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Global stem cell therapy market to reach USD 496 M by 2024

Global stem cell therapy market is expected to grow at the CAGR of 10.6% during the forecasted time period of 2019-2024 to reach USD 496 million by 2024 from USD 280 million in 2018 because of the increasing demand for the therapeutic application of stem cell due to increasing chronic illnesses.

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Definition / Scope

Stem cell therapy is the application of stem cells, which have the ability to divide and differentiate into almost every cell type in the body, in order to treat or prevent health illnesses or disorder. More than 60,000 transplantation of the stem cell occurs every year.[1] For this therapy, cord blood cells, adipose tissue mesenchymal stem cell, and bone marrow-derived mesenchymal stem cell are used. Bone marrow transplant is the most widely used type of stem cell therapy. It is comprised of both allogeneic and autologous components. On the basis of end-users and application, its market is comprised of the following segments:

On the basis of the application

  • Gastrointestinal diseases
  • Musculoskeletal disorders
  • Cancer
  • Cardiovascular diseases
  • Wound and injuries

On the basis of end-users

  • Biotechnology companies
  • Hospitals and Research institutes
  • Contract research organizations,
  • Stem cell banks

Market Overview

Global stem cell therapy was valued at USD 280 million in 2018 [2] and is expected to grow at the CAGR of 10.6% during the forecasted time period of 2019-2024[3] to reach USD 496 million by 2024. The North American Stem cell therapy remain the largest segment and is showing the fastest growth rate of 11.5% because of the rising awareness and high investment in research and development activities.[4] [5] At the country level, the US is projected to grow at the highest rate because of increasing awareness of stem cell usage on the treatment of health disorders [6]

The allogenic segment accounts for the largest segment and is growing at a faster rate of 11.2% because of its large-scale applications, and easy production scale-up commercialization process.[7] [8] Adipose-derived mesenchymal stem cell holds the largest market share of 59.1% while the bone marrow segment is expected to grow at the highest CAGR of 12.1% within the forecasted time period of 2019-2024. [9] On the basis of application, Musculoskeletal disorder segment has the largest market share of 61.1% because of the increasing prevalence of musculoskeletal disorders and growing patient preferences for effective and early treatment strategies. [10]

Key Metrics

Metrics Value Explanation
Base Year 2018 Researched through internet


Market Risks

  • Complications from own and donor stem cells

The complication associated with stem cell therapy from own stem cells are anemia, infections, interstitial pneumonia, liver damage, etc and the most common complication from donor stem cells is graft versus host disease. About 75% of the people in UK don;t find a matching donor.[11] Almost 30-70% of the patients receiving stem cells from the donor are affected with graft versus host disease.[12] This illness is quite serious and even life-threatening too. So, it might create a risk for the growth of stem cell therapy.

Top Market Opportunities

  • Rising stem cell banking

Globally, the market size of the stem cell banking was valued at USD 6.68 billion in 2018 and is expected to grow at the CAGR of 10.4% within the forecasted time horizon of 2019-2025. It is estimated to reach USD 13.36 billion by 2025.[13] Its growth is driving the development of the whole stem cell market.

  • Financial Support for research on the stem on stem cell therapy

Research activities on the stem cell and its application are often funded either by the governmental agencies or other institutes. For instance, in the context of Australia, the federal government has provided the fund of USD 150 million to Stem cells Australia and the University of Melbourne in order the develop the innovative ways of treatment of congenital heart disease, stroke, dementia, etc through the research activities. While in the context of the USA, NIH provides the grant for the research on stem cell therapy. These efforts are driving the growth for the research activities, ultimately promoting the development of the stem cell therapy market globally.

Market Drivers

  • Increasing prevalence of chronic diseases

Chronic illness such as cancer, osteoarthritis, multiple sclerosis, leukemia, heart failure, hearing loss and cerebral palsy which are treated with stem cell therapies are in increasing trend. In every 14 minutes, a person is diagnosed with blood cancer. Almost 2,000 people are in need of stem cell therapy every year only in the UK.[14] Especially, the growing prevalence of cancer is driving the market for the stem cells. Almost 900 million people are expected to have hearing loss by 2050 and 60% of it is caused due to preventable causes among children.[15] It is driving the growth of the market of stem cell therapy.

  • Identification of new stem cell lines and cellular therapies

New stem cell lines are developed in order to deal with the existing dynamism of disease epidemiologic transition. For instance, the University of Michigan has developed innovative procedures for the creation of cardiac muscle cell through the use of induced pluripotent stem cells obtained from the skin. Along with this, the transplant of iPSCs is introduced among human in Japan.[16] Technological development and initiation of new therapeutic approaches are driving its market growth.

  • Increasing awareness and positive attitude towards therapeutic application of stem cell

A cross-sectional study conducted by Jee et al in Malaysia has revealed that almost 92% of the study participants had heard about stem cell and 76.1% of them have a positive attitude towards its therapeutic potential [17] Along with this, another survey conducted by Frati et al in Italy have also shown that about 92% of them have general knowledge about the stem cell and 86% of them were aware of therapeutic applications of the stem cells.[18] In another survey conducted in Saudi Arabia among recent graduates of dentistry has shown that almost 61.3% of participants are willing to recommend this therapy if available.[19] The increasing level of awareness and a positive attitude towards stem cell therapy is creating a significant opportunity for the growth of its market.

Market Restraints

  • High cost of transplantation

The stem cell therapy is one of the most expensive treatments procedure. Among all top expensive medical procedures, an allogeneic bone marrow transplant and bone marrow transplant is the top fourth and eighth most expensive medical procedure respectively. The cost of the allogenic bone marrow is USD 892700 while the cost of the autologous bone marrow transplant is USD 409600.[20] This high cost might restrain the growth of its market.

Industry Challenges

  • Ethical issues in stem cell research

In order to create the embryos for the research purposes in stem cell therapy, the informed and voluntary consent must be obtained from the oocyte donors. Along with this, the research company must provide payment to oocyte donors and protect donors from medical risks and reproductive interests. It is quite challenging for the research company to comply with the ethical issues associated with stem cell therapy.

Technology Trends

Advancement in technology is leading the new opportunities for the development of innovative procedures and research ideas in the aspects of stem cell therapy. Over the past decade, the following most important technological changes occurred:

  • Molecular Imaging techniques

It includes single-photon emission computed tomography, Positron Emission Tomography, Fluorescence molecular imaging, and magnetic resonance imaging.[21] It facilitates to quantify the biological process at a very minute level i.e. at the cellular and molecular level in living organisms. It is utilized in stem cell therapy and research activities mainly of cardiovascular and neurological diseases.

  • Isolation and culture technology

Innovative methods of isolation are suspension technology and SB431542 Inhibitor Differentiation technique. The suspension technology is used to standardize the research related to induced pluripotent stem cell and inhibitor differentiation method is used in the research of the mesenchymal stem cells.

  • Micro-fabricated devices

This is the technology used to provide critical information about the biological system of living organisms. Along with this, it helps to traps and influence cells and their microenvironment. It is also known as lab-on-chip devices.

  • Microfluidic Microwell

It is an in the Vitro culture system, which is used for the tracing, signaling and other cell functioning of the stem cell through the use of the microscope. It facilitates the ability to load cells in wells and promote optimal cell culture.

  • Microengraving technology

It has enabled the analysis of secretions from the cells localized microwell and retrieves target cells after cloning. It is applied to profile the underlying mechanism for stem cell function.

Pricing Trends

The cost of stem cell therapy depends upon the type of the stem cell, the number of treatments required, its application, technological availability, and manufacturing company. Because of this, its cost varies within and between the countries in the global context. For instance, the cost of stem cell treatment for knees is about USD 3000 to USD 5000 per knee in the USA.[22] while the cost of stem cell treatment provided by The Boston Stem Cell Center In the USA ranges from USD 900 to USD 6000 in general.[23] Its cost ranges from USD 5000 to USD 8000 in the context of Canada for orthopedic and musculoskeletal conditions. For the treatment of the whole body, it costs USD 20,000 to USD 30,000 in the context of neurogenerative diseases such as Alzheimer's disease.[24] The average cost of stem cell treatment ranges from USD 7500 to USD 10000 in 2018.[25] The cost per a stem cell treatment in some of the countries are discussed as follows:

  • Panama: USD 22,000
  • Mexico: USD 33000
  • India: USD 20,000 to USD 37000
  • China: USD 30,000 to USD 35,000

Regulatory Trends

Stem cell research using human beings is only allowed in the European Union (Sweden, Spain, Finland, Belgium) but are prohibited and illegal in some European countries(Germany, Austria, Italy), Africa (except South Africa), and South America (except Brazil). In the context of Asian pacific countries, human reproductive cloning is banned in China, India, South Korea, Philippines, etc. However, therapeutic cloning is permitted in India and South Korea. Some of the regulatory policies are:

  • Human Fertilisation and Embryology Act: This act is developed by the parliament of England. According to it, the research institutes are allowed to destruct the embryo and harvest human embryogenic stem cells.
  • Human Tissue Act: It is enacted by the parliament of South Africa, which gives permission for the research activities on the embryos. It is guided by the South African Medical council Ethics Guidelines.
  • Stem Cell Therapeutic and Research Act: It was developed by the United States of America. According to this, federal funding is provided for creating new cell lines.
  • Assisted Human Reproductive Act: It was developed by the Canadian parliament, which prohibits the creation of embryos for research purposes and criminalization of commercial transactions in human reproductive tissues.

Market Size and Forecast

Globally, the total market size of stem cell therapy was valued at USD 280 million in 2018 [26] and is expected to grow at the CAGR of 10.6% during the forecasted time period of 2019-2024[27] to reach USD 496 million by 2024.

On the basis of the type of stem cell

  • The Adipose-derived MSCs holds the largest market share of 59.1% of total global stem cell therapy market. Its market size was valued at USD 165.2 million in 2018.
  • The bone marrow segmented is expected to grow at the highest CAGR of 12.1% within the time horizon of 2019-2024. [28] it might be due to the increasing prevalence of the special forms of cancer such as leukemia.

On the basis of the source of stem cell

  • The allogenic segment accounts for the largest segment i.e. of 95.2% [29] with the market value of USD 266 million in 2018. It is also growing at a faster rate i.e. of 11.2% because of its large-scale applications, and easy production scale-up commercialization process. [30]
  • The autologous stem cell therapy accounts for the remaining 4.8% of total stem cell therapy market with the market size of USD 13.44 million in 2018. It is expected to grow at the CAGR of 10% during 2019-2024 because of the strong efficacy and high compatibility with the patient immune system [31]

On the basis of application

  • Musculoskeletal disorder segment has the largest market share of 61.1% because of the increasing prevalence of musculoskeletal disorders and growing patient preferences for effective and early treatment strategies. [32] while the cardiovascular disease segment is expected to grow at the highest CAGR of 13% within the forecasted time period of 2019-2024. The market size of musculoskeletal disorder segment was valued at USD 170.8 million in 2018.
  • The Oncology segment accounts for 35% of the total market share [33] with the market value of USD 98 million in 2018.

On the basis of geography

  • The American Stem cell therapy holds the largest market share of almost 56%[34] with market size of USD 156.8 million in 2018. It is expected to grow at the fastest growth rate of 11.5% because of the rising awareness and high investment in research and development activities. [35] [36]
  • Europe, Middle East, and African countries (EMEA) region holds the second largest market share of almost 24% with a market value of USD 67.2 million in 2018.
  • The Asia Pacific (APAC) region holds the market share of 20% of total sem cell therapy market[37] with its market value of USD 56 million in 2018
  • At the country level, the US is dominating the stem cell market, which holds about 77.4% of total American Market.[38] Its market size was valued at USD 120.7 million in 2018 and is expected to will grow at the highest CAGR because of increasing awareness of stem cell usage on the treatment of health disorders [39]
Global stem cell regio market share.pngGlobal stem cell share cell source.pngGlobal stem cell application.png

Market Outlook

Globally, the stem cell therapy market is expected to grow at the CAGR of 10.6% within the forecasted time horizon of 2019-2024. it is expected to reach USD 308 million by 2019 and USD 496 million by 2024 because of the rising chronic health issues and rising research works on the application of the stem cell.

Global stem cell Market size.png

Distribution Chain Analysis

Research institutions are responsible for the development of new ideas, techniques, and technology for the stem cell treatment market. Biotechnological companies and non-governmental organizations develop the stem cells and the treatment therapies are available at the health institutions such as the hospital to the patients or consumers. So, the key stakeholders engaged in the stem cell therapy market are research institutions, biotechnological companies, stem cell banks, hospitals, and other health institutions.

Key Market Players

The key market players engaged in the development, manufacturing, and distribution of stem cell therapy are Osiris Therapeutics, RTI surgical, Medipost co, Nuvasive inc, Holostem Terapie Avanzate, JCR pharmaceuticals, etc. Short company profile of these key market players are as follows:

Global stem cell market players.png

Strategic Conclusion

Global stem cell therapy market is in the growth stage and is expected to grow at the CAGR of 10.6% within the forecasted time period of 2019-2024 because of the increasing prevalence of chronic illnesses and rising research and development activities in stem cell treatment. However, the ethical issues associated with its research activities and high cost of transplantation might restrain its growth.

References

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  2. https://www.marketwatch.com/press-release/stem-cell-therapy-market-size-will-grow-at-207-cagr-to-exceed-710-million-usd-by-2024-2019-06-19
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Appendix

  • NGO= Non-governmental Organization
  • iPSCs= Induced pluripotent stem cells
  • MSCs= Mesenchymal stem cells
  • USD= United States Dollars
  • CAGR= Compound Annual Growth Rate


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