Stem cells are the basic cells of the body which are used to replace or repair patients’ cells and are responsible for organ growth and repair and wound healing. The global stem cell therapy market is growing at a significant rate due to growing awareness regarding the therapeutic potency of stem cells and the development of infrastructure related to stem cell banking and processing.
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The stem cell therapy market has been segmented by therapeutic application into gastrointestinal diseases, musculoskeletal disorders, surgeries, cardiovascular diseases, and wound and injuries. Musculoskeletal disorders category contributed the largest revenue in the market due to the increasing prevalence of musculoskeletal disorders and bone & joint diseases, increasing the availability of stem cell-based products for the treatment of musculoskeletal disorders, and growing patient preference for effective & early treatment strategies.
The growing awareness related to the therapeutic potency of stem cells, development of infrastructure related to stem cell banking and processing, development of advanced genome-based cell analysis techniques, and increasing private-public investment for the development of stem cell therapies are the primary growth drivers for stem cell therapy market. According to the World Health Organization (WHO) globally, more than 50,000 transplants are carried out annually and it is increasing each year.
Geographically, North America is the largest stem cell therapy market and is observed to witness the fastest growth in the market. Some of the factors leading to the growth of the North American stem cell therapy market are increasing number of clinical trials to evaluate therapeutic potential of products, increasing prevalence of chronic diseases, the growing patient base for target diseases, growing public awareness related to the therapeutic potency of therapy, and increasing public-private funding & research grants for developing safe and effective stem cell therapy products.
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Major players in the industry are capitalizing in the development of technologically inventive and advance products, which is strengthening their position in the stem cell therapy market.
Osiris Therapeutics, Inc., RTI Surgical, Inc., MEDIPOST Co., Ltd., Nuvasive, Inc., Pharmicell Co., Ltd., Holostem Terapie Avanzate Srl, JCR Pharmaceuticals Co., Ltd., Anterogen Co., Ltd., and Allosource are some of the key players offering stem cell therapy products.
Source: VynZ Research