The size of the North American stem cell therapy market is estimated to be growing at a CAGR of 12.4% during the forecast period. The market growth is mainly driven by factors such as increasing stem cell research activities and increasing approvals of GMO-certified facilities for the manufacture of stem cells.
The need for new and better therapies for treating autoimmune, neurological, and cardiovascular diseases has resulted in a general increase in research activity and the availability of funds for cellular research. Compared with traditional therapeutic methods, the various advantages of stem cell therapy may make it preferable for treating degenerative diseases. The new solutions are based on minimally invasive techniques that generate healthy cells by replacing defective cells in the host.
Moreover, the growing popularity of personalized drugs further contributes to the growth of the North American stem cell therapy market. Researchers are discovering new procurement methods that can be further applied to develop personalized medicines. For example, stem cell therapies are developed using a small amount of a patient's blood or skin cell sample, reprogrammed to form new cells and tissues for transplantation. Therefore, with the application of these cells, possible personalized drugs can be developed.
However, several ethical problems are associated with the use of stem cells because these cells result from the destruction of the human embryo. The human embryo is considered a potential life, and its destruction is considered unethical even though it may save human life. These concerns about embryonic stem cells for stem cell therapy are limiting market growth factors globally.
Additionally, the high cost of stem cell therapy and other factors are expected to hamper the growth of the stem cell therapy market during the forecast period. Furthermore, the high cost of stem cell storage is a factor that is expected to hamper the growth of the market. Hence, the high cost associated with the storage of stem cells combined with the high cost of production is expected to hamper the market's growth, especially in emerging economies.
Impact of COVID-19 on the North American stem cell therapy market:
Coronavirus disease 2019 (COVID - 19) is an acute inflammatory respiratory infectious disease caused by SARS-CoV-2. Largely unknown before the outbreak began in early 2019, COVID-19 has gone from a regional crisis to a global pandemic in just a few weeks. As a result, the World Health Organization (WHO) declared COVID-19 as a pandemic in 2020 across the world.
Researchers have found new therapies and treatments to deal with this pandemic. For example, in recent years, stem cells have proven to be an effective method for treating lung disorders, including COVID-19.
Additionally, companies are focusing on developing therapies to reduce the stress associated with COVID-19. For example, in 2020, NoveCite and Novellus Therapeutics Limited partnered to develop and market NoveCite iPSC to treat acute respiratory distress syndrome (ARDS) associated with COVID-19. The process has multimodal immunomodulatory mechanisms of action, making it a promising therapy for treating acute respiratory diseases.
This research report on the North American stem cell therapy market has been segmented and sub-segmented based on the following categories.
By Cell Source:
By End User:
Geographically, the large share of the North American stem cell therapy market is expected to account by the United States during the forecast period and can be mainly attributed to the increase in public-private funding and research grants to develop stem cell therapy products and safety testing.
In late 2019, Vertex Pharmaceuticals Inc, a US-based biopharmaceutical company, announced its decision to acquire Semma Therapeutics, a privately-held biotechnology company, for $ 960 million. The acquisition is expected to align with Vertex's strategy of investing in innovations that scientifically creates transformative medicine for critical patients. Semma Therapeutics is an American company dedicated to stem cell therapy for the treatment of diabetes.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North American stem cell therapy market analyzed in this report are Osiris Therapeutics, Inc., MEDIPOST Co., Ltd., Anterogen Co., Ltd., Pharmicell Co., Ltd., Holostem Terapie Avanzate SRL, JCR Pharmaceuticals Co., Ltd., NuVasive, Inc., RTI Surgical, Inc., and Allosource.