Number of pages: 120 | Report Format: PDF | Published date: 28 January, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
Report Attribute |
Details |
Historical Period |
2018 & 2019 |
Base year for estimation |
2020 |
Forecast period |
2021-2031 |
Market size in 2020 |
USD 10.57 billion |
Market size in 2031 |
USD 24.4 billion |
Growth Rate |
7.9% |
Segments covered |
Cell Source, Type and Application |
Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global immunohematology market was valued at US$ 10.57 billion in 2020 and is expected to register a revenue CAGR of 7.9% to reach US$ 24.4 billion by 2031.
Market Fundamentals
Stem cells are cells that have the unique ability to develop into different cell types called daughter cells. These new cells can range from muscle cells to brain cells. They help in replacing the damaged cells in the body. There are different types of stem cells including embryonic stem cells, adult stem cells, induced pluripotent stem cells, and perinatal stem cells. Different types of cells have different origins. Embryonic stem cells are derived from embryos that are three to five days old, and adult stem cells are derived from adult tissues such as bone marrow. Perinatal stem cells are derived from the amniotic fluid as well as umbilical cord blood. As stem cells have the potential to repair damaged tissue, scientists are conducting several studies on stem cells to cure various diseases or disorders.
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Market Dynamics
Growing public-private funding for stem cell research and the rising awareness related to therapeutic applications of stem cells are some of the factors driving the revenue growth of the stem cell market. Moreover, factors such as the increasing prevalence of chronic diseases such as cancer, the rising number of R&D activities related to stem cells, and the increasing demand for regenerative medicine are expected to boost the stem cell market revenue growth during the forecast period. However, ethical concerns and the possible risk of oncogene expression during the reprogramming of the cells are some of the factors likely to hinder the market revenue growth to some extent.
Market Ecosystem
The global stem cell market is analyzed from four perspectives: cell source, type, application, and region.
Stem Cells Market by Cell Source
Based on cell source, the stem cells market is segmented into human embryonic stem cells, adult stem cells, induced pluripotent stem cells, and other types of stem cells.
Adult stem cells are the most used cell type and account for the largest share of the stem cell market. Major factors attributing to the growth of this segment include low chances of rejection by the body and a high success rate. Moreover, as adult stem cells can be transformed into pluripotent stem cells, they have advantages over embryonic cells without affecting the embryo. These factors are positively driving the use of these types of cells.
Stem Cells Market by Type
Based on type, the stem cells market is segmented into allogeneic stem cell therapy and autologous stem cell therapy.
Autologous stem cell therapy is expected to be the fastest-growing segment during the forecast period. Advantages such as reduced chances of infection from an unknown donor and lower chances of rejection by the body are driving the segmental revenue growth.
Stem Cells Market by Application
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Based on application, the stem cells market is segmented into regenerative medicine and drug discovery & development.
Regenerative medicine segment accounts for the largest revenue share of the stem cell market. Factors attributing to the revenue growth of this segment include the rising number of research activities in the field of regenerative medicine using stem cells and the increasing prevalence of cancer. Moreover, growing awareness related to regenerative medicine for the replacement of damaged tissues is also driving their use.
Stem Cells Market by Region
Based on region, the global stem cells market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America accounts for the largest revenue share of the global stem cells market. Major factors attributing to the revenue growth of the stem cells market in this region include the rising public-private funding for R&D activities of regenerative medicine, increasing prevalence of chronic infectious diseases, and the presence of prominent players. Moreover, several ongoing studies using stem cells in the field of oncology, musculoskeletal disorders, and CNS disorders are further expected to fuel the market revenue growth rate during the forecast period.
Competitive Landscape
The prominent players operating in the global stem cells market include:
Strategic Developments
The global stem cells market was valued at US$ 10.57 billion in 2020.
The global stem cells market is projected to reach US$ 24.4 billion by 2031.
Growing public-private funding for stem cell research and the rising awareness related to therapeutic applications of stem cells are among the major factors responsible for the revenue growth of the global stem cell market.
Pfizer Inc., Osiris Therapeutics, Inc. (Smith & Nephew), ReNeuron Group plc, and GlaxoSmithKline plc are among the top players operating in the global stem cells market.
The global stem cells market is expected to register a revenue CAGR of 7.9% during the forecast period 2021-2031.
North America accounts for the largest revenue share of the global stem cells market.
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