Stem Cell Therapy Market size is set to surpass USD 18.6 billion by 2027, according to a new research report by Global Market Insights Inc.
The stem cell therapy market growth is attributed to the advancements in regenerative medicine. Also, increasing prevalence of chronic disease such as cancer and cardiovascular diseases is expected to surge the demand for market. Stem cell therapies have unique properties such as secretion of bioactive factors and immunosuppression that foster the development of tumor targeting technologies. Thus, introduction of such therapies and innovation in the regenerative medicine will help in conquering challenges in combating numerous diseases, thereby fueling the market expansion. Furthermore, rising awareness pertaining to availability of stem cell therapy in developing and underdeveloped countries is anticipated to boost the market demand.
Increasing R&D investment will predominantly drive the stem cell therapy market progression
Growing research and development activities to develop stem cell therapy for the treatment of life-threatening diseases such as cardiovascular and neurological disease is one of the major factors contributing to the industry growth. In addition, significant efficiency possessed by stem cell therapy has increased its preference in treatment of cancer will further positively impact the industry expansion.
High cost of stem cell therapy may hamper the stem cell therapy market value
High cost of the stem cell therapy may hamper the industry progression to some extent. The stem cell therapy is a multiple step process that includes diagnosis, isolating stem cells, storing, re-administering and after treatment monitoring. Also, doctors providing stem cell therapy charge for various aspects such as for workspace, training, overhead costs, administration requirements and personnel support among others.
Advantages associated with allogenic stem cell therapies to spur the segment growth
The allogenic stem cell therapy segment is estimated to reach USD 7.7 billion by 2027 owing to the advantages associated with allogenic stem cell therapies. The allogenic stem cell involves transfer of stem cell from donor to patients. It overrules the limitations of autologous stem cell therapy such as difficulty in obtaining healthy and sufficient amount of stem cells from patients of diabetes, rheumatoid arthritis and other chronic diseases.
Browse key industry insights spread across 110 pages with 90 market data tables & 14 figures & charts from the report, “Stem Cell Therapy Market Size By Type (Allogenic Stem Cell Therapy, Autologous Stem Cell Therapy), By Therapeutic Area (Oncology, Orthopedic, Cardiovascular, Neurology), End-use (Hospitals, Clinics), COVID-19 Impact Analysis, Regional Outlook, Technology Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rising prevalence of cardiovascular disease across the globe will augment the market demand
The cardiovascular segment valued at USD 2.3 billion in 2020. Increasing incidence of cardiovascular disease and growing healthcare concerns is slated to upsurge the demand for stem cells employed in cardiovascular diseases. For instance, according to World Health Organization (WHO) report, every year nearly 17.9 million individual die due to cardiovascular disease. Therefore, stem cell therapies possess enormous potential to replace the conventional cardiovascular treatments.
Clinics offer sophisticated stem cell therapies with minimal risks to propel the segment expansion
The clinics segment captured 38.4% of the stem cell therapy market share in 2020 led by the superior treatment offered by clinics to cure life threating disease. Also, clinics are well equipped with advance equipment and skilled workforce that ultimately enhance treatment outcomes, thereby supplementing the segment progression. Additionally, clinics offer sophisticated stem cell therapies with minimal risk and short clinical stay as compared to the hospitals that should further augment its preference, thereby escalating the industry progression.
The favorable government policies in the European region will accelerate the market revenue
Europe stem cell therapy market is predicted to witness 10.6% growth rate through 2027 on account of the favorable government initiative and program conducted in the region. Moreover, increasing chronic diseases coupled with high research and development activities to develop effective and safe stem cell therapy will further influence the industry demand.
Increasing partnership and acquisition strategies are noted to strengthen their business portfolio and revenue
Eminent players operating in the market Astellas Pharma Inc, Novadip Biosciences, MEDIPOST, Fujifilm Cellular Dynamics, DiscGenics, Mesoblast Ltd and Takeda Pharmaceutical. These market leaders focus on strategies such as innovative technology, product launches, mergers & acquisitions and collaboration to harvest larger revenue and sustain industry competition.