Stem Cell Manufacturing Market Highlights
The Global stem cell manufacturing market is estimated to be valued at USD 17,469.6 million by 2023 and is expected to register a CAGR of 17.5% during the forecast period.
Stem cell manufacturing is a process of culturing the cells obtained from bone marrow or peripheral blood cells. Stem cells have the unique ability to develop into specialized cell types in the body. Because of this property, these cells are used during drug development to check the drug performance and as cell therapy to repair or replace the damaged cells and tissues using regenerative medicines.
The increasing use of stem cells to treat various diseases, an increasing number of stem cell organizations globally and increasing public-private investments and funding in stem cell-based research boost the market growth. However, factors such as the availability of less food and drug administration-approved stem cell treatment products, risks related to unproven stem cell treatments, and low government regulations in underdeveloped countries hinder the growth of the market
The American accounts the largest market share in 2017 and represents 49.1% of the entire market. Followed by America, Europe holds the second position owing to the presence of major manufacturers, growing prevalence of cancer, growing healthcare expenditure, and increase in technologically-advanced products. In Europe, West Europe holds the largest share. Whereas the Asia-Pacific is expected to register the fastest CAGR.
The global stem cell manufacturing market is segmented into application, product and end user. On the basis of application, the market is segmented into therapy, research and cell, and tissue banking. The global stem cell manufacturing market by product is segmented into stem cell lines, instruments, consumables and culture media. The stem cell lines segment is expected to lead the market and register a substantial CAGR to reach USD 9,366.9 million by the end of 2023. Due to its unique capabilities for tissue repair, replacement, and regeneration is expected to drive the market growth. On the basis of end user, the market is segmented into pharmaceutical/biotechnology companies CRO and hospitals stem cell banks.
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Geographically, the global stem cell manufacturing market has been segmented into North America, Europe, Asia-Pacific, and the Middle East Africa. As per MRFR analysis, the Americas was the largest market for stem cell manufacturing in 2017 and is expected to remain dominant during the review period. Europe accounted for a significant market share
and is projected to be the second-largest market during the forecast period. Major factors influencing the growth of the market include the presence of major manufacturers, growing prevalence of cancer, growing healthcare expenditure, and increase in technologically-advanced products in Europe are driving the growth of the stem cell manufacturing market in the region. The Asia-Pacific stem cell manufacturing market is one of the fastest growing regions across the globe. Growing population and rising incidence of cancer are likely to drive the growth of the Asia-Pacific market.
Key Findings of the Study:
The global stem cell manufacturing market is projected to reach over USD 17,469.6 million by 2023 at 17.5% CAGR during the review period of 2018 to 2023.
Americas accounted for the largest market share with North America being the major contributor to the growth of the market.
By product, the stem cell line segment is projected to register the highest CAGR of 7.9% during the forecast period due to the unique capabilities for tissue repair, replacement, and regeneration.
Key manufacturers are adopting geographic expansions, corporate acquisitions, and product launches as growth strategies. Moreover, they are focusing on e-commerce for distribution.
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