Increasing developments in the new technologies for storing the stem cells and growing awareness among the parents for stem cells in developed and developing countries
Stem cells are the undifferentiated biological cells which has the ability to differentiate from other specialized cells. These cells are also referred as the building blocks of life as they have the ability to self-renew after splitting into two cells. Furthermore, these cells have the potential to remain either the same or can adapt to different types such as a brain cell, blood cell or a lung cell. These cells can be developed to become organ-specific or tissues-specific which can be used to replace the damaged tissues in the bone marrow or gut.
Increasing research for broadening the utility scope of these cells has expected to drive the market growth. The ongoing research on these cells has provided the opportunity of implementation of these cells for clinical applications, thereby influencing the treatment.
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Increasing developments in the new technologies for storing the stem cells and growing awareness among the parents for stem cells in developed and developing countries have led to fuel the market demand. Enormously growing the field of regenerative medicine based on the stem cells and increasing application of these cells for therapeutics has further influence the growth of the market in a positive manner.
The stem cells market can be segmented based on the product which includes adult stem cells, human embryonic stem cells, induced pluripotent stem cells, very small embryonic like (VSEL) stem cells. Adult stem cells can be extracted from various areas of the body which include fat, bone marrow, and peripheral blood. Adult stem cells are expected to have the major market share owing to low contamination probability while sub-culturing and less production labor. Furthermore, the capability of induced pluripotent stem cells of unlimited self-renewal and reproduction when cultured is anticipated to increase the demand over the forecast period.
The major application of stem cells is regenerative medicine which is expected to hold the potential share in the market for curing traumatic injury and degenerative disease. Furthermore, the pharmaceuticals companies have unleashed the new opportunities based on the stem cells by enabling firms to develop novel drugs. Increasing reliability on cellular systems for drug development is projected to influence the market share over the forecast period.
Increasing R&D projects in Asian countries which include Australia, Japan and Singapore owing to accelerated commercialization opportunities in the region is expected to fuel the market growth. Furthermore, the regulatory changes with respect to regenerative medicine in Japan have attracted substantial interest in the market. North America region is also projected to hold the major share in the overall market owing the availability of federal funding for the stem cell research.
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The key players in the market include StemCyte, CBR Systems, ViaCord, Cryo-Cell International, LifeCell International, Celgene Corporation, Smart Cells International, Cordlife Group and Chine Cord Blood Corporation. The market has been witnessing the rise in the mergers and acquisitions for diversifying and strengthening their presence in the market and for occupying the major share through alliances with smaller players across the globe over the past five years. For instance, the AMR Pharmaceuticals acquired cord blood registry (CBR) in March 2015 and the acquisition of Insception Lifebank (based in Canada) by Cell Care from Australia in October 2016.