The mesenchymal stem cells market is anticipated to grow at a CAGR of 7.0% from 2018 to 2026 according to a new research report published by Polaris Market Research. The market was valued at USD 1,335.1 million in 2017 and is estimated to reach USD 2,518.5 Million by 2026. In 2017, the drug discovery application dominated the market, in terms of revenue. North America region is observed to be the leading contributor in the global market revenue in 2017.
Mesenchymal stem cells are adult stem cells, which are traditionally found in the bone marrow. However, they can also be parted from other available tissues including peripheral blood, cord blood, fallopian tube. These stem cells mainly function for the replacement of damaged cell and tissues. The potential of these cell is to heal the damaged tissue with no pain to the individual. Scientists are majorly focusing on developing new and innovative treatment options for the various chronic diseases like cancer. Additionally, the local governments have also taken various steps for promoting the use of these stem cells.
The global mesenchymal stem cells market growth is primarily driven by the increasing demand for these stem cells as an effective treatment alternative for knee replacement in the recent past. Furthermore, increasing elderly population across the globe, and rising prevalence of various chronic diseases including cancer, autoimmune diseases, bone and cartilage diseases are factors expected to boost the market growth during the forecast period. In addition, effective government policies, and funding for research and development would positively influence the market growth over coming years. However, some of the political point of views, and higher cost of treatment by using mesenchymal stem cells might restraint the growth during the forecast period.
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Increasing demand for better healthcare facilities, rising geriatric population across the globe, and continuous research and development activities in this area by the key players is expected to have a positive impact on the growth of Mesenchymal Stem Cells market. North America generated the highest revenue in 2017, and is expected to be the leading region globally during the forecast period. The Asia Pacific market is also expected to witness significant market growth in coming years. Developing healthcare infrastructure among countries such as China, India in this region is observed to be the major factor promoting the growth of this market during the forecast period.
The major key players operating in the industry are Cell Applications, Inc., Cyagen Biosciences Inc. Axol Bioscience Ltd., Cytori Therapeutics Inc., Stem cell technologies Inc., Celprogen, Inc. BrainStorm Cell Therapeutics, Stemedica Cell Technologies, Inc. These companies launch new products and undertake strategic collaboration and partnerships with other companies in this market to expand presence and to meet the increasing needs and requirements of consumers.