The Global stem cell manufacturing market 2020 is expected to register a CAGR of 17.5% to reach USD 17.46 billion by 2023.
The growing awareness of the potential of stem cell products in medical applications among the masses is mainly causing the global stem cell manufacturing industry to expand at a rampant rate. Around the same time , major developments in the area of stem cell science are taking place and groundbreaking methods are found almost every year. This has drawn a large number of people to work in this field, thereby driving the manufacturing demand for stem cells to achieve limitless expansion. Market development is boosted by the growing use of stem cells to cure multiple disorders, an increasing number of stem cell organisations worldwide, and increasing public-private investment and support for stem cell-based research. The growing use of stem cells to cure different disorders, growing the number of stem cell organisations worldwide and increasing public-private investments and support for stem cell research have primarily benefited the world stem cell manufacturing industry.
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The global demand for the manufacture of stem cells is segmented into applications, products and end users.
The industry is segmented into surgery, research and cell banking, and tissue banking on the basis of use. The global stem cell manufacturing industry, based on the product, is segmented into stem cell lines, equipment, consumables, and cultural media. It is anticipated that the stem cell line segment will lead the market and record a substantial CAGR to reach USD 9.36 billion by the end of 2023. There is an rise in demand for stem cell lines because of their specific capacities for tissue reconstruction, replacement, and regeneration.
The industry is segmented into pharmaceutical / biotechnology firms & CROs and hospitals & stem cell banks on the basis of end users.
However, considerations such as the availability of less licenced stem cell treatment drugs for food and drug administration, complications associated with unproven stem cell treatment, and low government restrictions in underdeveloped countries are likely to curb the demand. Nonetheless, due to rising competitive dynamics, the increasing scope of the stem cell manufacturing market is also likely to contribute to growth. A prime strategy adopted by most organisations operating in this sector is to introduce universal treatment-based technologies for overall growth. Several firms have been operating in this sector for many years and have focused on intensive analysis as a primary method to attract growth.
The global region-based stem cell production industry is split between the Americas, Europe , Asia-Pacific, and the Middle East and Africa. In 2017, the US accounts for the highest market share and owns 49.1 percent of the entire market. The growing development of the region’s stem cell manufacturing industry is motivated by the increasing prevalence of cancer, the presence of a well-established pharmaceutical and biotechnology sector, the availability of innovative commercial products, and substantial government funding in the form of funds and grants in America. The main contributor to the region ‘s development is North America.
In 2017, Europe accounted for the second largest market share, and the regional market is expected to have a CAGR of 17.5% over the forecast period, and the Asia-Pacific market is forecast to be the fastest growing market. In this area, the attractive reimbursement scenario shown by government bodies for medical procedures has also helped the demand expand significantly.
The eminent players in the global stem cell manufacturing market are Dickinson and Company(US), Fujifilm (New York), Becton, Bio-Rad Laboratories, Inc(US), Bristol-Myers Squibb Company(US), Merck KGaA (Germany), Lonza (Switzerland), HiMedia Laboratories(India), Athersys, Inc(US), STEMCELL Technologies Inc.(US), and Thermo Fisher Scientific(US).
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