A surge in therapeutic research activities funded by governments across the world has immensely propelled the global stems market. However, the high cost of stem cell treatment and stringent government regulations against the harvesting of stem cells are expected to restrain the growth of the global stem cells market.
This study report aims to help global entities make well-informed business decisions based on expert analysis and accurate data.
A number of factors spur the stem cell market’s growth. Some of the main factors driving the market are the increasing funding from various government and private organizations, rising global awareness about stem cell therapies, and growing industry focus on stem cell research.
Among the key factors, the growing ubiquity of stem cell banking services, greater government support, the growing trend of medical tourism, and the presence of several unmet medical needs are some additional factors favorable for this market. Government support for the stem cells field is mainly directed towards the clinical research and development of stem cells. This factor also highlights the increased awareness of drug discovery and screening, stem cell banking services, and other regenerative treatment options, which is expected to fuel the demand for stem cells in developed as well as emerging regions.
Unmet Medical Needs and Increasing Government Support Boost Global Stem Cells Market
As the volume of unmet medical needs and incidence of chronic illnesses grows, it fuels the number of R&D activities in the field of stem cells. Improved government support and availability of funding for clinical research in stem cells have fostered increased growth opportunities for the stem cells market. The market for stem cells is also capitalizing on the growing awareness regarding the available options for regenerative treatment, the importance of stem cells in drug discovery, and stem cells banking services.
Rapid proliferation of medical tourism facilities across countries such as India, Brazil, China, Malaysia, and Mexico also aids the development of the stem cells market in Latin America and Asia Pacific. Apart from the aforementioned market drivers, a multitude of factors present substantial growth opportunities before the market, such as rising disposable incomes in developing economies, development of the contract research industry, increasing prevalence of neurodegenerative diseases, and the need to replace animal tissue in drug discovery.