NEW YORK, July 23, 2019 (GLOBE NEWSWIRE) -- The global stem cell therapy market is expected to witness a CAGR of 10.6% during the forecast period 2019-2024, and is also anticipated to reach USD 214.5 million by 2024. Growing awareness related to the therapeutic potency of stem cells, development of infrastructure related to stem cell banking and processing, development of advanced genome-based cell analysis techniques, and increasing private-public investment for the development of stem cell therapies are driving the growth of the stem cell therapy market.
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Supportive regulations to drive the growth of the stem cell therapy market
Supporting regulations across developing countries, increasing prevalence of chronic diseases, technological advancement in healthcare, cellular therapies are the major advancements in transforming healthcare and identification of new stem cell lines are also fueling the growth of the stem cell therapy market.
Diseases such as osteoarthritis, multiple sclerosis, heart failure, hearing loss and cerebral palsy are some of the diseases that could be treated using stem cell therapies. For instance, according to the WHO by 2050, it is estimated 900 million people will have disabling hearing loss. Moreover, 60 percent of childhood hearing loss is due to preventable causes.
Allogenic stem cell therapy market to hold the larger share in the market
There are two types of stem cell therapy, allogeneic and autologous. Of both, allogenic segment account for the larger share and is also predicted to grow at the faster rate in the coming years in the market due to its extensive therapeutic applications, increasing commercialization of allogeneic products, easy production scale-up process, and growing number of clinical trials related to allogeneic therapies.
The stem cell therapy market has been segmented by therapeutic application into gastrointestinal diseases, musculoskeletal disorders, surgeries, cardiovascular diseases, and wound and injuries. Musculoskeletal disorders category contributed the largest revenue in the market due to increasing prevalence of musculoskeletal disorders and bone & joint diseases, increasing availability of stem cell-based products for the treatment of musculoskeletal disorders, and growing patient preference for effective & early treatment strategies.
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The global stem cell therapy market has also been segmented by cell source into adipose tissue-derived mesenchymal stem cell, cord blood cells and bone marrow-derived mesenchymal stem cells. Of all the categories, the bone marrow-derived mesenchymal stem cells are increasingly being used for therapeutic applications.
North America offers huge opportunities for stem cell therapy industry players
The North American stem cell therapy market will remain the largest during the forecast period. The region is further predicted to observe the fastest growth during the forecast period in the global market owing to technological upgradation and large capital invested in the research and development activities. Moreover, increasing number of clinical trials to evaluate therapeutic potential of products, increasing prevalence of chronic diseases, the growing patient base for target diseases, growing public awareness related to the therapeutic potency of therapy, and increasing public-private funding & research grants for developing safe and effective stem cell therapy products are also supporting the growth of the North American stem cell therapy market.
Investing in research and development is the key strategy adopted by the market players
Major players in the industry are investing in the development of innovative and new products, which is strengthening their position in the stem cell therapy market. In February 2018, MEDIPOST announced that FDA has approved its stem cell-based Alzheimer’s disease drug, NEUROSTEM for clinical trials. Similarly, in March 2017, Osiris Therapeutics launched Prestige Lyotechnology, a method for storage of living cells and tissues.
Some of the key players operating in the stem cell therapy industry are Osiris Therapeutics, Inc., RTI Surgical, Inc., MEDIPOST Co., Ltd., Nuvasive, Inc., Pharmicell Co., Ltd., Holostem Terapie Avanzate Srl, JCR Pharmaceuticals Co., Ltd., Anterogen Co., Ltd., and Allosource.
Key Takeaway from the Report:
- The R&D investment to increase multi-fold over the next few years.
- More and more FDA approved therapies to enter the market.
- Improvement in the regulatory scenarios to create positive environment for the players.
- Anticipated acquisitions and collaboration for technology transfer.
- North America will remain the centre of all the developments across the globe.
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- Analysis of key industry trends and recent developments
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