Stem cell therapy involves utilizing stem cells and their characteristics to potentially treat a range of diseases including cancer, heart disease and neurodegenerative disorders. It holds potential for developing treatments by repairing damaged tissues and cells in the body. With growing R&D investments by biotech companies and academic institutes in stem cell clinical trials, the market is witnessing considerable growth.
The global Stem Cell Therapy Market is estimated to be valued at US$ 54.14 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the major trends fueling the growth of the stem cell therapy market is increasing research expenditures by both private and public organizations. For instance, the National Institutes of Health (NIH) spent over US$ 1.9 billion on stem cell research in 2021. Moreover, biotech companies are actively investing in clinical trials to evaluate potential of stem cells in treating chronic diseases. For example, Astellas Pharma spent over US$ 110 million on its stem cell clinical program in 2020. Rising investments in R&D are helping accelerate clinical translation and commercialization of stem cell therapies, thereby driving the market growth over the forecast period.
Strength: Stem cell therapy has shown promising results in treating certain diseases. It has the potential to treat diseases that are incurable with other therapies.
Weakness: Regulatory approvals for stem cell clinical trials take a long time which hampers research progress. Scientific evidence for many therapeutic applications is still limited.
Opportunity: Increasing R&D spending on stem cell research globally presents huge market opportunities. Growing prevalence of chronic diseases will drive demand for stem cell therapies in the future.
Threats: High treatment costs of stem cell therapies limit their widespread adoption. Ethical issues related to stem cell sourcing is also a challenge.
Global Stem Cell Therapy Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global Stem Cell Therapy Market is estimated to be valued at US$ 54.14 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
North America is currently the largest as well as the fastest growing regional market for stem cell therapies. This can be attributed to the presence of major players and rising healthcare expenditure in the region.
Key players operating in the stem cell therapy market are Mars Inc., Nestle SA (Purina), Church & Dwight Co Inc., The Clorox Company, Dr. Elsey€TMs, Oil-Dri Corporation of America, Pestell Pet Products, Zolux Sas, Cat Litter Company, and Healthy Pet. These companies are focused on developing novel stem cell products through extensive R&D activities. They also undertake various business expansion strategies like acquisitions and partnerships to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it