The size of the Europe stem cell assay market has been calculated at USD 289.31 Million in 2023. This value is further forecasted to be at a CAGR of 19.3% and worth USD 699.15 Million by 2028.
The growing demand for cell-based assays in drug discovery primarily drives the growth of the European stem cell assay market. Cell-based assays have become instrumental in the development of effective drugs for patient treatment. Healthcare providers prioritize oral drugs that can effectively cure or prevent illnesses. In this context, stem cell-based assays play a crucial role in assessing drug safety, efficacy, and toxicity. By predicting drug toxicity, healthcare professionals can identify potential side effects and determine optimal drug usage durations for patients. Approximately 30,000 patients underwent stem cell transplant procedures to replace damaged cells in Europe in 2018. The growing presence of specialized clinics and hospitals for stem cell procedures and the identification and utilization of relevant stem cell-based assays further contribute to the European market growth.
The increasing prevalence of chronic diseases in the European region contributes to the growth of the European stem cell assay market. Diseases such as diabetes, cardiovascular disease and cancer have led to a rise in mortality rates. Lifestyle changes, dietary habits, hormonal factors and genetic predisposition are key contributors to the onset of diabetes. Intraportal allogeneic cadaveric islet transplantation has emerged as an effective treatment option for glucose level control in the case of Type 1 diabetes. The growing awareness of stem cell therapies has led to the adoption of regenerative medicine for more effective treatment of damaged organs or tissues and this trend is likely to continue in the coming years and drive the European stem cell assay market growth.
The growing R&D efforts in stem cell assays by the market players and researchers favor the European stem cell assay market growth. Researchers in the European region are dedicated to developing advanced devices and kits for accurate assessment of stem cell quality. Ongoing research on stem cells aids in detecting the occurrence of diseases among the population to ensure improved capabilities and reliability in stem cell analysis and such factors contribute to the European market growth.
Growing awareness and acceptance of regenerative medicine and its potential applications, supportive government initiatives and funding for stem cell research and therapeutic development and rising investments by pharmaceutical and biotechnology companies in stem cell assay technologies in Europe favour the stem cell assay market in the European region. The growing demand for personalized medicine and targeted therapies in Europe, rapid adoption of stem cell-based therapies in clinical practice and favorable reimbursement policies for stem cell-based treatments and diagnostics further boost the growth rate of the European market.
Stringent regulatory guidelines and ethical considerations surrounding the use of stem cells in research and clinical applications, limited availability and access to high-quality and well-characterized stem cell lines and high cost associated with stem cell research majorly hamper the growth of the European stem cell assay market. Limited understanding of the long-term effects and safety profiles of stem cell-based therapies, public concerns and controversies related to the use of embryonic stem cells and lack of skilled professionals with expertise in stem cell assay techniques in Europe further hinder the regional market growth.
This research report on the Europe stem cell assay market has been segmented and sub-segmented into the following categories:
By Assay Type:
By End User:
Europe was the second biggest regional segment for stem cell assays worldwide in 2022. The European market is also predicted to witness a prominent CAGR during the forecast period in the worldwide market. Germany captured the leading share of the European market in 2022. Factors such as the growing number of research centers that facilitate the development of stem cell assay kits for future applications in Germany drive the German market growth. The favorable reimbursement policies, government investments, and product approvals further foster German market growth. The UK stem cell assay market is another noteworthy regional market in Europe and is predicted to account for a considerable share of the European market during the forecast period. The UK Stem Cell Foundation has been allocating increased funding for research projects reliant on assay kits for assessing stem cell quality. The utilization of advanced technology in research processes and the presence of clinical trial centers contribute to the UK market growth.
KEY MARKET PARTICIPANTS:
Thermo Fisher Scientific Inc., Bio-Techne Corporation, Stem Cell Technologies Inc., Merck KGaA, Promega Corporation, GE Healthcare, Bio-Rad Laboratories, Inc., Cellular Dynamics International Inc., Hemogenix, and Cell Biolabs Inc. are some of the major players in the European stem cell assay market.
Thermo Fisher Scientific Inc., Bio-Techne Corporation, Stem Cell Technologies Inc., Merck KGaA, Promega Corporation, GE Healthcare, and Bio-Rad Laboratories, Inc. are some of the key market players in the Europe stem cell assay market.
The Europe Stem Cell Assay market size is projected to reach USD 699.15 Million by 2028.
The growth rate of the Europe Stem Cell Assay market is 19.3% during the forecast period.
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