Stem cells have the potential to differentiate into any type of cell present in the human body. These cells are also capable of producing non-regenerative type of cells such as neural cells and myocardial cells. According to Transparency Market Research, a U.S. based market research firm, the global stem cells market was valued at USD 26.23 billion in 2011, which is expected to grow at a CAGR of 24.2% to reach an estimated value of USD 119.51 billion in 2018.
Stem cells serve as a drug screening platform, especially in conditions where development of cell-based therapies is being intended such as Parkinson’s disease and diabetes. In 2011, adult stem cells constituted for 84.2% of the overall stem cells market, holding the majority share amongst all product types. Regenerative medicine was the largest stem cells market by applications accounting for 98% of the total stem cells market.
Stem cells have exhibited promising results in the treatment of hematological malignancies such as leukemia and lymphoma. They also find application in the treatment of cardiovascular diseases, chronic liver diseases and diabetes. Many studies are underway currently and stem cells are also believed to have the potential to cure some of the degenerative diseases, such as Parkinson’s disease, Alzheimer’s disease and Huntington’s chorea, which are considered incurable at present. Therefore, the awareness regarding regenerative treatment options has grown exponentially resulting in the rising importance of stem cell banking services.
Currently, stem cell therapies are very expensive are not covered by insurance plans in any country. As a result, affordability of these therapies is an important issue. Another challenge involved in the commercialization of stem cell therapies is the restriction imposed by various governments on unethical harvesting of stem cells. This has hampered the progress of embryonic stem cell research, even though these cells are advantageous over adult stem cells.
The stem cells market is witnessing continuous advancements since the last few years due to tremendous research activities going on globally and hence, many products are underway. The market growth is majorly attributed to therapeutic research activities led by government support worldwide, owing to growth in the population affected with chronic diseases across the globe and urgency for their curative treatments. A strong pipeline of stem cell therapies and regenerative drugs will secure the future growth of stem cells market. The widespread availability of stem cell therapies will help make the treatment affordable in the coming years.