DUBLIN–(BUSINESS WIRE)–The “Stem Cell Technologies and Applications Market Report 2023-2033” has been added to ResearchAndMarkets.com’s offering.
World revenue for the Stem Cell Technologies and Applications Market is forecast to surpass US$10 billion in 2023.
Growing government support for stem cell research and development is fuelling the growth of stem cell companies. In 2022, we saw a number of significant developments in this area. Global governments are making significant investments in stem cell research. For instance, the US National Institutes of Health (NIH) funded stem cell research with $3.7 billion in 2022. New programmes are being introduced by governments to assist stem cell companies. In 2022, for instance, the UK government established a new fund worth £30 million ($37 million) to assist stem cell firms in introducing novel therapies to the market.
Furthermore, there is a developing trend in the industry. This indicates that investors’ interest in this industry is rising. Verve Therapeutics, a stem cell firm, raised $100 million at its first public offering (IPO) in 2022.
The following are a few specific advances in stem cell companies that happened in 2022:
- Clinical studies for stem cell therapies: In 2022, several stem cell therapies were introduced into clinical trials. For instance, a Phase 3 clinical trial for the stem cell therapy for sickle cell disease was started by Bluebird Bio.
- Regulatory clearances for stem cell companies: In 2022, a number of stem cell companies were granted regulatory approvals. For instance, Kite Pharma, a stem cell business, was approved by the FDA to use stem cells to treat non-Hodgkin lymphoma.
These are but a handful of the numerous advancements that the stem cell sector saw in 2022. This rise is mostly due to the growing support from the government, which is expected to encourage the creation of new stem cell medicines as well as the expansion of stem cell companies in the years to come.
High Cost of Stem Cell Therapies to Hamper Industry Growth
A variety of illnesses and disorders may be treated or made better with the help of stem cell therapy, a cutting-edge medical innovation. The high expense of stem cell therapy is one of the main obstacles, though. Depending on the type of stem cells utilised, the ailment being treated, and the location of the treatment centre, the average cost of stem cell therapy today ranges from $5,000 to $50,000.
The high price of stem cell therapy is caused by a variety of variables. The price of creating and developing stem cell therapies is one of the factors. The production of stem cell therapies is difficult and demands a high level of knowledge and technology. The expense of stem cell therapies is further increased by the fact that they are frequently customised for each patient.
The absence of insurance coverage is another reason that raises the price of stem cell therapy. Due to the fact that stem cell therapy is currently regarded as an experimental procedure, the majority of insurance companies do not cover it. This implies that patients frequently bear the financial burden of covering the entire expense of treatment.
Market Dynamics
Market Driving Factors
- Rising Awareness About Stem Cell Therapies
- Government Support for Stem Cell Research
- Increasing Number of Clinical Trials
Market Restraining Factors
- High Cost of Stem Cell Therapies
- Lack of Regulatory Clarity
Market Opportunities
- Increasing Investment in Stem Cell Research and Development
Segments Covered in the Report
Type Outlook
- Allogeneic Stem Cell Therapy
- Autologous Stem Cell Therapy
Cell Source
- Adipose Tissue-derived MSCs
- Bone Marrow-derived MSCs
- Placental/Umbilical Cord-derived MSCs
Product
- Adult Stem Cells
- Human Embryonic Stem Cells
- Induced Pluripotent Stem Cells
- Very Small Embryonic Like Stem Cells
Technology
- Cell Acquisition
- Cell Production
- Cryopreservation
- Expansion & Sub-culture
- Other Technology
Application
- Cancer
- Cardiovascular Diseases
- Neurological Disorders
- Inflammatory & Autoimmune Diseases
- Musculoskeletal Disorders
- Other Applications
End-Use
- Pharmaceutical & Biotechnology Companies
- Hospitals & Cell Banks
- Academic & Research Institutes
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and the U.S., China, U.K., India, and Brazil leading national markets.
The report also includes profiles and for some of the leading companies in the Stem Cell Technologies and Applications Market, 2023 to 2033, with a focus on this segment of these companies’ operations.
- Athersys
- Becton, Dickinson
- Biorestorative Therapies
- CELLAION
- Cynata Therapeutics
- Merck
- Mesoblast
- Plus Therapeutics
- Sangamo Therapeutics
- STEMCELL Technologies
- Thermo Fisher Scientific
- Vericel
For more information about this report visit https://www.researchandmarkets.com/r/4zyqd8
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900