July 12, 2024
Stem Cell Assay Market

Stem Cell Assay Market Estimated To Witness High Growth Due To Increasing Research Funding & Collaboration Opportunities

The stem cell assay market is estimated to be valued at US$ 1.6 Billion in 2022 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Stem cell assays are tests that are conducted to study stem cells and their properties. Stem cells are found in specific tissues and have the ability to divide and differentiate into various cell types. Stem cell assays help researchers understand how stem cells proliferate, differentiate, and move. These assays also help assess stem cell potency and viability. Some key applications of stem cell assays include drug discovery and development, therapeutic discovery, and regenerative medicine.

Market Dynamics:

One of the primary drivers fueling growth of the stem cell assay market is increasing research funding for stem cell research. Government bodies as well as private organizations are providing large grants for stem cell related studies. For instance, according to data released by National Institutes of Health (NIH), the total funding for stem cell research in the U.S. was over US$ 2 billion in 2022. Additionally, rising number of collaborations between research institutes and market players is also propelling market growth. For example, in 2022, Thermo Fisher Scientific collaborated with Pfizer to develop an induced pluripotent stem cell platform for precision medicine applications. Furthermore, increasing incidence of chronic diseases has boosted research in cell therapies using stem cells, thereby driving demand for stem cell assays.

Segment Analysis

The global stem cell assay market is dominated by microplates sub segment. Microplates are small dishes with multiple wells for growing and testing cell cultures, proteins, or other biological matter. They allow researchers to run many replicate experiments simultaneously using small quantities of cells/samples, thereby increasing productivity and reducing cost. Microplates are easy to use and do not require specialized equipment for handling. Their widespread adoption can be attributed to these advantages.

PEST Analysis

Political: The stem cell research faces political challenges and regulations in many countries. However, supportive regulatory policies are encouraging market growth.

Economic: Rising healthcare spending along with increasing investments in stem cell based research is fueling market expansion. The growing focus on developing advanced therapeutics is driving demand.

Social: Awareness about potential medical applications of stem cells in treating chronic diseases is increasing globally. However, ethical issues regarding stem cell collection methods require addressing.

Technological: Significant advancements have been made in stem cell isolation, cryopreservation and directed differentiation techniques. Automation and high-throughput screening technologies are further enhancing research productivity.

Key Takeaways

The global Stem Cell Assay Market Share  size is expected to reach USD 1.6 Billion by 2030, exhibiting a CAGR of 16.5% over the forecast period. Growing investments in stem cell based drug development and increasing adoption of 3D cell cultures are expected to boost the market.

North America dominated the market in 2022 led by presence of key players and availability of research funding. However, Asia Pacific is anticipated to witness fastest growth owing to rising healthcare spending, developing infrastructure and growing stem cell industry.

Key players operating in the stem cell assay market are Merck & Co., Thermo Fisher Scientific, GE Healthcare, Agilent Technologies, Bio-Rad Laboratories, Promega Corporation, Cell Biolabs, PerkinElmer, Miltenyi Biotec, HemoGenix, Bio-Techne Corporation, STEMCELL Technologies, and Cellular Dynamics International. These companies are focusing on new product launches, acquisitions and partnerships to expand their market share.

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