Global Stem Cell And Regenerative Medicine Market Reached USD 10,200 Million In 2016 By Registering A CAGR Of 4.8% Across The Globe Till 2024
The global stem cell and regenerative medicine market reached USD 10,200 Million in 2016 by registering a CAGR of 4.8% across the globe. Moreover, the market is expected to garner USD 14745.7 Million by the end of 2024. The global demand for stem cell and regenerative medicine is increasing due to the increase in old age population globally. Further, growing awareness towards stem cell and regenerative medicine is key growth driver for global stem cell and regenerative medicine market over the forecast period.
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North America is slated to account for a leading share of 39.7% by 2024 in the stem cell and regenerative medicine market. The growth in the region can be attributed to presence of well-established healthcare industry along with expanded funding from the governments organizations. Besides, in 2015, U.S. health care spending increased 5.8% to reach USD 3.2 trillion which is also expected to impel the growth of stem Cell and regenerative medicine market in the North America. U.S. is the prominent market driving the growth in the region.
Additionally, U.S. stem cell and regenerative medicine market reached USD 3442 Million in 2016 and is expected to reach USD 5056.4 Million by the end of 2024, expanding at a CAGR of 4.9% over the forecast period i.e. 2017-2024. U.S. stem Cell and regenerative medicine market is expected to achieve Y-o-Y growth rate of 5.6% in 2024 as compared to previous year.
Europe market is expected to expand at a significant CAGR of 4.9% during the forecast period i.e. 2017-2024. Growth and expansion of pharmaceuticalÂ industry in the region is expected to be the key factor behind the growth of stem Cell and regenerative medicine market in the Europe region. Further, increasing application of stem Cell and regenerative medicine is expected to fuel the growth of Europe stem Cell and regenerative medicine market during the forecast period. France & Germany are the major contributor to the growth of stem Cell and regenerative medicine market.
Global stem cell and regenerative medicine market is segmented on the basis of product into adult stem cells, human embryonic stem cells, induced pluripotent stem cells, and very small embryonic like stem cells. Among these segments, adult stem cells segment (82.9% share in 2016) occupies the largest market of stem cell and regenerative medicine across the globe. Further, global adult stem cells market is anticipated to reach USD 12,290.1 Million by the end of 2024 from USD 8,456.6 Million in 2016. Moreover, this segment is anticipated to flourish at a CAGR of 4.9% over the forecast period. Â In addition, wide scale application of adult stem cells in the cell regeneration of various diseases is expected to supplement the growth of global adult stem cells market.
In end-user segment, the pharmaceutical industry segment is estimated to remain highest during the forecast period. This segment contributed around 82.9% market share of total stem Cell and regenerative medicine market in 2016. Further, this segment is projected to capture 83.1% market share by 2024. Further, pharmaceutical industry segment is projected to achieve Y-o-Y growth rate of 5.5% in 2024 as compared to previous year.
STEMCELL Technologies Inc., AMAG Pharmaceuticals Inc., Osiris Therapeutics, Inc., are some of the prominent players of stem cell and regenerative medicine market.
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