Stem Cell Manufacturing Market worth $18.0 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 18, 2021 /PRNewswire/ -- According to the new market research report "Stem Cell Manufacturing Market by Product (Consumables, Instrument, HSCs, MSCs, iPSCs, ESCs), Application (Research, Clinical {Autologous, Allogenic}, Cell & Tissue Banking), End User (Pharma & Biotech, Hospitals, Tissue Bank) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 18.0 billion by 2026 from USD 11.5 billion in 2021, at a CAGR of 9.4% during the forecast period.
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The Growing venture capital funding in stem cell-based research, rising awareness about the therapeutic potency of stem cell products, and supportive regulatory framework across developing countries are the key factors supporting the growth of the market. However, significant operational costs associated with stem cell manufacturing and banking are expected to hinder the overall growth rate.
Consumables accounted for the largest share of stem cell manufacturing market
The Stem cell manufacturing market by product is categorized into Consumables, Instruments, Stem Cell Lines. The consumables segment dominated the market in 2020. The large share of this segment can be attributed to frequent purchase of consumables, rising stem cell research and increasing demand for stem cell therapies. Stem cell lines segment is expected to register the highest CAGR during the forecast period due to growing demand for functionally potent stem cell lines in research, and the development of innovative stem cell culture & preservation techniques.
Research applications accounted for the largest share of stem cell manufacturing market
On the basis of application, the market is categorized into research applications, clinical application and cell & tissue banking applications. The research applications segment is further categorized into life science research and drug discovery & development. The research application segment dominated the market in 2020. The growth of this segment is attributed to the rising focus on stem cell cytology & pathophysiology research, and growing public-private funding to support stem cell product development and commercialization.
The Pharma & Biotech companies is the fastest-growing end-user segment of the stem cell manufacturing market
Based on end-users, the market is segmented into pharmaceutical & biotechnology companies, academic institutes, research laboratories & contract research organizations, hospitals & surgical centers, cell banks & tissue banks and other end users. The pharmaceutical & biotechnology companies segment held the largest market share in 2020, owing to growing emphasis on strategic initiatives (such as acquisitions, partnerships, and collaborations) by pharma and biotech companies to expand their capabilities in stem cell research.
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North America accounted for the largest share of the stem cell manufacturing market
The stem cell manufacturing market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the global market, followed by Europe. This market is primarily driven by the extensive ongoing stem cell research activities, and the availability of public-private funding and grants to support the clinical evaluation of stem cells for various applications.
The prominent players operating in the stem cell manufacturing market are Thermo Fisher Scientific (US), Merck Milliopore (Germany), Lonza Group AG (Switzerland), Danaher Corporation (US) and Sartorius AG (Germany).
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