Market Size of North America Stem Cell Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 9.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North American Stem Cell Market Analysis
The North American stem cell market is expected to witness a CAGR of 9.5% during the forecast period.
In the context of COVID-19, government organizations in various countries, research institutes, and many biotech and pharmaceutical firms were focusing on effective and rapid technologies for the fast diagnosis of COVID-19. According to a research article titled "Mesenchymal Stem Cell Therapy for COVID-19: Present or Future" published in April 2020, mesenchymal stem cells are a safe and effective approach to the treatment of COVID-19. Mesenchymal Stem Cells (MSCs)-based immunomodulation treatment has been proposed as a suitable therapeutic approach and several clinical trials have begun. The positive results from such studies had led to the development of new therapies for COVID-19 and thus can propel the growth of the market. For instance, in May 2020, Lineage Cell Therapeutics received a grant of USD 5 million from the California Institute for Regenerative Medicine (CIRM) to support the use of vacuum filter-derived stromal cells, Lineage's allogeneic dendritic cell therapy, for the development of a potential vaccine against SARS-CoV-2, the virus that causes COVID-19. Thus, the COVID-19 had significant impact on market growth.
Factors such as increased awareness about umbilical stem cells and growing demand for regenerative treatment options, coupled with rising research and development initiatives to develop stem cell therapies and increasing approvals for clinical trials in stem cell research, are majorly driving the growth of the market. The area of stem cell-based therapies garners significant investments, and various clinical trials that require considerable support for expenditure are currently underway. Companies are fundraising to develop stem cell-based therapies to tackle many diseases. For instance, in January 2022, Cellino Biotech, a cell therapy manufacturing company, raised USD 80 million in Series A financing round. Cellino plans to expand access to stem cell-based therapies by building the first autonomous human cell foundry by 2025. As the applications of stem cell technologies in the treatment of diseases have ultimately increased, so has the overall adoption rate of these technologies across the region. This has led to increased investments by the market players for the development of novel therapies in this area.
Thus, owing to the abovementioned factors, the market is expected to project significant growth over the forecast period. However, expensive procedures and regulatory complications, may hinder the growth of the market.
