Global Stem Cell Therapy Market
to Reach $11 Billion by 2029
Taken from BIS Research
According to a recent market intelligence report by BIS Research titled "Global Stem Cell Therapy Market- Analysis and Forecast, 2018-2029", the global stem cell therapy market was valued at $755.4 million in 2018 and is expected to reach $11 billion in 2029. The global stem cell therapy market is expected to grow at a double-digit CAGR of 27.99%, during the forecast period from 2019 to 2029. The growth is aided primarily by the impressive growth in the underlying services market.
The increased prevalence of chronic and genetic diseases has led to the high demand for better medicines and advanced therapeutics. The existing therapies mostly treat the symptoms of the disease. However, there was an impending need to identify the root causes of any disease and then treat it accordingly. This need was effectively met with the advent of regenerative medicines in the medical world. Regenerative medicine is an interdisciplinary field that involved the replacement or repair of the damaged tissue or organs, thereby completely curing the disease.
Stem cells represent a centrepiece of regenerative medicine and a sub-segment of the cell therapy category. The indefinite self-renewal and differentiation properties present stem cells as frontiers of regenerative medicine, enabling their application in a wide range of disorders. The global stem cell therapy market is fairly concentrated with the presence of big juggernauts as well small and medium organizations. Increasing funding from the government and other public and private organizations is leading to growing focus on stem cells, driving enormous stem cell research.
In addition, rising awareness and proven effectiveness of stem cell therapy products are the prominent driving factors for the global stem cell therapy market. Hence, with more research and developmental activities, more stem cell therapy products are expected to receive regulatory approval and be launched in the market, bringing about a revolution in the healthcare industry.
According to Nitish Singh, Lead Analyst at BIS Research, "In 2018, the global stem cell therapy market was dominated by autologous treatment that contributed to 56% of the total market share. In the upcoming years, there is a high probability for the allogenic treatment to take the place of autologous treatment and to dominate the market, owning to the presence of multiple allogenic stem cell therapy products in the pipeline mainly in the phase II/III stages, that are expected to get launched in the next five to ten years, contributing significantly toward the growth of the allogenic stem cell therapy market."
In 2018, bone marrow and peripheral blood derived stem cells have been acknowledged as major contributors in the global stem cell therapy market, together contributing to 45% of the total market share in 2018. On the basis of indication, cardiology and neurology segment is expected to grow at the highest CAGR during the forecast period between 2019 and 2029. This is attributed to increase in research and developmental activities in both the fields and the presence of huge number of pipeline products for several companies.
North America led the global stem cell therapy market in 2018, with an overall contribution of 52% of the global market share. Next to North America, Europe is the second leading contributor of the global stem cell therapy market. However, Asia-Pacific is expected to register the highest CAGR during the forecast period among all the regions, with Japan as its major contributor in 2018.
Cell therapy is a technology which relies on replacing diseased or dysfunctional cells with healthy functioning ones. Cells mainly used for such advanced therapies are stem cells, because of their ability to differentiate into the specific cells required for repairing damaged or defective tissues or cells. Moreover, cell therapy finds its application in the development of regenerative medicines which is a multidisciplinary area aimed at maintenance, improvement, or restoration of a cell, tissue, or organ function using methods mainly related to cell therapy.
Factors such as rising funding from the government as well as private organizations to support cell therapy clinical trials, growing adoption of regenerative medicine and increase in the incidence of diseases such as cancer, cardiac abnormalities are fuelling the market growth. However, the implementation of stringent government regulations regarding the use of cell therapy is anticipated to restrict the growth of the market.
By Therapy Type, Autologous therapies are going to have a significant rate during the forecast period owing to several advantages offered by them such as availability, lower risk of life-threatening complications, low rate of graft failure, low mortality rate, higher affordability and high survival rate of patients. Autologous cell therapy is a branch of regenerative medicine. It involves biologic cell-based therapies to cure various diseases related to oncology, dermatology, and neurology, among others.