(PharmaNewsWire.Com, September 18, 2020 ) Houston, TX -- 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%. The base year for this 224 Pages study is 2017 and the forecast period is 2018–2023.
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.
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.
Major industry players adopted product launches and partnerships & agreements to maintain and improve their position in the stem cell assay market. Thermo Fisher Scientific (US), Merck (Germany), GE Healthcare (US), Bio-Rad Laboratories (US), and Promega Corporation (US) have been identified as key players in this market. These companies have a broad product portfolio with comprehensive features and have also expanded their presence geographically. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
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