Global Stem Cell Therapy Market to Surpass USD 33.6bn by 2026.
M2 PHARMA-July 25, 2019-Global Stem Cell Therapy Market to Surpass USD 33.6bn by 2026
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- The global stem cell therapy market was valued at USD7,342.0 m in 2018, and is projected to exhibit a CAGR of 21.0% during the forecast period (2018 2026), according to Coherent Market Insights.
Increasing collaboration activities by key players is expected to drive growth of the stem cell therapy market. For instance, in August 2018, Cellect biotechnology Ltd collaborated with Cell2in, a company based in South Korea, for improvement of stem cell quality. Under this collaboration, the companies work on developing the stem cells quality by combining Cellect technology's platform, ApoGraft, with Cell2in's identification technology called FreSHtracer.
Consistent increasing research and development activities are also expected to facilitate growth of the global stem cell therapy market.
For instance, in March 2019, Emory University initiated clinical phase III trial of a stem cell therapy for the treatment of osteoarthritis, which is expected to complete in December 2021. Osteoarthritis is a disease that can damage knees, hips, hands, and joints in the spine.
Moreover, increasing patent approvals from regulatory authorities is expected to propel the stem cell therapy market growth in the near future.
For instance, in September 2017, Biocardia received patent approval from US Food and Drug Administration for its CardiALLO cell therapy program. CardiALLO cell therapy is related to the preparation of mesenchymal stem cells from bone marrow stem cells.
Among regions, Europe stem cell therapy market is expected to account for the largest market share over the forecast period. This is owing to increasing number of approvals by the European Commission in the region.
For instance, in March 2018, TiGenix NV and Takeda Pharmaceuticals received central marketing authorization from the European Commission for Alofisel, an allogeneic stem cell therapy which is used for treatment of complex perianal fistulas in adult patients.
The global stem cell therapy market is projected to witness a CAGR of 21.0% during the forecast period (2018 2026), owing to increasing number of product launches by key players.
For instance, in November 2015, Osiris Therapeutics, Inc. launched its new product Stravix. Stravix is a viable, cryopreserved human placental tissue. Stravix is a used for surgical applications in soft tissue repair therapies.
Among regions, Asia Pacific is expected to account for a significant share in the global stem cell therapy market, owing to increasing product launches by key players in the region.
For instance, in May 2019, Sumitomo Dainippon Pharma Co., Ltd., headquartered in Osaka, Japan, launched its new product RETHIO 100 mg I.V. infusion. RETHIO is used in autologous hematopoietic stem cell transplantation to treat pediatric malignant solid tumor.
Major players operating in the global stem cell therapy market include, Osiris Therapeutics, Inc. Novartis AG, GlaxoSmithKline Plc., Medipost Co., Ltd., Anterogen Co., Ltd. Pharmicell Co., Ltd. Holostem Terapie Avanzate S.r.l. JCR Pharmaceuticals Co., Ltd. NuVasive, Inc. RTI Surgical, Inc., and Fibrocell Science, Inc.
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|Date:||Jul 25, 2019|
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