Stem Cells have been acknowledged for their promising potential toward the development of various cutting-edge treatments for a number of diseases. As such, stem cell assays have a rapidly growing market. Stem cell assays are essentially the techniques used for analyzing living cells by various parameters which ultimately help determine the biochemical and cellular functioning of cells. This has immense promise in drug development activities. Market Research Future’s study of the market in its latest report has found that the global stem cell assay market size to register a highly optimistic outlook at a CAGR of 19.80% during the review period from 2017 to 2023.
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Stem cell assays are a promising part of the biotechnology field, which is growing at a rapid pace. The prevalence of chronic and several lifestyle diseases has compelled the growth of drug development activities in an effort to develop effective treatments. Diseases such as cancer and diabetes are soaring at high rates and the demand for better, efficient and more affordable treatments are driving the market toward growth. Healthcare expenditure across the globe is increasing, and advancement in biotechnology and other medical technologies is highly encouraging of market growth. Government support toward drug development for chronic diseases has increased stem cell assay research.
The market is held back by stringent government policies associated with approval of drugs as well as the high procedural cost of stem cell assays. Moreover, there is a lack of awareness regarding stem cell assays, and as a result, there is a dearth of skilled professionals which restrains market growth. However, growing healthcare activities and the increasing demand for treatment is likely to bring stem cell assays to the forefront and opportunities in the market are plentiful.
Market structure is determined by its various significant sections which, in the report have been segmented on the basis of product, technology, assay, application, end-user, and region. Products in the market include flow cytometer, cell imaging systems, automated cell counter, kits, and others. The kits segment has been sub-segmented and includes umbilical cord stem cells, induced pluripotent stem cell kits, mesenchymal stem cell kits, and others.
The technology used in stem cell assays include microfluidics-based cell trap technologies, microfabricated assisted technology, and others
Assays in the market include cell identification assays, cell viability & toxicity assays, cell proliferation assays, cell apoptosis assays, and others.
Applications of stem cell assays can be found in orthopedic & musculoskeletal spine, dermatology, cardiovascular, central nervous system, and others.
End-users of stem cell assays include research organizations, academic institutes, biotechnology industries, academic institutes, and others.
The Americas have captured the dominant share of the global market. The presence of North America in the region has had a significant impact on the regions market share possession. The rapid adoption of advanced medical technologies and the presence of a large patient population for various chronic diseases drive the Americas’ market. Moreover, the regions healthcare expenditure is rising, and there are several leading players present in the North American sub-market.
Meanwhile, growing at the fastest pace is the Asia Pacific regional market. Gradually increasing awareness regarding advanced medical biotechnology is strongly impacting growth in the region. Several emerging economies in the region have a rapidly growing biotechnology sector which fuelling market growth. Findings by the Indian Brand Equity Foundation suggest that the Indian subcontinent has 2% of the global biotechnology share. Several opportunities in the region are expected to lead to market proliferation.
Prominent players included in MRFR’s report are Cell Biolabs, Inc., Thermo Fisher Scientific, Hemogenix, Merck KGaA, Promega Corporation, GE Healthcare, Bio-Rad Laboratories, Inc., Bio-Techne Corporation, Cellular Dynamics International Inc., STEMCELL Technologies Inc., and others
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