Recent advancements in stem cell therapies and tissue engineering have the potential to attract interest in the treatment of a variety of ailments. In addition, the development of stem cell banking facilities and the resulting enhancement of stem cell production, storage, and characterization are anticipated to increase the market's volumetric capacities on a global scale, which will immediately result in the expansion of this market's revenue. Other factors contributing to the anticipated increase in demand for stem cells over the forecast period include technological advancements in the parent and ancillary stem cell markets.
The stem cell business is anticipated to have considerable growth over the projected period due to the rise in healthcare spending in rich nations and the improvement of healthcare infrastructure in developing countries. Government measures such as the Patient Protection and Affordable Care Act (ACA) and expanded access to healthcare facilities contribute to the expansion of this sector in developed nations.
Initiatives such as public healthcare programs raise the demand for biopharmaceutical products in emerging nations. Due to the employment of many biotechnological kits and products in cell development, collection, characterization, and storage processes in stem cell banking, robust funding for biotechnology businesses is predicted to stimulate the stem cell industry. In addition, the market is anticipated to expand due to widespread applications in several fields, including gene therapy, drug discovery, and personalized medicine.
The International Stem Cell Banking Initiative (ISCBI), led by the UK Stem Cell Bank, seeks to establish a global network of stem cell banks by supporting current banks and encouraging the establishment of new banks in member nations. These organizations contribute to the expansion of the market by establishing standards, raising finances, and recruiting labor for production.
Preserving stem cells for future therapy using public and private umbilical cord & tissue banking has proven successful in the past; this technique has already achieved widespread approval, giving the stem cells market a considerable boost. In addition, adult cell-related private banking services are being added to the services offered by biospecimen banking. This includes induced pluripotent stem cells (iPSCs) and mesenchymal stem cells (MSCs). Expanding acceptance of stem cells and regenerative medicine, the development of viable commercial models by current players in the cord blood industry, and the expansion of worldwide initiatives to stimulate stem cell research is projected to drive the growth of the adult stem cell banking market.
The ongoing pandemic has prompted a paradigm shift toward developing novel therapeutic options. Efficacy and safety testing of umbilical stem cells in treating respiratory syndromes attributable to SARS-COV-2 infection has progressed in multiple clinical trials since the pandemic. In addition, the rising clinical applications of umbilical stem cells in treating autism, spinal cord damage, brain injury, multiple sclerosis, and osteoarthritis are anticipated to increase the need for stem cell banking. The vast untapped potential of cord tissue stem cells presents specialists in the storage and banking industries with attractive chances.
By region, the global stem cells market is segmented into Europe, Asia Pacific, North America, Latin America, Middle East & Africa.
North America dominated the market during the forecast period. Stem cells are an indispensable research tool for biomedical and life science studies. In 2020, the need for stem cells in North America was the largest due to the increasing FDA clearance of stem cell treatments and the rise in government funding. In 2011, the United States government allocated around $2.01 billion for stem cell research, compared to $1.33 billion in 2006. The federal government awarded the University of Toronto's stem cell researchers USD 114 million in 2015 to find solutions for ailments like blindness, diabetes, cancer, liver disease, and heart disease. Public pressure to achieve the full potential of stem cells for medical and commercial uses is anticipated to continue to drive market expansion throughout the projected period. Canada has been positioned for future success through organizations such as CellCAN Regenerative Medicine and Cell Therapy Network, the Centre for Commercialization of Regenerative Medicine (CCRM), and the Stem Cell Network (SCN).
Europe is the second largest region. To replace sick cells and develop new tissues, advances in stem cell technology and molecular biology have led to the introduction of new technologies and increased research activity. Over the forecast period, increasing government approvals and favorable government policies will drive stem cell market demand in European nations. In December 2014, for instance, the European Medicines Agency (EMA) authorized Holoclar to treat limbal stem cell deficit, the first stem cell therapy to be licensed in the United Kingdom. In this procedure, the patient's healthy stem cells are used to generate new cells, which are subsequently transplanted into the eyes. Moreover, in October 2015, a pan-European project was begun to treat osteogenesis imperfecta with stem cells (brittle bone disease). The initiative was coordinated by the UCL Institute of Child Health (ICH) and Great Ormond Street Hospital (GOSH).
The Asia-Pacific stem cell market is anticipated to expand at the highest CAGR owing to the region's growing patient population and demand for accelerated regulatory clearance processes for cell-based products. In July 2013, the Japanese Ministry of Health authorized the first human clinical trial with induced Pluripotent Stem (iPS) cells created using Shinya Yamanaka's Nobel Prize-winning technology. In addition, stem cell therapies are anticipated to play a significant role in several fields, including orthopedics, hematological disorders, spinal cord injuries, incontinence, cancer, liver disorders, wound care, and neurological disorders. In addition, therapeutic manufacturers are expected to recognize the applicability of stem cells in other fields and combine them with existing applications to expand the range of available treatments.
The major companies in the global stem cells market are Pluristem Therapeutics, Inc, Stemcell Technologies, Inc, Bristol-Myers Squibb, Celgene Corporation, ReNeuron Group Plc, Virgin Health Bank, Biovault Family, Precious Cells International Ltd, Mesoblast Ltd, Caladrius Biosciences, Inc, Seneca Biopharma, Opexa Therapeutics, Inc, Astellas Pharma, Inc, Cellular Engineering Technologies, and Lineage Cell Therapeutics.