Market Trends of Global Stem Cell Industry
This section covers the major market trends shaping the Stem Cell Market according to our research experts:
The Oncology Disorders Segment is Expected to Exhibit the Fastest Growth Rate Over the Forecast Period
The global cancer burden has been increasing, and thus, cancer therapies must be modified according to regional and national priorities. As per the data published by the International Agency for Research on Cancer 2020, globally, 1 in 5 people develop cancer during their lifetime, and 1 in 8 men and 1 in 11 women die from the disease. Breast, colorectal, lung, cervical, and thyroid cancers are common among women, whereas lung cancer and prostate cancer are the most common among men, together accounting for nearly one-third of all male cancers.
A bone marrow transplant, or stem cell transplant, is a treatment for some types of cancer, like leukemia, multiple myeloma, neuroblastoma, or some types of lymphoma. For cancer treatments, both autologous and allogeneic stem cell transplants are done. Autologous transplants are preferred in the cases of leukemias, lymphomas, multiple myeloma, testicular cancer, and neuroblastoma.
The strategic initiatives taken by the market players are also propelling the growth of the segment growth. For instance, in February 2020, the Global Institute of Stem Cell Therapy and Research (GIOSTAR) inaugurated a new stem cell and cancer research and therapy center in Chandigarh, India. This facility represents the latest milestone in global expansion efforts spearheaded by GIOSTAR in India, Mexico, the United States, and numerous other countries.
Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America dominated the overall stem cell market, with the United States contributing the largest share of the market. The United States and Canada have developed well-structured healthcare systems. These systems also encourage research and development. The increasing number of cancer cases is providing opportunities for market players. The major market players are focusing on R&D activities to introduce new stem cell therapies in the market. Additionally, according to the American Cancer Society, in 2022, there were an estimated 1,918,030 new cases of cancer in the United States, and 609,360 deaths were notified in the year 2022. It also reported that in males, the leading cancer sites in the country are prostate while in females it is breast cancer. Such an increasing burden of the disease is expected to propel the growth of the market.
In addition, the current situation of COVID-19 is another factor driving the growth of the market in the country, as research activities are undergoing for the treatment of COVID-19. Stem cell therapy could also be a promising approach for the treatment of COVID-19 in the future. 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 VAC, Lineage's allogeneic dendritic cell therapy, for the development of a potential vaccine against SARS-CoV-2, the virus that causes COVID-19.
Furthermore, in April 2021, Vertex Pharmaceuticals Incorporated received the United States Food and Drug Administration (FDA) Fast Track Designation for VX-880, and the company initiated a clinical trial for VX-880 in patients who have type 1 diabetes (T1D) with severe hypoglycemia and impaired hypoglycemic awareness. VX-880 is one of the first investigational stem cell-derived therapies utilizing fully differentiated, insulin-producing pancreatic islet cells for the treatment of type 1 diabetes. Such a fast approval procedure is expected to drive the growth of the market.
Thus, owing to the abovementioned factors, the North American region is expected to grow over the forecast period.
