Stem Cell Assay Market to Witness Considerable Growth Due to Rising Prevalence of Chronic Diseases
Stem Cell Assay Market to Witness Considerable Growth Due to Rising Prevalence of Chronic Diseases
Blog Article
Stem cell assays are procedures that are carried out for the identification, quantification, and characterization of stem cells. They help in assessing the functionality and potency of stem cells. Stem cell therapies have shown therapeutic potential in treating numerous chronic diseases such as cancer, cardiovascular diseases, diabetes, and neurological disorders.
The global stem cell assay market is estimated to be valued at US$ 1.2 billion in 2024 and is expected to exhibit a CAGR of 32% over the forecast period from 2024 to 2031.
Key Takeaways
Key players described us the Overview of stem cell assay market. Those are Thermo Fisher Scientific, Merck KGaA, GE Healthcare, Bio-Rad Laboratories, Promega Corporation, Cell Biolabs Inc., Hemogenix, STEMCELL Technologies Inc., and Bio-Techne Corporation.
The increasing R&D investments for developing stem cell-based therapies present lucrative growth opportunities for players in the stem cell assay market. Additionally, the growing number of clinical trials exploring the application of stem cells in regenerative medicine is anticipated to drive the demand for stem cell assays.
North America dominated the global Stem Cell Assay Market Share in 2024 and is expected to further expand its market share over the forecast period owing to the rising prevalence of chronic diseases and growing stem cell research in the region. However, Asia Pacific is anticipated to witness the fastest growth during the forecast period driven by increasing healthcare spending, clinical trials, and advancements in stem cell therapeutics.
Market drivers
One of the major drivers for the stem cell assay market growth is the rising prevalence of chronic and life-threatening diseases globally. As per estimates, chronic diseases accounted for approximately 60% of the global mortalities in 2020. Stem cell therapies offer promising treatment alternatives for cancer, neurological disorders, cardiovascular diseases, and diabetes. This is elevating the demand for stem cell characterization assays.
PEST Analysis
Political: The government policies and regulations regarding the use and applications of stem cells affect the stem cell assay market. Favorable regulations that support research and clinical trials can boost market growth.
Economic: The spending on healthcare and biotech research impacts the demand for stem cell assay products and services. Increased funding creates opportunity for market expansion. Higher disposable incomes also contribute to market revenues.
Social: Public acceptance and awareness about stem cell research influences Stem Cell Assay Market Challenges And Opportunities. Positive social perception regarding the therapeutic potential can drive investments. Ethical issues around stem cell research may negatively impact the market.
Technological: Advancements in stem cell biology and technologies used for stem cell characterization, purification, maintenance and differentiation have increased the applications of stem cell assays. Growing development of reagents, instruments and software tools are improving the sensitivity and accuracy of assays.
Geographical concentration
In terms of value, North America dominates the global stem cell assay market due to large biotech industry, rising healthcare expenditure, presence of major players and supportive government policies for stem cell research. The United States holds the largest market share in the region. Europe is another major revenue generator attributed to growing adoption and increasing focus on regenerative medicine in countries such as Germany, the United Kingdom and France.
Fastest growing region
Asia Pacific is poised to be the fastest growing region during the forecast period owing to improving healthcare infrastructure, growing public awareness, increasing government funding for life sciences research and expanding patient pool. Rising R&D investments by international companies to tap into large untapped opportunities are boosting the stem cell assay market in China, India and Japan.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)