Stem Cell Therapy Market Size, Share, and Forecast 2030
The global cell therapy market size is projected to reach USD 31.41 billion by 2030 and registering a CAGR of 13.73% from 2022 to 2030.
There has been an increase in the demand for these treatments due to various factors like the advancements in the technology and growing demand for the personalized medicine. Increased cases of various chronic disorders and a good result provided by the treatment is expected to drive the market growth in the coming years. There has been an increase in the research and development activities for providing personalized medicine and this shall drive the market growth in the coming years.
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Why North America region dominated the stem cell therapy market
The North American region dominate the market with highest revenue share in 53% 2021. As many market players are present in the North American region these companies will be favorable for the growth of the market in the coming years. The availability of the advanced infrastructure in the healthcare industry shall we instrumental in the growth of the market.
As most of the market players are associated for coming up with development in the use of stem cells for various treatments the market is expected to grow well in the North American region government in the United States is taking initiative for increasing the research activities. The favorable reimbursement policies and reforms that are supportive of the market shall drive the market growth in the North American region in the coming years period.
Key Takeaways:
By product, the adult stem cells (ASCs) segment has had highest revenue share 85.9% in 2021
The induced pluripotent stem cells (iPSCs) segment is anticipated to hit at a CAGR of 9.5%
By application, the regenerative medicine segment contributed 91% market share in 2021
The drug discovery and development application segment is growing at a CAGR of 9.5% between 2022 to 2030
By therapy, allogenic stem cell therapy segment accounted highest share of 58.5% in 2021
Asia Pacific region is growing at a CAGR of 9.2% from 2022 to 2030
Market dynamics
Drivers
The stem cell therapy market is expected to grow well in the coming years due to the use of these treatment for treating various cardiovascular diseases and neurological disorders. Growing importance of these therapies in treating the autoimmune diseases will lead to the growth of the market in the coming years period constant research activities have improved the product in the past. Increase amount of funding provided by the governments and other private firms shall be helpful in improving the market further stem cell treatments.
In order to improve the market for the stem cell therapies a 10-year road map for the research activities associated with the stem cell was provided by the Australian government. Many major steps taken by various governments in a similar fashion will drive the market growth in the coming years period
Restraints
Although this treatment is extremely beneficial against various diseases that do not have other cures the market is expected to see a few hurdles in the growth. Stem cells are obtained from the human embryo and destroying the human embryo is unethical even if it is associated with saving the life of the human beings. And this ethical problem with acquiring of the stem cells shall restrain the market growth in the coming years.
Opportunities
The use of the induced pluripotent stem cells for deriving stem cells from the huddle human body which are an alternative to the embryonic stem cell shall provide opportunities for the growth of this market in the coming years. It is an extremely effective alternative it does not involve any ethical issues. The development of this technology will be instrumental in providing better opportunity or growth prospects in the coming years period
Challenges
One of the major challenges in the industry is that of the expansive nature of these treatments. Although these treatments are extremely beneficial and provide great results for various chronic disorders including cancer the cost of these treatments is extremely high and it is unaffordable for lower income groups across the globe. Also, the lack of awareness of the availability of these treatments in many developing nations will also hinder the market growth in the coming years.