The competitive landscape of the stem cells market is characterized by the rivalry between the leading participants, finds a report recently published by Transparency Market Research (TMR). The top players, namely, STEMCELL Technologies Inc., Advanced Cell Technology Inc., BioTime Inc., Cellular Engineering Technologies Inc., and Cellartis AB are engaged in extensive research activities, which has intensified the rivalry between them. With the increasing technological advancement of products, the competition is likely to intensify further over the next few years.
According to TMR, the worldwide market for stem cells, which reached a value of US$62.2 bn in 2015, is likely to expand at an exponential CAGR of 24.20% between 2012 and 2018 and present a whopping opportunity worth US$119.5 bn by the end of the forecast period. Currently, adult stem cells report a higher demand than other stem cells and will continue to do so over the forecast period. Analysts predict the revenue generated from adult stem cells to reach US$103.8 bn by 2018.
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North America to Continue Leading Demand for Stem Cells
The study also presents an evaluation of the global stem cells market on the geographical basis. North America, Asia, Europe, and the Rest of the World have been identified as the main geographical segments of this market in this report. North America has been leading the demand for stem cells due to the increased prevalence of cardiovascular and neurological disorders in this region.
Over the forecast period, North America is likely to remain dominant and offer an opportunity worth US$71.7 bn by 2012. Asia is also expected to register strong growth in the demand for stem cells due to the swift rise in medical tourism and contract research outsourcing during the forecast period, notes the study.
Growing Awareness Level among Consumers Regarding Benefits of Stem Cells to Boost Demand
“The growing awareness level among consumers regarding the benefits stem cells offer in the treatment of various diseases, such as cancer, is boosting their popularity across the world,” says the author of this study.
Besides this, the rising government support to increase research activities in the field of stem cell has also emerged as an important factor behind the growth of this market. For instance, the surge in the Federal funding for the research of stem cells, after the bans were lifted from embryonic stem cells research in 2009, is likely to boost the market in the U.S. in the coming years. Similarly, the Europe market is expected to be propelled by the increasing involvement of government as well as private organizations to support research activities in stem cells.
Implementation of Stringent Government Norms Regarding Stem Cell Harvesting to Hamper Market’s Growth
While the market is witnessing lucrative growth prospects, the implementation of stringent government norms pertaining to the harvesting of stem cells is projected to limit their application substantially in the near future. Apart from this, treatments that apply stem cells are extremely expensive, which also is projected to hinder their adoption rate over the next few years, reflecting negatively on the overall growth of this market, states the research report.
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