Stem cell therapy is a kind of procedure used for treating or preventing a disease from spreading further into the body. It is the fastest-growing as well as the largest segment under regenerative medicine. Stem cells have the capability to grow new cells, replicate themselves, or replace damaged cells in the body. Moreover, stem cell therapies are also used for treating various chronic diseases like cancer and other blood disorders, thereby boosting the growth of the market for stem cell therapy.
Market Forecasts
Poised to grow at a CAGR of 39.5% during the forecast period, the global stem cell therapy market is expected to reach $330 Million by the end of 2020. In 2015, North America emerged as the leading market, followed by Asia-Pacific and Europe. However, Asia-Pacific is likely to go ahead of North America by 2020, with Japan, China, South Korea, and India being the key markets, owing to the growing number of research activities.
Based on the mode of treatment, the allogeneic stem cell therapy segment took up the largest share of the market in 2015, and is also projected to grow at a higher CAGR as compared to autologous therapies. Whereas, on the basis of therapeutic applications, the immune system segment was the biggest market in 2015; however, the central nervous system (CNS) disease segment is estimated to be the fastest-growing.
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Market Drivers
The major factors influencing the growth of the global stem cell therapy market are:
• Increased focus on stem cell research
• Increased funding from government and private organizations
• Growing awareness about stem cell therapies
Moreover, advancements in genomic methods for the analysis of stem cells, increased support and funding for new stem cell lines, and rise in the number of approvals of clinical research for stem cell therapy is further stimulating the growth of this market.
However, lack of suitable infrastructure in developing nations, issues related to embryonic stem cells and preservation of stem cells, inadequate reimbursement scenarios, and higher costs of stem cell processing are some of the factors hampering the growth of this market.
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