Stem Cell Therapy Market-Investing in Regeneration: The Lucrative Landscape of Stem Cell Therapy
The global stem cell therapy market was worth USD 241.5 billion in 2022 and is estimated to grow to USD 935.1 billion by 2030
PUNE, MAHARASHTRA, INDIA, January 12, 2024 /EINPresswire.com/ — Stem Cell Therapy Market Perspective
The global stem cell therapy market was worth USD 241.5 billion in 2022 and is estimated to grow to USD 935.1 billion by 2030, with a compound annual growth rate (CAGR) of approximately 18.5% over the forecast period. The report analyzes the stem cell therapy market’s drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the stem cell therapy market.
Stem Cell Therapy Market Developments
• In April 2023, Omisirge (omidubicel-onlv), a significantly altered allogeneic (donor) cord blood-based cell treatment, was approved by the US FDA.
• In April 2022, PromoCell declared the “PromoExQ MSC Growth Medium XF” available for use in cell therapy manufacturing. The xeno- and serum-free medium has been optimized for the in-vitro development of human MSCs in a GMP-regulated environment, providing consistent growth and maintenance of different types of multipotent MSCs. It complies with the company’s EXCiPACT GMP certification process.
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Stem Cell Therapy Market’s Top Driver
Growing stem cell treatment research and development initiatives to drive market growth
The market for stem cell therapy is expanding significantly due to the growing stem cell treatment research and development initiatives. Throughout the forecast period, one of the key drivers projected to propel growth in the stem cell treatment market is the industry players’ increased research and development efforts. For example, in July 2018, the Marcus Foundation awarded a US$ 13 million grant to the Emory Orthopedics & Spine Centre, which then collaborated with Sanford Health, Duke University, the Andrews Institute, and the Georgia Institute of Technology to conduct a multicenter clinical trial investigating stem cell options for treating osteoarthritis. The Phase 3 trial was scheduled to conclude by December 2021, but it was started in March 2019.
Stem Cell Therapy Market: Regional Landscape
North America dominated the Stem Cell Therapy market in 2022
The region’s market products are now more widely accepted due to the presence of innovators and important market participants. Due to its robust biotechnology sector, the presence of major firms, its significant R&D, and its promotion of customized medications, North America leads the market. The largest revenue share is attributed to the region. Furthermore, the growing government initiative to promote stem cell therapy is another factor contributing to the increase in this region. For example, the Canadian government committed over USD 7 million to stem cell and regenerative medicine research in March 2020. To help the nation’s regenerative medicine industry flourish, it will fund four clinical studies and nine international ventures.
Stem Cell Therapy Market Top Players: Advanced Cell Technology Inc., STEMCELL Technologies Inc., Cellular Engineering Technologies Inc., CellGenix GmbH PromoCell GmbH, Kite Pharma, Lonza, Cellartis AB, Angel Biotechnology, Brainstorm Cell Therapeutics, Celgene Corporation, Osiris Therapeutics, Genea Biocells, Bioheart Inc., Waisman Biomanufacturing, Tigenix, Caladrius Biosciences, Gamida Cell.
Stem Cell Therapy Market: Segmentation
The global stem cell therapy market has been segmented into type, cell source, and therapeutic application.
Based on type, allogeneic stem cell therapy, and autologous stem cell therapy are segments of the global stem cell therapy market. The allogeneic stem can improve the business and department it gives patients a new immune system when the receiver engrafts donor cells. Allogeneic stem cell transplantation can treat a wide range of malignant and non-cancerous illnesses, including acute and chronic leukemia, Hodgkin’s lymphoma, adrenoleukodystrophy, and bone marrow failure syndromes.
Based on cell source, the market is classified into adipose tissue-derived MSCS (mesenchymal stem cells), bone marrow-derived MSCS, placental/umbilical cord-derived MSCS, and other cell sources. In 2022, the adipose tissue-derived MSCs (mesenchymal stem cells) category dominated the global market. Due to the increasing use of these MSCs in a variety of medicinal applications. Additionally, the market for placental cord-derived stem cells is anticipated to develop in the upcoming years due to increased study and use of these cells.
Based on therapeutic application, the market is classified into musculoskeletal disorders, wounds & surgeries, cardiovascular diseases, inflammatory & autoimmune diseases, neurological disorders, and other therapeutic applications. In 2022, the musculoskeletal disorders category dominated the global market. Some of the key reasons propelling the segmental expansion are the rising prevalence of musculoskeletal conditions like osteoarthritis and the expanding need for regenerative medicine in orthopedic and sports medicine applications.
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