for a stronger future”
Increasing prevalence of chronic diseases such as diseases related to liver, kidney and cardiovascular, are expected to propel the stem cell market.Stem cells are the undifferentiated cells having the capacity to reproduce among themselves, which can perform wide number of functions. Rising demand for regenerative medical treatments coupled with increasing investment in research and development of healthcare sector is likely to drive the market in coming five years.
Rising government support in medical sector, growing personal disposable income, continuously increasing medical tourism and growth of health insurance are likely to drive the stem cell market over the forecast period. Along with the boosting factors, the stem cell market also faces setbacks which are pulling the growth of this market like government norms against unethical harvesting and high cost of treatment for stem cell. NIH (National Institute of Health) is providing huge funds for research and development of stem cell. In 2011 it had spent about USD 1.3 billion and in 2012 NIH spent almost USD 1.46 billion. Furthermore, stem cell therapies are granted the orphan drug status due to commercialization of these techniques.
Presence of large unserved market lying idle in developing nations provide significant opportunity for growth of stem cell market over the forecast period. Rising outsourcing and off shoring of research work in developing nations is also likely to offer significant growth platform to produce same quality of devices and drugs maintaining the same quality. Increasing worldwide prevalence of neurodegenerative diseases and growing substitution of animal tissue by stem cell is also anticipated to be the triggering factor for pushing the growth of stem cell market.
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Products Insight
On the basis of products, the global stem cell market is further segmented into adult stem cell, pluripotent stem cell and human embryonic cell. Adult stem cell market dominated the entire stem cell market in 2013. By revenue, it contributed above USD 30 billion and it is anticipated to continue its growth owing to low contamination probability and better acceptance by human body. By 2020, pluripotent stem cell market is anticipated to witness maximum growth rate due to shifting trend from adult stem cell and bending towards pluripotent stem cell market.
Technological Insight
By technology, the global stem cell market is divided into cell production, cell acquisition, cryopreservation and expansion. Among these, cell acquisition market was dominating the entire global stem cell market in 2013. This technique obtains stem cells from its sources and hence it is the most important technique in stem cell culture.
Application Insight
The global stem cell market is divided into three broad segments on the basis of its application such as drug development, drug discovery and regenerative medicines. Almost 90% of entire application based revenue came for cell regenerative medicines owing to the rising demand of stem cell based treatments like parkinson’s disease, huntington’s chorea and other potential stem cells based diseases.
Regional Insight
The entire stem cell market is segmented into four main regions namely, Europe, North America, Asia Pacific and RoW. According to revenue, North America was the dominant player in the entire stem cell market. It is anticipated to continue its growth owing to the combine effort of public and private sector firm for conducting huge investment in R&D and adoption of cell based therapy. Asia Pacific region is considered to be the fastest growing segment due to increasing medical tourism, continuous increasing in CRO activities and rising personal disposable income.
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Competitive Insight
Some of the key market players of stem cell market are Advanced Cell Technology, Bioheart, Angel Biotechnology, Brainstorm Cell Therapeutics, Celgene Corporation Inc., California Stem Cell Inc., Cytori Therapeutics Inc., Osiris Therapeutics and Stemcelltechnologies Inc. Market is highly competitive and therefore firms are going through many business development strategies to gain the maximum market share.
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