The global stem cell assay market is expected to reach USD 1,978.7 Million by 2023 from USD 791.9 Million in 2018, at a CAGR of 20.1%.
The market growth is primarily driven by increasing government and private funding for stem cell research and technological innovations in stem cell research-based instruments.
What drives the Market?
- Availability of Funding for Stem Cell Research
- Rising Incidence of Target Indications
- Technological Advancements in Stem Cell-Based Research Instruments and Introduction of Novel Stem Cell Products
- Growth of End-Use Industries
The factors such as the high degree of consolidation and a complex regulatory framework for the approval of new products may restrain the market’s growth to a certain extent.
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By type, the market is segmented into viability/cytotoxicity, isolation & purification, cell identification, proliferation, differentiation, function, and apoptosis assays.
The viability/cytotoxicity segment accounted for the largest market share of the global Stem Cell Assay Instruments Market in 2017. Factors driving the growth of this segment include the widespread use of viability/cytotoxicity assays in stem cell research activities.
By cell type, the Stem Cell Assay Instruments Market is segmented into adult stem cells and human embryonic stem cells.
The adult stem cells segment accounted for the largest market share of the global stem cell assay market in 2017. Increasing research on adult stem cells and less stringent regulations are the key factors driving the growth of the adult stem cell market.
North America will continue to dominate the global stem cell assay market in the forecast period.
The global Stem Cell Assay Instruments Market is dominated by North America, followed by Europe. North America will continue to dominate the global stem cell assay market in the forecast period. Moreover, this region is also expected to witness the highest CAGR during the forecast period. North America’s large share and growth can be attributed to the favorable regulatory guidelines in the region, growing awareness about stem cell assays, the presence of a large number of market players, and increasing government investments in the field.
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Stem Cell Assay Instruments Market Key Players
Major industry players adopted product launches and partnerships & agreements to maintain and improve their position in the stem cell assay market. Thermo Fisher Scientific (US), Merck (Germany), GE Healthcare (US), Bio-Rad Laboratories (US), and Promega Corporation (US) have been identified as key players in this market. These companies have a broad product portfolio with comprehensive features and have also expanded their presence geographically. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.