Global Stem Cell Manufacturing Market Research Report by Product Stem Cell Lines, Instruments, Culture Media, Consumables by Application Research, Target Identification, Therapy, Cell & Tissue Banking, by End User Hospitals, Others – Forecast Till 2023
Market Drivers and Key Barriers
The manufacturing of stem cells involves cells culturing that has been obtained from bone marrow or the blood cells around it, which can then be developed into specialized types of cell. Therefore, a significant upsurge has been noted in terms of demand to repair or replace damaged cells as well as tissues using regenerative medicines. The elevated rate of adoption of regenerative medicine has given way to numerous growth opportunities within the market that are set to be capitalized over the next couple of years.
Stem cells have made their way into the field of treating a range of diseases and are predicted to gain immense traction in the subsequent years. The Stem Cell Manufacturing Market is a budding market, with the continuous developments occurring in quality engineering luring in several international giants into the competitive landscape.
A large number of clinical trials are inching close to the final stage, which is bound to elevate the market position of stem cell manufacturing during the evaluation period. But, the scarcity of FDA approved stem cell treatment products could have a debilitating effect on the market growth in the near future.
Having said that, the progressively rising trend of surging public-private investments in research and development based on stem cell is expected to prevail throughout the appraisal period. This factor is prognosticated to help the stem cell manufacturing market surge manifolds in the coming years. Citing a reference, Promethera Biosciences SA, a global company with expertise in cell-based medicines and liver diseases, has closed a series D financing valued at USD 44.4 Mn, in order to accelerate its HepaStem clinical program, in addition to elevating its manufacturing operations.
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The renowned manufacturers are currently indulging in corporate acquisitions, product launches, and geographic expansions in a bid to attain a better position in the global market. Furthermore, the companies are seeking the help of e-commerce for distribution of their products. Other than this, various companies are also striving to expand their international footprints by penetrating the untapped markets.
Some of these players in the global stem cell manufacturing market include HiMedia Laboratories (India), Bio-Rad Laboratories Inc (US), Athersys Inc (US), Lonza (Switzerland), Becton, Dickinson and Company (US), Fujifilm (New York), Bristol-Myers Squibb Company (US), Thermo Fisher Scientific (US), STEMCELL Technologies Inc. (US), Merck KGaA (Germany), and others.
The global market for stem cell manufacturing is segmented based on application, product, and end user.
With respect to the application, the market is considered for therapy, research and cell, and tissue banking.
The stem cell manufacturing market, in terms of product, caters to stem cell lines, instruments, consumables, and culture media. Among these, the stem cell lines segment is expected to cover the largest portion of the market, displaying a lucrative CAGR of 7.9% to attain the valuation of USD 9,366.9 million by 2023. On account of its exceptional qualities of repairing, replacing, and regenerating tissues, the demand for stem cell lines has surged at a considerable pace in recent years.
The end-users covered by the report are pharmaceutical/biotechnology companies & CRO and hospitals & stem cell banks.
May 2019: KangStem Biotech has finished the construction of its stem cell drug plant in Gyeonggi Province, which is said to be the world’s biggest-capacity plant that manufactures stem cell therapies. The plant has the capacity to produce five times more drugs compared to the facilities built before and manufactures about 36,000 vials of Furestem-AD every year.
The worldwide market for stem cell manufacturing is spread across the main regions of Europe, the Americas, Asia Pacific, as well as the Middle East & Africa.
In 2017, the Americas had been identified as the largest market for stem cell manufacturing, with the region predicted to maintain its lead even during the conjectured time frame. The region houses several well-established biotechnology and pharmaceutical companies, which is expected to catalyze the development of the regional market for stem cell manufacturing. In addition, the rising burden of cancer in the region is anticipated to trigger the demand for innovations in stem cell therapies, thereby elevating the market position within the region.
Europe has managed to climb the global chart at a significant pace, accumulating the second-largest share in the overall market. The crucial factors helming the growth of the regional market include the constant efforts being put in by prominent manufacturers, increasing the prevalence of cancer, elevated healthcare expenditure, and the rise in technologically advanced products.
The Asia Pacific market for stem cell manufacturing is believed to be growing at the fastest rate across the globe. The strong market growth in the region is the result of a highly favorable reimbursement scenario backed by various governmental bodies pertaining to medical procedures. The market in the region also benefits from an expanding geriatric population coupled with the growing demand for relevant treatment processes.
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