Stem Cells to Revolutionise the Future of Diagnostic and Therapeutic Medicine
- As improved R&D climate supports development, stem cell therapeutics market expected to boom globally
KUALA LUMPUR, Malaysia, Dec. 2, 2014 /PRNewswire/ -- Stem cells have the potential to transform healthcare by enabling the cost-effective treatment of many conditions that currently have poor treatment options. This will be particularly important for the rapidly growing aged population as well as the rising proportion of patients with neurological and chronic conditions. Stem cells may enable regenerative treatments that avoid traditional drugs, devices and surgery for these patient groups.
New analysis from Frost & Sullivan, Analysis of the Global Stem Cell Market, finds that the market earned revenues of US$40.01 billion in 2013 and estimates this to nearly triple to US$117.66 billion in 2018 at a compound annual growth rate of 24.1 percent. The study covers human adult and embryonic stem cells. While North America is the market leader with more than half of the global stem cell market share, the Asia-Pacific is expected to record the highest compound annual growth rate (CAGR) during the forecast period. In fact, the APAC stem cell market, which was valued at US$5.60 billion in 2013, is projected to increase to US$18.71 billion by 2018.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/APAC_PR_DJeremiah_P805-52_10Nov14.
"The overall R&D funding for stem cell research has increased significantly in the past 5 to 10 years and will reach desired heights in the years to come," said Frost & Sullivan Healthcare Consultant Sanjeev Kumar. "The number of venture capital firms investing in stem cell research has risen and government funding agencies have begun to acknowledge the future benefits of the stem cell industry."
While the stiff regulations that previously guarded stem cell research have begun to relax, other legal and ethical issues continue to hamper research. For instance, research institutes that adopt policies addressing concerns surrounding the use of human embryonic tissues may hinder the overall research process, which usually involves several collaborative enterprises. Other market challenges include insurers' reluctance to pay for expensive stem cell therapies and the likelihood that patients themselves will be unable to afford these treatments.
"The global stem cell industry is in an early stage of development, with a handful of small and large participants," noted Kumar. "In the near future, mergers, acquisitions and collaborations will accelerate growth, with multinational companies and larger pharmaceutical companies playing a key role in facilitating these activities. As the market evolves, standards and new regulatory frameworks are expected to ease market challenges."
In the meantime, the market's growth potential is being underlined by promising results from clinical trials and the escalating importance of stem cell banking services across the globe. Eventually, the technology is expected to play a crucial function in various areas including neurological disorders, orthopaedics, cancer, haematological disorders, injuries and wound care, cardiovascular diseases, spinal cord injuries, diabetes, incontinence and liver disorders. Therapeutics manufacturers are also likely to explore the relevance of stem cells in other areas and combine them with existing applications to enhance treatment options.
Analysis of the Global Stem Cell Market is part of the Life Sciences (http://www.lifesciences.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Analysis of the Global Infectious Disease Diagnostics Market, Western European Companion Diagnostics Market, Analysis of the Global Biosimilars Market, and Analysis of the US Retinal Therapeutics Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Stem Cell Market
P805-52
Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: djeremiah@frost.com
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: carrie.low@frost.com
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com
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