The stem cells market was predicted at about USD 26 billion in 2013. It is estimated to record a CAGR climb of around 24 percent during the forecast period. The market is anticipated to attain a value of around USD 119.5 billion by 2019. As chronic illnesses and unmet healthcare demands rise, the number of research operations in stem cells also increases.
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Governmental funds and support in the growth and scientific research of stem cells have been increasing the demand for the stem cells market. Also, governmental spendings on the research and development of stem cells augur well for the market and provide it thrust. Rising cases of diabetes and cancer and growing heart illnesses are also likely to add revenue to the stem cells market.
Escalating demand for regenerative treatment alternatives is yet another imperative driver of the market. The years to come in the stem cells market are estimated to be steered forward by rising governmental initiatives regarding the research and development of stem cells. Augmented inclination of the industry towards stem cells and rising worldwide consciousness regarding stem cell therapies are also predicted to steer the sales of the stem cells market.
Evolutionary markets and development of new stem cell therapies serve as high development prospects for participants of the stem cells market. The coming years of this market are also estimated to be driven by rising neurodegenerative diseases and replacement of animal tissues by stem cells. Two prime factors that decelerate the flow of the market are high medical expenses and harsh governmental policies against the yielding of stem cells.
The significant products analyzed under the stem cells market include adult stem cells, human embryonic stem cells, natural rosette cells, pluripotent stem cells and very small embryonic like stem cells. Adult stem cells leaded the stem cells market and occupied majority of the share in 2013. The pluripotent stem cells market is estimated to rise at the maximum CAGR of 25 percent through the forecast period.
The various technologies of the stem cells market are cryopreservation; cell production; sub-culture and expansion; and cell acquisition. Cell acquisition leaded the market in 2013 with regard to share.
Regenerative medicine was the biggest application sector of the stem cells market in 2013. It was estimated at about USD 30.2 billion that year. Increased demand for stem cells across various applications is also anticipated to propel the sales of the market.
North America was the biggest stem cells market in 2013. It made up for more than 55 percent of the worldwide income. The existence of urbane medical infrastructure favoring research and development operations and robust governmental backup in regard to finances and investments are some of the propellers responsible for its share.
Asia Pacific is estimated to rise at the maximum CAGR of around 25 percent through the forecast period. This is because of the accelerating demand for healthcare tourism and agreement research outsourcing in the developing nations of India and China.
Information Source: Grand View Research