Dublin, Aug. 31, 2023 (GLOBE NEWSWIRE) -- The "Global Stem Cell Manufacturing Market by Product (Consumables, Instruments, Stem Cell Lines), Application (Research, Clinical, Cell Tissue & Banking), End User, Region (North America, Europe, APAC, Latin America, MEA) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The stem cell manufacturing market is projected to reach USD 21.8 billion by 2028 from USD 12.7 billion in 2023, at a CAGR of 11.3% during the forecast period. The major factors driving the increasing prevalence of genetic diseases and increasing regulatory approvals on stem cell therapies are expected to propel the growth of the market. However, the high costs of research and manufacturing are expected to restrain market growth to a certain extent. The stem cell manufacturing market has been segmented based on product, application, end-user, and region.
By products, the consumables segment accounted for the largest share of the stem cell manufacturing market
Based on products, the stem cell manufacturing market is categorized into consumables, instruments, and stem cell lines. The consumables segment dominated the market in 2023, owing to rising demand for stem cell-based research, increasing government funding and initiatives, and the rising number of collaborations between academic institutions and pharmaceutical companies has led to a higher growth rate for products in the stem cell manufacturing market.
By application, the research application segment accounted for the largest share in the stem cell manufacturing market
Based on application, the stem cell manufacturing market is segmented into research applications, clinical applications, and cell & tissue banking applications. In 2023, the research application segment accounted for a larger share of the stem cell manufacturing market. Growth in this market segment can be attributed to a rising focus on stem cell cytology & pathophysiology research, growing awareness about the therapeutic potency of stem cells among researchers and healthcare professionals, growing public-private funding to support stem cell product development and commercialization, and technological advancements related to the effective production scale-up for stem cell products.
North America: the largest share of the stem cell manufacturing market
North America accounted for the largest share of the stem cell manufacturing market. The large share of the North American region can be attributed to a well-established healthcare and biotechnology industry in the region, with advanced infrastructure, cutting-edge research institutions, and a strong ecosystem of biotechnology companies and CROs specializing in stem cell research. The presence of top academic institutions and private companies in North America with dedicated stem cell research programs and expertise has contributed to the growth of the stem cell manufacturing market.
Asia Pacific: The fastest-growing region in the stem cell manufacturing market
The Asia Pacific stem cell manufacturing market is projected to grow at the highest CAGR during the forecast period. This is attributed to the increasing demand for personalized medicine and advancements in stem cell-based therapies. Another key driver for the Asia Pacific stem cell manufacturing market is the region's large and rapidly increasing population.
Premium Insights
- Growing Investments in Stem Cell-Based Research to Drive Market Growth
- Consumables to Account for Largest Market Share in 2023
- Pharmaceutical & Biotech Companies to Register Highest Growth During Forecast Period
Market Dynamics
Drivers
- Growing Venture Capital Investments in Stem Cell Research
- Increasing Awareness About Therapeutic Potency of Stem Cell Products
- Technological Advancements in Stem Cell Manufacturing
Restraints
- Significant Operational Costs Associated with Stem Cell Manufacturing and Banking
Opportunities
- Supportive Regulatory Framework Across Developing Economies
- Government Initiatives to Boost Biotechnology and Biopharmaceutical Industries
- Increased Market Focus on Mesenchymal Stem Cells and Induced Pluripotent Stem Cells
Challenges
- Technical Limitations Associated with Manufacturing Scale-Up
- Socio-Ethical Concerns Related to Use of Allogeneic and Human Embryonic Stem Cells
Company Profiles
Key Players
- Thermo Fisher Scientific, Inc.
- Merck KGaA
- Lonza Group
- Danaher Corporation
- Sartorius Ag
- Becton, Dickinson and Company
- Eppendorf Se
- Corning Incorporated
- Bio-Rad Laboratories, Inc.
- Takara Bio Inc.
- Fujifilm Holdings Corporation
- Getinge Ab
- Terumo Corporation
- Bio-Techne Corporation
- Himedia Laboratories Pvt. Ltd.
Other Players
- Stemcell Technologies, Inc.
- Miltenyi Biotec GmbH
- Promocell
- Anterogen Co. Ltd.
- Cellgenix GmbH
- Pluristem Therapeutics Inc.
- Daiichi Sankyo
- Organogenesis Holdings Inc.
- Vericel Corp.
- American Cryostem Corp.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $12.7 Billion |
| Forecasted Market Value (USD) by 2028 | $21.8 Billion |
| Compound Annual Growth Rate | 11.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/2049wo
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