The North American stem cell market is expected to witness a CAGR of 9.5% during the forecast period. Certain factors that are driving the growth of the market include an increase in the approval for clinical trials in stem cell research, growing demand for regenerative treatment options, and rising R&D initiatives to develop therapeutic options for chronic diseases.
- The market for stem cell is growing, along with the increasing clinical trials around the region. North America, especially the United States, dominated the overall market, in terms of the number of trials in stem cell therapies.
- Stem cells play a major role in regenerative medicine, especially in the field of dermatology. However, oncology is expected to register the highest growth rate, due to a large number of pipeline products in the treatment for cancers. With the increase in the number of regenerative medicine centers, the stem cell market is also expected to grow in the future.
- Moreover, stem cell banking is gaining prominence with the support of government initiatives. The number of stem cell banks is increasing in the region, which is aiding the growth of the market. Moreover, the increasing awareness about stem cell storage among people has also positively affected the market.
Key Market Trends
The Oncology Segment is Expected to Show Lucrative Growth in the Therapeutic Application Type
The cancer had a major impact on the North American region. As per the estimates of the National Cancer Institute, in 2018, 1,735,350 new cases of cancer were anticipated to be diagnosed in the United States, and 609,640 deaths were expected from the disease. The increasing medical burden can be attributed to population growth. Bone marrow transplant or stem cell transplant is a treatment for some types of cancer, such as leukemia, multiple myeloma, multiple myeloma, neuroblastoma, or certain types of lymphoma.
Embryonic stem cells (ESC) are the major source of stem cells for therapeutic purposes, due to higher totipotency and indefinite lifespan compared to adult stem cells with lower totipotency and restricted lifespan. However, the use of ESCs for research and therapeutic purposes is restricted and prohibited in many countries throughout the world, due to ethical constraints. Scientists from the University of California, Irvine, created a stem cell-based approach to kill cancerous tissue, preventing some of the toxic side effects of chemotherapy by treating the disease in a more localized way.
Although the market shows a positive growth due to the growing focus of stem cell-based research that can further strengthen the clinical application, the expensive nature of stem cell therapy may still hamper its growth.
The North American stem cell market, which is highly competitive, consists of a number of major players.
These companies are focused on the expansion of their offerings through extensive R&D and the formation of alliances and partnerships with other major players to sustain their market position. For instance, in June 2019, Evotec SE expanded its collaboration with Celgene to include a new iPSC, targeted toward discovering disease-modifying treatments for patients suffering from neurodegenerative diseases.
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