WELLESLEY, Mass., March 29, 2018 (GLOBE NEWSWIRE) -- Stem cell technology has already produced many significant products in terms of therapeutics, creating numerous opportunities within the market. In a new report, The Global Market for Stem Cells, BCC Research estimates the global market to increase from $7.4 billion in 2017 to $14.7 billion by 2022, indicating a compound annual growth rate (CAGR) of 14.7%.
The stem cell field has yielded a market comprising of three major components: stem cell therapies, research and services for stem cell companies and institutions, and cord blood banking services. The major market for stem cells will be their use in the treatment of disease. Many companies already are specializing in developing stem cells directed toward specific disease targets. Also, a sizeable stem cell research product market has emerged to facilitate the research that results from interest in stem cell applications. Large companies selling stem cell research products include Invitrogen, BD Biosciences, Thermo Fisher Scientific and Millipore. A third market opportunity is the collection and preservation of stem cells from the umbilical cord blood after a baby is born.
Stem cell therapies are still at an early stage of development; the underlying science is still being explored, and until researchers have a much more comprehensive knowledge of the field, the era of “off-the-shelf” stem cell therapies will not materialize. Stem cell therapy is currently operated on a per-patient basis, with one notable exception: auto-grafting of bone marrow stem cells for hematological malignancies. This is already a well-established practice. It is, however, highly expensive and therefore prevalent mainly in affluent nations. More experimental one-off therapies are even more expensive, costing between $30,000 and $120,000 per patient. Patient numbers are relatively low, but the value of this market is already considerably high.
Research Highlights
- The global iPSC market could reach more than $3.5 billion with a CAGR of 11.6% from 2016 to 2021.
- The translation of stem cells into therapeutic applications has been hindered by high costs, stringent regulation, a funding shortage, public controversies, scientific challenges, the need to build new clinical infrastructures and the challenge of navigating between different regulatory systems.
- Hematopoietic stem cell transplantation (HSCT) is the most established therapeutic use of stem cells.
“The economic potential of stem cells in healthcare is significant, but before any of this potential is realized, researchers must first learn how exactly to harness and apply the power of stem cells toward specific therapeutic applications in a way that is safe, robust, reproducible and ultimately feasible in an economic sense across a wide segment of the population to maximize the return on investment,” said Paul Evers, BCC Research analyst and author of the report. “A great deal depends on ongoing primary research, so there is a vigorous market for the tools needed for such research. These include supplies of stem cells themselves and the instruments and kits required to process them in the laboratory. Also included in this area is research into the uses of stem cells as an aid to drug discovery and testing.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.