Massive Growth Seen in Stem Cell Therapy Market 2020-2027
The stem cell therapy market was valued at US$ 1,534.55 million in 2019 and is expected to grow at a CAGR of 16.7% from 2020 to 2027 to reach US$ 5,129.66 million by 2027.
Stem cells are preliminary body cells from which all other cells with specialized functions are generated. Under controlled environment in the body or a clinical laboratory, these cells divide to form more cells called daughter cells. Due to the advent of modern health science, these cells play a major role in understanding the occurrence of diseases, generation of advanced regenerative medicines, and drug discovery. There are certain sources such as embryo, bone marrow, body fats, and umbilical cord blood amongst others, where stem cells are generated. The global stem cell therapy market is driven by factors such as increasing awareness related to the stem cells therapy in effective disease management and growing demand for regenerative medicines. However, high cost related with stem cell therapy is likely to obstruct the growth of the stem cell therapy market during the forecast period. The growing research and development activities in Asia Pacific region is expected to offer huge growth opportunity for stem cell therapy market.
Based on end user, the Stem Cell Therapy market is segmented into academic and research institutes, hospitals and specialty clinics. The academic and research institutes held the largest share of end user segment in the global market and is expected to grow at the fastest rate during the forecast period.
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