Stem cells are regenerative cells that are capable of differentiating into different kind of specialized cells. Stem cells are thus, biological cells which are used in R&D activities for the discovery of regenerative drugs. Regenerative medicines are capable of restoring the functionality of damaged cells and tissues hence they play significant role in the treatment of various diseases. Regenerative medicine can be used for the treatment of organs that have become permanently damaged. Combination of these approaches amplifies the natural healing process where they are needed the most.
Market Size & Forecast
Stem cell and regenerative medicine market is anticipated to record a significant CAGR of 4.8% with a lucrative growth over the forecast period. The market is majorly driven by technological advancement in diagnostic devices. According to Globocan, in the year 2012, there were over 14 Million cases of different cancers reported all over the globe out of which about 47% were women. Also according to World Health Organization (WHO), in 2012 there were over 1.5 Million deaths caused due to diabetes.
Global Stem Cell & Regenerative Medicine Market is expected to grow at a significant pace in future. A number of factors such as increasing disease incidence rates across the globe for diabetes, cardio-vascular diseases such as stroke, hypertension, etc., cancers that are difficult to treat and/or recover from post treatment, neurodegenerative diseases such Parkinson’s disease, Alzheimer's Disease etc., along with a rising geriatric population have resulted in an increasing demand for more efficient therapeutic strategies, one of which is stem cell therapy for regenerative medicine.
On the basis of regional platform, global stem cell and regenerative medicine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North-America holds the highest shares in global stem cell and regenerative medicine market followed by Europe due to growth and expansion of pharmaceutical industry in the region. Globally, Asia Pacific is expected to see highest compound annual growth rate and is showcasing huge potential for the stem cell manufacturers to expand and strengthen their business in the region. This is due to the highest population along with increasing rate of cost efficient therapies in this region compared to the rest of the world. This rapid growth is mostly due to escalation of medical tourists from Europe & America who are attracted by lower prices for procedures, highly skilled medical professionals & smaller waiting list in countries such as China & India.
Our-in depth analysis of the global stem cell and regenerative medicine market includes the following segments:
Global Stem cell and regenerative medicine Market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Global healthcare industry is booming on the account of increasing awareness about chronic diseases and rising disposable income. The massive growth of healthcare industry is growing the stem cell and regenerative medicine market all over the globe. Increasing research expenditure on stem cells indicates promising growth of stem cell & regenerative medicine in the upcoming years. In addition, research funding is being provided by various government agencies such as department of health. According to U.S. Department of Health & Human Services, National Institutes of Health granted overall funding of USD 1.58 Billion in 2017. Moreover, this represented a growth of 24% as compared to funding in 2013.
Further, government organization supportive funding is expected to contribute to the growth of stem cell and regenerative market. Medical tourism is an evolving global trend, taking place in many developed and developing countries across the globe. Also, many patients are travelling across the globe to obtain affordable and specialized medical treatment. Further, favorable government initiatives in various countries are positively impacting the growth of medical tourism market. For instance, in India, Government is encouraging inbound medical tourism through changing and relaxing medical visa norms. Moreover, economical medical treatment options in developing nations such as India is likely to impetus the growth of stem cell & regenerative medicine market. However, stringent approval regulations are believed to limit the growth of stem cell and regenerative medicine. However, only cord blood stem cell based products has been licensed by FDA. This factor is believed to pent-up the growth of stem cell and regenerative medicine market.
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