(PharmaNewsWire.Com, December 21, 2023 ) The report "Stem Cell Therapy Market by Type (Allogeneic, Autologous), Cell Source (Adipose Tissue, Bone Marrow, Placenta/Umbilical Cord), Therapeutic Application (Musculoskeletal, Wounds, Surgeries, Inflammatory, Autoimmune, Cardiovascular) - Global Forecast to 2028", is projected to reach USD 615 million by 2028 from USD 286 million in 2023, at a CAGR of 16.5% during the forecast period.
The global stem cell therapy market is expected to grow at a CAGR of 16.8% during the forecast period. The major factors driving the growth of the market are expanding number of clinical trials of stem cell therapies, rise in stem cell research funding and and growing number of GMP-certified cell therapy production facilities. However, high costs associated with the development of stem cell therapy and treatment is anticipated to hamper the market growth in coming years.
The adipose tissue-derived MSCs segment dominated the stem cell therapy market in 2022.
The global stem cell therapy market is segmented into adipose tissue-derived MSCs, bone marrow-derived MSCs, placenta/umbilical cord-derived MSCs, and other cell sources. Prominent factors such as easy availability of adipose-derived stem cell tissues and its diversified properties properties similar to other mesenchymal stem cells/tissues is likely to uplift the demand for adipose tissue derived MCs.
In 2022, the musculoskeletal disorders led the stem cell therapy market.
Based on therapeutic application, the global stem cell therapy market is segmented into musculoskeletal disorders, wounds & surgeries, cardiovascular diseases, surgeries, inflammatory & autoimmune diseases, neurological disorders, and other therapeutic applications. The large share of this segment can be attributed increasing prevalence of musculoskeletal diseases. Increasing investment in stem cell therapy for neurological diseases is likely to skyrocket the segment in coming years.
The Asia Pacific region is likely to grow at faster pace during the forecast period.
The Asia Pacific is estimated to be the fastest-growing segment of the market. The growth of the stem cell therapy markets in the region is driven by a rising emphasis on strategic initiatives such as partnerships, collaborations & expansion and increased adoption of stem cell therapies among the patient population. The rising prevalence of cancer and increased investment in research & development of the launch of novel stem cell therapies in the region are some of the major factors anticipated to upsurge the market growth.
The stem cell therapy market is competitive, with a small number of players competing for market shares. Smith+Nephew (UK), MEDIPOST Co., Ltd. (South Korea), Anterogen Co., Ltd. (South Korea), CORESTEM (South Korea), Pharmicell Co., Ltd. (South Korea), NuVasive, Inc. (US), RTI Surgical (US), AlloSource (US), JCR Pharmaceuticals Co., Ltd. (Japan), Takeda Pharmaceutical Company Limited (Japan), Holostem Terapie Avanzate Srl (Italy), Orthofix (US), Regrow Biosciences Pvt Ltd. (India), and STEMPEUTICS RESEARCH PVT LTD. (India) among others are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as product launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their product offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
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