Stem cells are most vital cells found in both humans and non-human animals. Stem cells are also known as centerpiece of regenerative medicine. Regenerative medicines have capability to grow new cells and replace damaged and dead cells. Stem cell is the precursors of all cells in the human body. It has the ability to replicate itself and repair and replace other damaged tissues in the human body. In addition, stem cell based therapies are used in the treatment of several chronic diseases such as cancer and blood disorders.
The global stem cell therapy market is categorized based on various modes of treatment and by therapeutic applications. The treatment segment is further sub-segmented into autologous stem cell therapy and allogeneic stem cell therapy. The application segment includes metabolic diseases, eye diseases, immune system diseases, musculoskeletal disorders, central nervous system disorders, cardiovascular diseases and wounds and injuries.
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In terms of geographic, North America dominates the global stem cell therapy market due to increased research activities on stem cells. The U.S. represents the largest market for stem cell therapy followed by Canada in North America. However, Asia is expected to show high growth rates in the next five years in global stem cell therapy market due to increasing population. In addition, increasing government support by providing funds is also supporting in growth of the stem cell therapy market in Asia. China and India are expected to be the fastest growing stem cell therapy markets in Asia.
In recent time, increasing prevalence of chronic diseases and increasing funds from government organizations are some of the major drivers for global stem cell therapy market. In addition, rising awareness about stem cell therapies and increasing focus on stem cell research are also supporting in growth of global stem cell therapy market. However, less developed research infrastructure for stem cell therapies and ethical issues related to embryonic stem cells are some of the major restraints for global stem cell therapy market. In addition, complexity related with the preservation of stem cell also obstructs the growth of global stem cell therapy market.
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Some of the major companies operating in the global stem cell therapy market are Mesoblast Ltd., Celgene Corporation, Aastrom Biosciences, Inc. and StemCells, Inc.