Stem cell assay refers to advanced in vitro techniques that are utilized for identification, quantification, and characterization of stem cells and progenitor cells. Stem cell assays help understand the properties of stem cells and examine their potential for cell therapies and regenerative medicines. The rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular diseases and neurological disorders has increased the demand for stem cell research activities in recent years. Stem cell-based therapies and drugs show enormous potential for effective treatment of such chronic and incurable diseases. This is expected to drive the growth of global stem cell assay market during the forecast period.
The Global Stem Cell Assay Market Size is estimated to be valued at US$ 1159.49 Bn in 2024 and is expected to exhibit a CAGR of 32% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
High Prevalence of Chronic Diseases
The growing burden of chronic diseases worldwide presents a major market opportunity for stem cell assay market players. According to the WHO, chronic diseases accounted for around 60% of the total reported deaths in the world in 2001. Cardiovascular diseases, cancer, respiratory diseases and diabetes accounted for more than 80% of all chronic disease deaths. Furthermore, chronic diseases are projected to account for nearly three-quarters of all deaths globally by 2020. With aging population and lifestyle changes, the incidence of chronic diseases is rising rapidly across both developed and developing nations. This high prevalence of chronic diseases has increased the research focus on developing stem cell-based therapies for treatment of chronic conditions. Stem cell assays play a crucial role in advancing stem cell research towards clinical applications. Therefore, the rising chronic disease burden worldwide offers significant growth prospects for stem cell assay market over the forecast period.
Porter's Analysis
Threat of new entrants: The stem cell assay market requires high R&D investment and stringent regulatory approvals which acts as a barrier for new companies.
Bargaining power of buyers: The presence of many established key players reduces the bargaining power of buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials.
Threat of new substitutes: There is low threat from substitutes due to lack of replacement for stem cell assay products.
Competitive rivalry: Intense competition exists between major companies to gain highest market share.
SWOT Analysis
Strength: Availability of stem cell-based therapies for treating incurable diseases. Dominance of leading players with established brand names.
Weakness: High costs associated with R&D and compliance with regulatory guidelines. Ethical issues related to use of embryonic stem cells.
Opportunity: Rising stem cell research activities especially for cancer and metabolic disorders. Growing biopharmaceutical industry in emerging nations.
Threats: Stringent regulatory approvals leading to delays. Challenges related to standardizing stem cell isolation, culture and banking processes.
Key Takeaways
The global stem cell assay market is expected to witness high growth during the forecast period of 2024 to 2031. The increasing investments in stem cell research especially in the treatment of cancer, diabetes, cardiovascular diseases etc. is driving the market growth.
Regional analysis: North America dominates the global market due to presence of key players and strong government support for stem cell research in the US and Canada. The Asia Pacific region is expected to be the fastest growing market led by China, Japan and India. This is attributed to focus on stem cell therapeutics, increasing healthcare expenditures and risingdiagnosis rates.
Key players operating in the stem cell assay market are Merck & Co.Inc, GlaxoSmithKline plc, Mapp Biopharmaceutical, Nanoviricides Inc., Bavarian Nordic, Chimerix, Biocomo, Geneone Life Sciences Inc, NewLink Genetics Corporation, Novavax Inc, Johnson & Johnson Private Limited, Arbutus Biopharma, Sarepta Therapeutics, Hemispherx Biopharma Inc, IMV Inc, Peptineo, Biocryst Pharmaceuticals Inc. Major players are focusing on new product launches, expansions and collaborative agreements to strengthen their market position.
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