Rising government initiatives for promoting stem cell therapy in developed as well as developing countries will propel industry growth. Increasing government spending on research activities aimed at development of stem cell therapy for treatment of life-threatening diseases such as cancer. The government ensures that laboratories, research and academic centers are well-equipped with necessary equipment and advanced devices for facilitating the stem cell therapy research processes. Aforementioned factors are expected to boost the stem cell therapy market growth.
Stem Cell Therapy Market size is set to exceed USD 15 billion by 2025; according to a new research report by Global Market Insights
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Increasing efforts undertaken by companies for improving efficacy of stem cell therapy will fuel industry growth. Stem cells possess totipotency that enables them to transform into any differentiated cell. Stem cells play pivotal role in treatment of chronic diseases such as cancer, cardiovascular diseases and degenerative disorders. 0Currently, hematopoietic, embryonic and mesenchymal cells are being researched as they have the ability to cure several complications. Companies commercialize these stem cell products for providing effective therapy that should prove beneficial for the industry growth. However, ethical issues associated with stem cell therapy may affect industry growth to some extent.
Autologous stem cell therapy market segment is anticipated to witness around 10% growth throughout the forecast timeframe. Autologous stem cell therapy has high compatibility with patient’s immune system and showcases strong efficacy. Additionally, it eliminates the need for finding donor and reduces the overall cost of treatment. Aforementioned advantages offered by autologous stem cell therapy will augment its demand thereby, escalating segment growth.
Oncology segment held over 37% revenue in 2018. Increasing prevalence of cancer globally will increase the demand for advanced stem cell Therapy. Metastatic cancer cells are difficult to destroy utilizing conventional methods. Radiations and chemotherapy cannot eradicate the disease completely and also results in several complications. Stem cells have unique properties such as secretion of bioactive factors and migration towards cancer cells promotes tumor targeting that are proven to be effective in treatment of cancer. Aforementioned factors will escalate the segmental growth.
Hospitals segment was valued around USD 4 billion in 2018. Significant growth is attributed to increasing prevalence of chronic diseases. Annually, large number of patients prefer stem cell therapy offered at hospitals as a treatment option to avoid complications caused due to invasive methods. Hospitals have dedicated resources allocated for providing uncompromised care to patients that speeds up the recovery process. Moreover, hospitals affiliated with government authorities receives enough funding and have the ability to provide superior quality stem cell therapy. Above mentioned factors will augment patient’s preference towards hospitals that will exceed segment growth.
Asia Pacific stem cell therapy market held around 20% revenue in 2018. Substantial revenue share can be attributed to the increasing awareness regarding availability of stem cell therapies. Moreover, government encourages scientists and researchers to carry out studies and thesis on stem cell therapies in order to develop innovative solutions for treating chronic diseases. Also, several developing countries in the region have witnessed industry growth opportunities as government provide funds to establish stem cell centers. For instance, in Singapore JTC Corporation has established Biopolis, that is a biomedical research center of stem cell science. Such government initiatives in Asian countries will positively impact regional market growth.
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Prominent industry players operational in stem cell therapy market are Astellas Pharma Inc, Cellectis, Celyad, Novadip Biosciences, Gamida Cell, Capricor Therapeutics, Cellular Dynamics, CESCA Therapeutics, DiscGenics, OxStem, Mesoblast Ltd, ReNeuron Group and Takeda Pharmaceuticals. Industry players implement various strategies such as collaboration, acquisition, merger, product launch to sustain in the market. For instance, in February 2018, Astellas acquired Universal Cells so that they can utilize proprietary technology to manufacture pluripotent stem cells. This strategy will help Astellas to develop innovative solutions that will provide competitive advantage to company.
