The Stem Cell Manufacturing market is projected to grow with a CAGR of nearly 12. 9% over the forecast period. The major factors attributing to the growth of the market include the technological advancements in stem cell manufacturing and preservation and growing public awareness about the therapeutic potency of stem cell products.
New York, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stem Cell Manufacturing Market - Growth, Trends, and Forecast (2020 - 2025)" - https://www.reportlinker.com/p05974136/?utm_source=GNW
According to California Institute for Regenerative Medicine, for the millions of people around the world who suffer from incurable diseases and injury, Stem Cell Awareness Day, October 11th is a day to celebrate the scientific advances made to-date. Research and academic institutions and educators are encouraged to participate by hosting public talks and other activities and events in their community. Furthermore, the growing growing public-private investments and funding in stem cell-based research is boosting the market growth. However, the gaining popularity of alternative procedures is the major drawback of market growth.
Key Market Trends
Stem Cell Banking Segment is the Fastest Growing Segment in the Stem Cell Manufacturing Market.
Stem cell bank is a provision that stores stem cells developed from amniotic fluid for future use. Stem cell samples in private banks are stored specifically for use by the individual person from whom such cells have been collected and the banking costs are paid the person. The sample can later be recovered only by that individual and for the use by such individual or, in many cases, by her or his first-degree blood relatives.
The major factor driving the growth of the segment is the increasing public demand for cord blood stem cell banking and rising awareness regarding the prospective advantages of stem cell preservation. Furthermore, stem cells have been proven to treat approximately 80 diseases and disorders including hematopoietic disorders, immunodeficiency diseases, metabolic disorders, etc. With the continued increase in per capita disposable revenue across developing countries and an expected decrease in product costs associated with stem cell therapies, increasing public awareness and the adoption of stem cell therapies, are the reasons driving the segment growth.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high concentration of stem cell research in the region, mounting public-private funding and grants to support the clinical evaluation of stem cells for various applications, robust research infrastructure, and raising public awareness on the therapeutic potency of stem cells. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase market growth.
The Stem Cell Manufacturing market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Becton, Dickinson and Company, Cellular Dynamics (Fujifilm Holdings Corporation), Lonza Group, Stemcell Technologies, Merck Group, Thermo Fisher Scientific, and Pluristem Therapeutics Inc among others.
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