Stem Cell Assay Market to Reach US$ 8.5 Bn by 2033: TMR Study
Transparency Market Research
6 min read
Transparency Market Research
The rise in demand for stem cell therapies to treat several diseases, especially chronic conditions, is anticipated to offer lucrative opportunities to companies in the stem cell assay market
Wilmington, Delaware, United States, March 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Stem Cell Assay Market is projected to reach US$ 8.5 Bn by 2033, expanding at a CAGR of 16.5% from 2023 to 2033. Attractive demand for stem cell therapies in immune disease, cancer, and regenerative medicine is anticipated to bolster utilization of stem cell assays. Significant utilization of advanced stem cell culture techniques in drug screening and disease modelling has augmented the market size.
Biopharmaceutical and biotechnology companies are adopting products in the stem cell assay market. They are utilizing the assay in drug discovery and development. Additionally, they are striving to develop novel stem-cell therapies, which is likely to accelerate stem cell assay market development in the next few years.
High Usage of Cytotoxicity Assays in Drug Discovery Applications: Viability/cytotoxicity assays are rapidly being utilized in several cell screening applications. The cytotoxicity assay segment is projected to expand at a CAGR of 16.4% from 2023 to 2033. Pharmaceutical companies utilize cytotoxicity assays to discover cytotoxic potential of large compound libraries as new drug candidates, cost-effectively. Surge in usage of the assay in cancer therapeutics is expected to augment the stem cell assay market size. Rise in adoption of viability assays in initial stages of drug development is likely to bolster the market. Significant demand among drug researchers for advanced methods to measure dead cells in culture is likely to open up new growth opportunities for companies in the market.
Rapidly Increasing Demand for Stem Cell Therapies to Treat Diseases: High utilization of stem cell assays to develop stem cell therapies for several diseases is likely to offer a multitude of opportunities. Large pharmaceutical companies are increasing their focus on advanced stem cell biology in target identification. Attractive utilization of mesenchymal stem cell assays in stem cell therapies for several diseases such as wound repair, stroke, bone defects, and diabetes is anticipated to strengthen the stem cell assay market value.
Key Drivers
Rise in prevalence and high burden of chronic and neurodegenerative diseases is a key driver for utilization of stem cell assays. Stem cell therapies hold promising potential in the treatment of diabetes, Alzheimer’s disease, and Parkinson’s disease.
Surge in R&D investments in human embryonic stem cells has paved the way for new business opportunities in the stem cell assay market. Research on mesenchymal stem cells is expected to broaden the market outlook in the near future.
Recent market trends reveal that substantial research on 3D cultures of stem cells has gained momentum in the past few years. For instance, companies are developing cutting-edge 3D organoid culture systems and use these in disease modelling.
North America is a lucrative market for stem cell assays. The market in North America is projected to reach US$ 2.4 Bn in 2033. Sizable R&D spending by companies on stem cell therapies is likely to bolster the utilization of stem cell assays. The U.S. is anticipated to contribute sizable revenue to the regional market. The market in the U.S. is forecast to witness absolute dollar growth of US$ 1.6 Bn during the forecast period 2023–2033, expanding at a CAGR of 16.2% during this period. High prevalence of leukemia in adults is likely to bolster demand for stem cell assays. Furthermore, usage of stem cell transplant to manage multiple myeloma relapse has created new revenue opportunities for companies in the stem cell assay market in the U.S.
The market in Asia Pacific is projected to witness significant opportunities in the next few years. South Korea, Japan, and China are lucrative markets in Asia Pacific. Surge in demand for stem cell therapies to treat several diseases is expected to propel the market in South Korea. A case in point is utilization of stem cell assays to treat lung cancer. The South Korea market is forecast to reach approximately US$ 0.55 Bn by 2033. High demand for regenerative medicine and surge in government funding on stem cell research are factors anticipated to fuel the market in China. The size of the market in China is projected to reach US$ 1.1 Bn in 2033.
Competition Landscape
Key players leverage the synergies of joint ventures to develop advanced stem cell-based regenerative therapies in a bid to consolidate their market position. New product development and acquisitions are some of the prominent competitive strategies adopted by companies in the stem cell assay market.
Prominent companies in the stem cell assay industry are
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