(PharmaNewsWire.Com, November 21, 2020 ) According to the new market research report "Synthetic Stem Cells Market by Application (Cardiovascular Disease, Neurological Disorders, Other Applications (Cancer, Diabetes, Gastrointestinal, Musculoskeletal Disorders)), Region (North America (US, Canada), Europe, APAC, RoW) - Global Forecast to 2028" published by MarketsandMarkets™.
The synthetic stem cells market size 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.
The Key Factors Who will Drives the Market Growth?
- Ethical Concerns Regarding Embryonic Stem Cells - Risk of Tumor Formation and Immune Rejection of Natural Stem Cells
Market Growth Opportunities:
- Costly Storage and Fragility of Natural Stem Cells - Potential Application in Major Indications - Increasing Stem Cell Research Funding
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.
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.
North America is estimated to account for the largest share of the synthetic stem cells market in 2023. This is majorly attributed to the rising research on stem cells in the region, coupled with public-private funding. The region is a global leader in the research on regenerative therapies such as stem cells and is backed by funding on advanced research infrastructure to commercialize novel regenerative therapies. Moreover, North America is the pioneer of synthetic stem cell technology and will be the early adopter of this technology in the coming years.
Key Market Players;
The technology is developed and patented by North Carolina State University (NCSU) (US) and Zhengzhou University (China).
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