells using umbilical cord blood. StemCyte will supply the necessary cellular raw materials for worldwide allogeneic cell therapy product development.
The major global players in the stem cell therapy include: Advanced Cell Technology Inc, Angel Biotechnology, Bioheart Inc, Brainstorm Cell Therapeutics, Caladrius Biosciences, Celgene Corporation, Cellartis AB, CellGenix GmbH, Cellular Engineering Technologies Inc, Gamida Cell and others.
The global stem cell therapy market report would provide approximately 53 tables, 54 figures and 195 Pages.
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