The global stem cell market size is expected to reach USD 30.46 billion by 2030 according to a new study by Polaris Market Research. The report “Stem Cell Market Share, Size, Trends, Industry Analysis Report, By Type; By Application (Drug Discovery and Development, Regenerative Medicine); By Technology; By Therapy; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing prevalence of chronic disorders, the rising development of precision medicine with higher spending in medical research, and the growing number of clinical studies related to stem cell therapies are driving the market.
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Moreover, increasing demand for stem cell banks and research activities related to stem cell production, storage, and characterization are expected to drive revenue growth in the market.
Increasing collaboration activities by market players are expected to drive the growth of the global market. For instance, in May 2018, Procella Therapeutics and Smartwise collaborated with AstraZeneca Pharmaceuticals to develop stem cell therapies in cardiovascular diseases using Procella Therapeutics’ stem cell technology.
COVID-19 has opened up a new path for stem cells. For Covid-19 patients, several stem cell-based regenerative medicine therapy clinical trials were conducted. Clinical trials are recognized as indispensable components of the pharmaceutical industry and the best hope for patients suffering from diseases.
Moreover, Infectious Disease Research Institute and Celularity announced in April 2020 that the US FDA had approved a clinical trial application to develop cell-based therapy for COVID-19. Hence, increasing applications for clinical trials are expected to boost the demand for stem cells during the forecast period.
Stem Cell Market Report Highlights
Polaris Market Research has segmented the stem cell market report based on type, application, technology, therapy, and regions:
Stem Cell, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Stem Cell, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Stem Cell, Therapeutic Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Stem Cell, Therapeutic Therapy Outlook (Revenue - USD Billion, 2018 - 2030)
Stem Cell, Regional Outlook (Revenue - USD Billion, 2018 - 2030)