The global Stem Cells Market size is expected to reach USD 18.4 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 8.8% during the forecast period. The market is driven by the rising number of stem cell banks, growing focus on increasing therapeutic potential of these, and extensive research for the development of regenerative medicines, among other factors.
Companies are receiving robust funding for the development of cellular therapies for cancer, which is anticipated to supplement the market growth. For instance, in February 2021, Notch Therapeutics, Inc. received funding of USD 85 million for developing induced pluripotent therapies for cancer. The investment will support the development of the company’s iPSC-derived T cell-based therapeutic candidates and expanding the application of their proprietary Engineered Thymic Niche (ETN) platform.
The increasing focus on regenerative medicines is further driving the market growth. The iPSCs are gaining popularity for the development of personalized cellular therapies and are creating new opportunities for regenerative medicine. For instance, in September 2020, researchers from Duke-NUS and Monash University discovered the first stem cell that can help in the treatment of placenta complications during pregnancy.
The researchers discovered a new way for creating induced trophoblast stem cells which can be used for making placenta cells. The discovery will facilitate in developing a model human placenta in vitro and enabling a pathway for future cell therapies. The administration of cell therapy demonstrated positive results in the treatment of COVID-19 patients, which is further contributing to the market growth. In January 2020, a group of researchers used stem cell treatment on patients in Beijing, China for checking its effectiveness against COVID-19.
The patients received a single infusion of mesenchymal stem cells (MSCs) which was found to be effective in developing an immune response. However, to date, there are no MSCs that are approved by the U.S. Food and Drug Administration (FDA) for the treatment of COVID-19 owing to insufficient data on their role in treating COVID-19.
Related Press Release @ Stem Cells Market Report
Stem Cells Market Report Highlights
- ASCs segment accounted for the largest share of 85.7% in 2020 as it is considered as a gold standard in stem cell-based therapies. They are widely accepted owing to their consistent clinical success especially in hematopoietic transplants and there is a relatively less controversial view regarding their origin
- The iPSC segment is expected to witness a lucrative CAGR of 9.3% through 2021-2028 owing to the increasing focus of companies in using iPS for cell therapies. For instance, in July 2020, Cynata Therapeutics Limited announced positive results for the phase 1 clinical trial of CYP-001, the company’s lead induced pluripotent stem cell (iPSC)-derived Cymerus
- Regenerative medicine dominated with a market share of 89.1% in 2020 owing to increasing funding by the government for the development of regenerative medicines. For instance, in October 2020, the AusBiotech-led consortium received funding of $300,000 from MTPConnect’s Industry Growth Centre Project Fund for the development of regenerative medicines in the country
- Cell acquisition held the largest market share of 35.8% in 2020 and is expected to expand at the fastest CAGR through 2021-2028 owing to increasing research studies involving cell harvesting
- Allogenic therapy dominated with a market share of 58.2% in 2020 owing to the increasing application of allogeneic stem cell transplants for cancer treatment
- The North America market encompasses U.S. and Canada. The factors contributing to the market growth in the region include robust government funding, increasing research, and the presence of prominent players.
- Asia Pacific is expected to expand with the fastest CAGR of 9.0% through 2021 to 2028 owing to increasing expansion by key companies in this region. For instance, in April 2020, Seneca Biopharma completed its new stem cell manufacturing facility in Suzhou, China