New York, NY -- (SBWire) -- 04/26/2019 --Market Industry Reports (MIR) has published a new report titled "Stem Cell Assay Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030." According to the report the global stem cell assay market was valued at over US$ 450.0 Mn. in 2017 and is expected to grow at a double digit CAGR over the forecast period.
The major factors driving the growth of the market includes increasing burden of chronic diseases, growing investment in R&D, and technological developments in biotech and pharmaceutical industry.
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Increasing burden of chronic diseases to boost the market growth
Increasing global burden of diseases such as diabetes, cancer, and others are projected to be the major factors leading to the market growth. According to the World Health Organization (WHO) in 2017, number of patients suffering from type I and type II diabetes was estimated to be over 422 million. Moreover, the disease is expected to be the seventh largest cause of death by 2030.
According to American Cancer Society, in 2017, there were over 1.6 million new cancer cases in the U.S. Hence, there exists a need for developing new treatment methods which have led to the rise in approvals of clinical trials for the stem cell based therapies.
Stem cells to be the future of regenerative medicine
Stem cells possess the regenerative quality which has been utilized for the treatment of various diseases such as diabetes. Recently in 2018, Scientists at Cincinnati Children Center for Stem Cell and Organoid Medicine (CuSTOM) have artificially grown esophagus tissues in the research laboratory using the pluripotent stem cells. These lab grown esophagi are expected to help treat a range of condition including gastro esophageal reflux disease, esophageal cancer, esophageal atresia, esophageal achalasia and various others.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Stem Cell Assay Market by Product & Service (Instruments, Kits) Cell Type(Adult Stem Cells, Human Embryonic Stem Cells), Application (Regenerative Medicine, Drug Discovery, Clinical Research), Type (Cell Identification, Viability, Proliferation Assay) - Global Analysis & Forecast, 2019-2030 in detail along with the table of contents:
https://www.marketindustryreports.com/8/stem-cell-assay-market
High cost of Stem cell therapy to restrict the market growth
Stem cell transplantation is expensive as being the multiple step process which includes isolating adult stem cells, diagnosis, re-administering, and post treatment care with follow-ups. Moreover, the high initial investment due to the high cost of instrument used in developing stem cell therapy is the major factors restricting the growth of the market. Moreover, not all costs associated with the treatment are allocated at the time of practice, hidden costs including the graft versus host disease, reaction to treatment, or disability resulting from the treatment can lead to more costs and additional treatments.
Major Players in the market focusing on R&D
Key players operating in the global stem cell assay market are Thermo Fisher Scientific, Promega Corporation, STEMCELL Technologies Inc., Merck KGaA, GE Healthcare, Bio-Techne Corporation, Hemogenix, Bio-Rad Laboratories, Inc., Cellular Dynamics International Inc., and Cell Biolabs Inc.
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Stem Cell Assay Market: Global Industry Analysis, Trend, Size, Share - Business Growth, Opportunity, Forecast by 2030
The global Stem Cell Assay market is segmented by product & services, cell type, application, type, and region. On the basis of product & services, the stem cell assay market is segmented into instruments, kits & reagents and services. Kits & reagents segments accounted for the largest share of the market and growth of this segment can be attributed to focus of companies to innovative advanced stem cell therapy for treatment of various diseases.