PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532414
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1532414
Global Stem Cell Manufacturing market is estimated to be valued at USD 12.8 Bn in 2024 and is expected to reach USD 30.2 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 12.8 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
Forecast Period 2024 to 2031 CAGR: | 13.00% | 2031 Value Projection: | US$ 30.2 Bn |
The global stem cell manufacturing market has been witnessing significant growth in the recent past due to the increasing incidence of chronic diseases and rapid advancement in stem cell-based therapies. Stem cells have the potential to treat various degenerative diseases and regeneration of damaged tissues. Moreover, the rising investments by pharmaceutical companies in R&D activities focused on developing stem cell therapies and products is fueling market growth. However, high costs associated with stem cell therapies and ethical issues related to stem cell procurement may hinder the market expansion.
The key drivers spurring the growth of global stem cell manufacturing market include growing prevalence of chronic diseases globally, increasing success of stem cell-based therapies, rising funding from public and private players for stem cell research. However, high costs associated with stem cell therapies and ethical issues related to stem cell procurement may restrain the market growth. Moreover, expanded applications of stem cells in drug discovery and development is expected to present lucrative opportunities for market players over the forecast period. for instance according to WHO In February 2022, increasing awareness of the therapeutic potential of stem cells is fueling market expansion. Stem cell treatments are increasingly used for cancer and various blood and immune disorders. WHO data indicates cancer as a leading cause of death globally, with nearly 10 million deaths in 2020 alone. With breast, lung, colon, rectum, and prostate cancers being the most common, market players are focusing on developing new stem cell therapies for cancer treatment.
Detailed Segmentation-