Stem Cells Market Size, Analysis - Segmented by Product, Therapeutic Application, Treatment Type, Banking Service and Technology, Type of Banking, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global stem cell market is expected to register a CAGR of 15% during the forecast period of 2018-2023. Stem cells are unspecialized cells, which have a remarkable property of developing into different kinds of cell types, during their early life and growth period inside the human body. When they divide, each cell has a potential to remain either the same or change into a specific cell type. Thus, under certain physiologic or experimental conditions, these cells can be induced to become tissue-specific or organ-specific with special functions.
Increased Awareness about Umbilical Stem Cells
Stem cells found in the umbilical cord blood are being used in treating a wide range of conditions (sickle cell disease, leukemia, multiple myeloma, lymphoproliferative disorders, SCID, Tay Sachs, etc.). Expecting couples are well aware that the birth of their child is the only chance to collect and store these valuable stem cells, which can be used to treat over 80 diseases. With over one million cord blood units in private storage, and continued support from the medical community and governments across the world, many researchers believe usage of umbilical cord cells for treatment will become a standard course.
Currently, there is an increase in the number of clinical trials for testing future treatment possibilities of cord blood. Over 200 National Institutes of Health (NIH) funded clinical trials with cord blood are currently being conducted in the United States alone. In the United Kingdom, a petition has been submitted to increase the awareness of umbilical cord cells. In the United States, CordBloodAwareness.org was created out of a need to increase awareness about the life-saving power of umbilical cord blood stem cells. Through raising awareness, the hope is that more families will choose to donate so that ultimately more patients can be treated with umbilical cord blood stem cells, at the same time that research utilizing these cells progresses. This is driving the stem cell market.The other factors, such as the increase in the patient population, increase in the approval for clinical trials in stem cell research, growing demand for regenerative treatment option, and rising R&D initiatives to develop therapeutic options for chronic diseases are driving the stem cell market.
Ethical and Moral Framework
Stem cells are often viewed as an alternative form of therapy. However, there has been strong debate over the use of stem cells in the development of novel therapies. Stem cell banking raises ethical and also legal issues which highlight the need for a careful regulatory framework. Increasing tensions between public and private models of banking may require the adoption of an ethical framework. Many 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. Such ethical and moral framework are hindering the growth of stem cell market. The other factors, such as expensive procedures and regulatory complications are also hindering the growth of the market.
United States Leads the Market in North America
In 2017, the United States stem cell market held the largest share in North America due to the presence of high-quality healthcare systems and modern medical technology in the country. Additionally, the growing importance of stem cell in public is likely to contribute towards the growth of the stem cell market.
Key Developments in the Market
- February 2018- Astellas acquired Universal Cells, Inc.
- October 2017- Athersys and Nikon CELL Innovation collaborated on MultiStem Commercial Manufacturing in Japan.
Major Players -Astellas Pharma., Athersys., Cytori Therapeutics, Inc., Fate Therapeutics Inc., Geron Corporation., Osiris Therapeutics, Inc., Pluristem Therapeutics Inc.,Thermo Fisher Scientific., Vericel Corporation.,ViaCyte, Inc.
Reasons to Purchase the Report
- Follow the current and future global stem cell market in the developed and emerging markets.
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