(PharmaNewsWire.Com, June 24, 2020 ) [55 Pages Pages] The Synthetic Stem Cells Market is expected to grow from USD 14 million in 2023 to USD 37 million by 2028, at a CAGR of 22.5% during the forecast period.
Market Size Estimation;
The top-down approach was used to estimate and validate the total size of the synthetic stem cells market. The approach was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- Synthetic stem cells that could be used as therapy were identified through secondary research, and their market shares in the respective segments were determined through primary and secondary research.
- The procedure included extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives for key insights.
- All percentage shares, splits, and breakdowns were determined using secondary sources and are verified through primary sources.
Data Triangulation;
After arriving at the overall market size from the market size estimation process explained above, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedure was employed, wherever applicable. Data was triangulated by studying various factors and trends from industry experts.
By application, the cardiovascular diseases segment accounted for the largest share during the forecast period.
The major applications of synthetic stem cells include cardiovascular diseases, neurological disorders, and other diseases that require regenerative therapy. Cardiovascular diseases have high prevalence across the globe. Currently, synthetic mesenchymal cells have been developed only for cardiac tissue and have been tested in mice models. The research on cardiac synthetic stem cells is expected to enter the clinical phase in the coming 2-3 years, and the first commercial product would be cardiac synthetic stem cells in the next five years.
Market Growth Drivers:
- Ethical Concerns Regarding Embryonic Stem Cells - Risk of Tumor Formation and Immune Rejection of Natural Stem Cells - Potential Application in Major Indications
North America is estimated to account for the largest share of the market in 2023. North America is the pioneer of synthetic stem cell technology. Also, North America leads in the R&D of stem cell therapies globally, with the registration of the highest number of clinical trials (more than 1400) on stem cells till 2018. This is further backed by the high rate of adoption of advanced therapies in the US (more than 600 stem cell therapy clinics in the US in 2016).
The key developers of synthetic stem cell technology are North Carolina State University (NCSU) (US) and Zhengzhou University (China).
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