Mesenchymal Stem Cells Market is Estimated To Witness High Growth Owing To Rising Demand for Tissue Engineering Applications
Market Overview:
Mesenchymal stem cells (MSCs) are multipotent stromal cells that can differentiate into a variety of cell types, including osteoblasts (bone cells), chondrocytes (cartilage cells), and adipocytes (fat cells). They are particularly useful for repairing damaged tissues due to their potential for self-renewal and multi-lineage differentiation capacity. The growing application of mesenchymal stem cells in tissue engineering and regenerative medicine is driving the market growth.
The mesenchymal stem cells market is estimated to be valued at US$3.05 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for tissue engineering applications is a key trend fueling the growth of the mesenchymal stem cells market. Tissue engineering uses living cells, engineering, and materials methods to grow, repair or replace damaged tissue. Mesenchymal stem cells are extensively utilized in the development of engineered tissues including bone, cartilage, fat, and others. Their differentiation potential and immunosuppressive properties make them suitable for tissue engineering applications. Growing research in this area and increasing cases of tissue defects and injuries are augmenting the reliance on tissue engineering therapies, thereby boosting the demand for mesenchymal stem cells.
Porter’s Analysis
Threat of new entrants: The Mesenchymal Stem Cells Market requires high investment in R&D for development of stem cell therapies. This poses high entry barrier for new players.
Bargaining power of buyers: The presence of large pharmaceutical and biotechnology companies give them higher bargaining power over stem cell products and services.
Bargaining power of suppliers: Due to limited number of stem cell banks and manufacturers, suppliers have significant control over pricing.
Threat of new substitutes: There is no effective substitute currently available for stem cell therapy products. However, advancements in gene and cell therapy may pose threat in future.
Competitive rivalry: The market sees intense competition among existing players to develop new indications for stem cell therapies.
SWOT Analysis
Strength: Extensive R&D capabilities of key players and growing acceptance of stem cell therapies. Wide scope of treatment of diseases like cancer, diabetes etc.
Weakness: Ethical issues related to stem cell isolation, high costs involved, and limited investment. Regulatory compliance and complexity in commercialization.
Opportunity: Increasing prevalence of chronic diseases and neurological disorders. Support from governments worldwide for cell-based research.
Threats: Risks of tumorigenesis and transplant rejection. Lack of standardized manufacturing and storage processes.
Key Takeaways
The Global Mesenchymal Stem Cells Market Size is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period, due to increasing prevalence of chronic diseases globally. The market size is estimated to reach US$3.05 Bn by 2023.
Regional analysis: North America dominates the global Mesenchymal Stem Cells market owing to rising geriatric population, increasing cancer cases and growing biosimilars industry in the region. Asia Pacific exhibits fastest growth over the forecast period supported by rising medical tourism, increasing healthcare expenditure and expansion of key players in the emerging countries like India and China.
Key players: Key players operating in the Mesenchymal Stem Cells market are Lonza Group Ltd., Thermo Fisher Scientific Inc., Merck KGaA, and STEMCELL Technologies Inc. Lonza Group Ltd. specializes in development and manufacturing of Mesenchymal Stem Cells and their derivatives for clinical and research applications. Thermo Fisher Scientific Inc. focuses on providing cell culture media, reagents and instruments for cultivation of Mesenchymal Stem Cells.
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