According to a new market research study of ‘Stem Cell therapy Market to 2027 – Global Analysis and Forecasts by Type, Treatment, Application, and End User.’ The global stem cell therapy market is expected to reach US$ 5,129.66 Mn in 2027 from US$ 1,534.55 Mn in 2019. The market is estimated to grow with a CAGR of 16.7% from 2020-2027. The report provides trends prevailing in the global stem cell therapy market and the factors driving market along with those that act as hindrances.
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Stem cells are preliminary body cells from which all other cells with specialized functions are generated. Under controlled environment in the body or a clinical laboratory, these cells divide to form more cells called daughter cells. Due to the advent of modern health science, these cells play a major role in understanding the occurrence of diseases, generation of advanced regenerative medicines, and drug discovery.
Growing healthcare industry and increasing awareness about benefits offered by stem cell therapies in developing countries of Asia Pacific creates better opportunities for market players to expand their business. The huge patient population in emerging countries is generating demand for advanced therapeutic solutions to deal with exponentially accelerating chronic conditions. Additionally, favourable regulatory policies and financial aids to bolster stem cell therapies are likely to drive the adoption of these advanced therapies during the forecast period. For instance, in 2012, China’s State Food and Drug Administration (SFDA) approved the direct commercial sale of the Bio Archive System (Bio Archive), which is developed by ThermoGenesis Corp. in China. Bio Archive System is an automated processing and storage solution that is utilized in the management of stem cells.
The global stem cell therapy market, based on applications, is segmented into musculoskeletal, dermatology, cardiology, drug discovery and development, and other applications. In 2019, the musculoskeletal segment accounted for the largest market share in the global stem cell therapy market. Additionally, this segment is expected to grow at faster pace in the forecasted period as well. The growth of the segment is attributed to increasing prevalence of musculoskeletal conditions and growing geriatric population. For instance, according to the Global Burden of Disease (GBD) 2017, musculoskeletal conditions were the highest contributor to global disability. Furthermore, superior treatment outcomes offered by stem cell therapies are projected to indicate positive impact on acceptance of stem cell therapies in years to come.
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