Global Human Embryonic Stem Cells Market – Segmented by Application and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global embryonic stem cell market is expected to register a CAGR of 10% during the forecast period of 2018-2023. Due to the high prevalence of cardiac and malignant diseases, North America dominates the market.
Rising Demand for Regenerative Medicines
Government funding for the development of regenerative medicine has been increasing in most developed countries, because of its applications in organ transplantation, tissue engineering and various other applications. In the United States, two major government agencies, National Institutes of Health (NIH) and California Institute of Regenerative Medicine (CIRM), fund almost all the translational research and regenerative medicine development in the country. It is estimated that the US government invests around USD 800-900 million every year in stem cell research. The rising demand for regenerative medicine is fuelling the growth of the human embryonic stem cells market.
Additionally, high prevalence of cardiac and malignant diseases, increasing R&D investments and research initiatives, increasing support from government and private institutions, and increasing prevalence of genetic disorders are driving the human embryonic stem cells market.
Ethical and Moral Framework
Stem cells are often considered as a hopeful alternative form of therapies. However, there has been a strong debate over the use of stem cells in the development of novel therapies, as stem cell banking raises ethical and legal issues that highlight the need for a careful regulatory framework. The increasing tensions between public and private models of banking may require the adoption of an ethical framework. Several national and international regulatory firms have addressed these issues. For instance, in Europe, the European Group on the Ethics of Science and New Technologies stated that it should be freely done and the donor does not have any payment or reward. Therefore, such ethical and moral frameworks are hindering the growth of the human embryonic stem cell market. Other factors, such as expensive procedures and regulatory complications, are also hindering the growth of the market.
Additionally, stringent regulations by the government are restraining the growth of the human embryonic stem cell market.
North America Dominates the Market
Due to the extensive therapeutic research activities in the United States and government funding, North America dominates the market. Additionally, the FDA has approved clinical trials, which indicated the use of stem cells in treating various diseases. Thus, these factors are responsible for the growth of the North American segment of the market studied.
Key Developments in the Market
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