Stems cells are most vital and undifferentiated biological cells found in all humans as well as animals. These cells are flagship components of reformative medicine. It has the ability to replicate itself and repair damaged tissues in the body as stem cells have the potential to divide into any type of cells. When the stem cell divides, each new cell will become another cell with specific function such as a red blood cell, a muscle cell, brain cell or other cells. In addition, stem cell-based therapies are used in the treatment of several chronic diseases such as cancer and cardiac disorders.
In general, stem cell therapy is the usage of stem cells for prevention or treatment of a disease. Bone marrow transplant is the broadly-used stem cell therapy, followed by umbilical cord blood. Stem cells are gathered from umbilical cord blood just after birth which are then stored in precise environments. Stem cells are also harvested from adipose tissue or bone marrow. Generally, there are two types of stem cells embryonic cells and adult stem cells. Embryonic stem cells are used in surgeries and therapies for regeneration of organisms or cells, tissues. These stems cells are used for the treatment of diseases such as immune system diseases, central nervous system diseases, metabolic diseases, cardiovascular diseases, eye diseases, musculoskeletal disorders, gastro intestine diseases, wounds, and injuries.
Increasing technological advancement for organizing advanced stem call based therapy is expected to propel the market growth
Technology advancements in stem cell therapy are giving promising results by curing life threatening diseases such as cardiovascular and neurological disorders. For instance, In March 2016, Scientists at Michigan State University unveiled new kind of cells - ‘Induced XEN Cells’ from a cellular trash pile. This discovery is expected to drive advancements in regenerative medicine. Increasing prevalence rate of diseases is another factor driving the stem cell therapies market. Moreover, technological advancements in healthcare infrastructure are saving the population from life threatening complications as well as diseases. On the other hand, increasing government funding and awareness programs are also significantly driving this market.
However, strict regulatory environment for the product approvals well as lower reimbursement policies are factors which might hamper the global market growth.
The global stem cell therapy market is segmented on the basis of type, therapeutic application, cell source, and region.
On the basis of type, the global stem cell therapy is segmented into:
On the basis of therapeutic application, the global stem cell therapy is segmented into:
On the basis of cell source, the global stem cell therapy is segmented into:
Geographically, the global stem cell therapy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Rising clinical trials for cell regeneration and therapy marks North America a leading region in stem cell therapy market
In terms of geography, North America accounted for the major market share at present and this region is anticipated to dominate the market during forecast period. This is primarily due to growing government efforts and funding for stem cell research and development in the region. Funding is largely focused on clinical trials and emerging novel medicines for diseases such as cancer, cardiovascular, and neural diseases. Increasing demand for stem cell therapy products along with growing investments in R&D activities in in U.S. and Canada are anticipated to fuel the growth for stem cell therapy market during forecast years.