A stem cell is an undifferentiated biological cell, which is capable of breaking into an indefinite number of cells of the same type through mitosis. Multicellular organisms, such as humans and animals, are made up of these cells. The rising awareness about the therapeutic benefits of stem cells in the treatment of various diseases is boosting their popularity across the world. The technical advancement in stem cell therapies is expected to propel this market during the forecast period.
A research report on the global stem cells market, published by Transparency Market Research (TMR), estimates the market to record a healthy CAGR of 24.20% during the period from 2012 and 2018. In 2013, the market reached US$26.2 bn and it is likely to attain a value of US$119.5 bn by the end of the forecast period.The research report is titled “Stem Cells Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 – 2018.”
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North America to Continue Leading Demand for Stem Cells
The study also presents an evaluation of the global stem cells market on the geographical basis. North America, Asia, Europe, and the Rest of the World have been identified as the main geographical segments of this market in this report. North America has been leading the demand for stem cells due to the increased prevalence of cardiovascular and neurological disorders in this region.
Over the forecast period, North America is likely to remain dominant and offer an opportunity worth US$71.7 bn by 2012. Asia is also expected to register strong growth in the demand for stem cells due to the swift rise in medical tourism and contract research outsourcing during the forecast period, notes the study.
Growing Awareness Level among Consumers Regarding Benefits of Stem Cells to Boost Demand
“The growing awareness level among consumers regarding the benefits stem cells offer in the treatment of various diseases, such as cancer, is boosting their popularity across the world,” says the author of this study.
Besides this, the rising government support to increase research activities in the field of stem cell has also emerged as an important factor behind the growth of this market. For instance, the surge in the Federal funding for the research of stem cells, after the bans were lifted from embryonic stem cells research in 2009, is likely to boost the market in the U.S. in the coming years. Similarly, the Europe market is expected to be propelled by the increasing involvement of government as well as private organizations to support research activities in stem cells.
Implementation of Stringent Government Norms Regarding Stem Cell Harvesting to Hamper Market’s Growth
While the market is witnessing lucrative growth prospects, the implementation of stringent government norms pertaining to the harvesting of stem cells is projected to limit their application substantially in the near future. Apart from this, treatments that apply stem cells are extremely expensive, which also is projected to hinder their adoption rate over the next few years, reflecting negatively on the overall growth of this market, states the research report.
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