(IT-NEWSWIRE.COM, April 06, 2021 ) Factors driving the growth of this market include the rising incidence of target indications; availability of funding for stem cell research; technological advancements in stem cell research instruments; and growth of end-use industries.
The stem cell assay market was valued at USD 660.9 Million in 2017 and is expected to reach USD 1,978.7 Million by 2023, at a CAGR of 20.1%.
Selected Market Dynamics in Stem Cell Assay Market
Growth of end-use industries
The growth of the stem cell assays market corresponds with that of the biotechnology and biopharmaceutical industries, as these form significant end users for stem cell research products. The continuation of this trend—the growth of the end-user base—has compelled a number of companies to launch new products and invest in stem cell-based therapies. According to estimates from the Deloitte Touche Tohmatsu Limited (DTTL) Life Sciences and Health Care Industry Group, biotech drugs (vaccines, biologics) continue to gain traction in the life sciences sector.
Of the top ten pharmaceutical products (by sales) in 2014, the majority were biotech drugs. Biotech drug sales were estimated at USD 289 billion in 2014, and this figure is projected to grow to USD 445 billion by 2019. Moreover, biotech drugs accounted for a share of 18% of the total sales of drugs in 2010, which is expected to increase to 26% by 2019.
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Ethical issues related to embryonic stem cell research
Research in cell biology necessitates the use of animals and humans, as animal and human cells are used in gene therapy studies that involve the recombination of genes and stem cell research therapies. These cells are also used for in vivo toxicity and pharmacokinetic testing of drugs that may harm animals and humans.
In addition, stem cell research studies use human embryos for clinical applications that often lead to the destruction of the embryos. In order to monitor these activities, strict regulations have been formulated by ethical authorities, such as the Human Tissue Authority (HTA), Human Fertilization and Embryology Authority (HFEA), Medicines and Healthcare Products Regulatory Agency (MHRA), and Central Ethics Committee for Stem Cell Research.
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North America held the largest share of the market in 2017
Based on region, the stem cell assay instruments market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the market in 2017. The large share of this geographical segment is attributed to factors such as the increasing incidence of chronic diseases and improved life sciences research infrastructure in that region.
Key players in the stem cell assay market include Thermo Fisher Scientific (US), GE Healthcare (US), Merck (Germany), Bio-Rad Laboratories (US), Promega Corporation (US), Agilent Technologies (US), PerkinElmer (US), Miltenyi Biotec (Germany), Cell Biolabs (US), HemoGenix (US), STEMCELL Technologies (Canada), Bio-Techne Corporation (US), and Cellular Dynamics International (US).
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Mr. Aashish Mehra