The North American Stem Cell Market size is estimated to worth USD 5978.16 Million in 2023 and is projected to grow USD 11510.44 Million by the end of 2028, with a CAGR of 14% during the forecast period. North America is valued for the largest market share in the global stem cell market.
Key factors that are primarily driving the North American stem cell market are increasing public awareness about the therapeutic ability of stem cells in disease therapy. Increasing research and development investment in cytological research and a growing number of clinical trials boost the market demand. The increased patient base for target diseases such as cancer, Leukemia, cardiovascular disease, neurodegenerative disorders, and gastrointestinal diseases elevate the growth of the North American stem cell market.
Additionally, the stem cell market in the North America region is driven by factors like increasing demand for regenerative treatment options, growing research, and development steps to develop therapeutic options for chronic diseases. A growing number of clinical trials in this region propels the growth. An increasing number of cancer cases had a significant impact on this region. In 2018, 1,735,350 new cancer cases were recorded according to the National Cancer Institute, particularly in US 609,640 deaths were caused due to cancer. The growing medical burden can lead to a rise in population, which drives the stem cell market. Having a sound knowledge about stem cell and their storage among people has a positive impact on the market.
Factors like the massive, expensive nature associated with the stem cell market hamper the growth in this region. Strict rules and regulations for the product approvals and devices relevant to the stem cell, low acceptance rate, and ethical issues related to stem cells may hinder the stem cell growth of this region. Moreover, adverse effects post to the stem cell treatment and lack of government policies, lack of funds, and investments for the stem cell market by key players and other organizations impede the market.
This research report on the North American Stem Cell Market has been segmented and sub-segmented the North America Stem Cell Market into the following categories:
By Treatment Mode:
By Cells Type:
Based on Cells Type, the adult stem cells hold the highest share, while the market share of induced pluripotent stem cells is likely to grow in the next few years.
Based on Treatment Mode, the allogeneic stem cell therapy is expected to command the largest share of the market in 2022.
Based on the Region, the North American region dominates the global stem cells market. Europe comes next. The use of stem cells is high in North America since it is a highly developed region.
The United States stem cell market dominates the most significant shares of the North American market due to the existing large biotechnology companies (such as Amgen Inc., Gilead Sciences, Biogen Inc., vertex pharmaceutical), spacious government funding, and rising research in the section. Most U.S. firms operate most of the world's research and development in pharma companies and hold intellectual property rights on innovative drug formation. Another critical factor that drives the market in this region is increasing the number of cancer cases in the U.S. It is expected that new cancer patient found rate increased by 24% in males, and cases are near to 1 million per year. In the female, it is 20%, and cases are 900000 per year.
Canadian stem cell market is following the US in leading the shares of the market and is expected to rise in the coming years. The key factor that boosts the stem cell market of Canada is funding offered by the government of Canada for research and development. In addition to this, increasing biotechnology and biopharmaceutical industries and the increasing importance of stem cell analysis in cancer drive the Canadian stem cell market. The Mexican stem cell market is expected to show a high market growth rate due to increasing patients for cardiovascular disease, cancer and increasing awareness about stem cells' therapeutic potential.
Some of the promising companies leading the North American stem cell market profiled in the report are Athersys, StemCells Inc, Cryo-Cell International, Geron Corporation, Mesoblast Ltd, Aastrom Biosciences Inc, Celgene Corporation, Invitrogen, and Cytori Therapeutics Inc.
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