April 14, 2024

Stem Cell Assay Market to Witness Spike owing to Growing Applications of Stem Cells in Cell-Based Assays

The stem cell assay market is an evolving landscape with the increasing use of stem cells in various therapeutics areas including regenerative medicine and drug discovery. Stem cell assays help test the potency, differentiation potential and safety of stem cells.

The global stem cell assay market is estimated to be valued at US$ 1159.49 Bn in 2024 and is expected to exhibit a CAGR of 32% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Stem Cell Assay Market Size  are Merck & Co.Inc, GlaxoSmithKline plc, Mapp Biopharmaceutical, Nanoviricides Inc., Bavarian Nordic, Chimerix, Biocomo, Geneone Life Sciences Inc, NewLink Genetics Corporation, Novavax Inc, Johnson & Johnson Private Limited, Arbutus Biopharma, Sarepta Therapeutics, Hemispherx Biopharma Inc, IMV Inc, Peptineo, Biocryst Pharmaceuticals Inc. The increasing research in regenerative medicine is providing lucrative opportunities for key players in stem cell assay market.

The growing applications of stem cells in cell-based assays for developing new drugs is boosting the opportunities for stem cell assay market players. North America is anticipated to contribute significantly to the global stem cell assay market owing to increasing funding for stem cell research in the region.

Market Drivers

The rising focus on personalized medicine has fueled the development and approval of cell-based therapies. Further, the increasing collaborations between pharma companies and research institutes for advancing stem cell research is a major market driver. The growing applications of stem cell based assays for toxicology screening and drug discovery is propelling the stem cell assay market growth.

PEST Analysis
Political: Stem cell research policies and regulations vary across different countries and regions. Regulations related to ethics and funding affect the stem cell assay industry.
Economic: The growing funding from public and private organizations for stem cell research and development of related therapeutics is fueling market growth. Regenerative medicine market growth also influences industry trends.
Social: Public awareness and acceptance of stem cell therapies are increasing which is expanding potential patient populations and demand. However, some social and religious groups discourage certain applications which impacts certain segments.
Technological: Advances in stem cell differentiation protocols, culture techniques, targeting technologies and therapeutic delivery are improving research efficiencies and applications. Automation increases throughput and lowers costs of stem cell assays.

Geographical regions where market in terms of value is concentrated:
North America region currently dominates the stem cell assay market in terms of revenue share. This is attributed to well-established healthcare systems, rising geriatric population susceptible to diseases, high adoption of advanced technologies and availability of reimbursements within the region.
The Asia Pacific region is projected to be the fastest growing market during the forecast period. This growth can be attributed to factors such as increasing stem cell research funding by governments, rising healthcare expenditure, growing medical tourism market and presence of a large patient pool.

The stem cell assay market in the Asia Pacific region is expected to expand at the fastest CAGR over the 2024-2031 period. Growing stem cell therapy awareness, rising healthcare infrastructure investment and expansion of clinical trial activities in major Asian countries are augmenting regional market growth. Initiatives by governments to develop international standard facilities are also boosting the regional industry. Population growth and increasing research adoption further support the market growth momentum in the Asia Pacific region.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it