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Stem Cell Therapy Market Overview, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Stem Cell Therapy Market Overview
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According to The Business Research Company's, The stem cell therapy market size has grown exponentially in recent years. It will grow from $6.43 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 23.5%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, a rise in funding from governments and private organizations, rapid growth in emerging markets, an increase in investments in cell and gene therapies, surge in healthcare expenditure, and an increase in pharmaceutical r&d expenditure.
The stem cell therapy market size is expected to see rapid growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increasing government support, rapid increase in the aging population, rising research and development spending, and increasing healthcare expenditure. Major trends in the forecast period include focus on closely monitoring advances in mesenchymal stem cells therapy with a view to capitalizing on innovations in the field, market players should collaborate with, and acquire other companies to further advance product innovation and to drive revenues, companies should consider investing in developing of ipsc-derived nk cells to treat patients, companies operating in the stem cell therapy market should concentrate on developing stem cell therapy, especially for cancer to gain a competitive advantage over somatic cell competitors, and companies operating in the stem cell therapy market should make use of artificial intelligence to improve product quality, safety and manufacturing productivity.
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Market Drivers and Trends:
The rising prevalence of chronic diseases contributed to the growth of the stem cell therapy market. Long working hours, limited physical activity, and unhealthy eating and drinking habits contribute to the prevalence of chronic diseases among people, thus driving the need for stem cell therapy. According to a United Nations article, by 2030, the proportion of global deaths due to chronic diseases is expected to increase to 70% of total deaths. The global burden of chronic diseases is expected to reach about 60%. The rising prevalence of chronic diseases is expected to drive the stem cell therapy market growth.
The companies in the stem cell therapy market are increasingly investing in strategic partnerships. A strategic partnership is a mutually beneficial agreement between two companies that do not compete directly with each other. For instance, in May 2022, SQZ Biotechnologies, a US-based biotechnology company partnered with STEMCELL Technologies Inc., a Canada-based biotechnology company to develop and commercialize a research-use-only (RUO) microfluidic intracellular delivery system, based on SQZ's Cell Squeeze technology, providing the life sciences community with enhanced cell engineering capabilities for preclinical research. Both companies will present significant findings about the potential of the RUO system in efficiently delivering cargoes to primary immune cell types and demonstrating advancements in cell engineering with mRNA and CRISPR/Cas9 in hematopoietic stem cells.
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Major Key Players of the Market:
Wuxi Suntech Power Co. Ltd, Longi Green Energy Technology Co. Ltd, JA Solar Technology Co., Ltd, Jinkosolar Holding Co. Ltd, Canadian Solar Inc, First Solar Inc, Aiko Solar, Trinasolar Co., Ltd, Tata Power Solar Systems Ltd, Yingli Solar, China Sunergy, DelSolar Co Ltd, Motech Solar, Waaree Energies Ltd, Vikram Solar, Adani Solar, Microtek Solar Solutions, Loom Solar Pvt. Ltd, Moser Baer Solar Ltd, EMMVEE, GB-Sol Ltd, UK Solar Power Ltd, UKSOL, SolarWorld AG, Centrotherm Photovoltaics AG, Centrosolar Group AG, Schott Solar, Scheuten Solar Technology GmbH, Solimpeks Solar GmbH, Alfa Solar Technologies, Gehrlicher Solar AG, CadWare S.r.L, ib vogt GmbH, EasySolar, KACO New Energy GmbH, KIOTO Photovoltaics GmbH, Selfa Ge S.A, Europe Solar Production Sp, Solar Turbines Incorporated, ENVEA, Inciner8 Limited, Pace Global Energy Services, Monocrystal, Siberia EXPO, Caipos GmbH, Kaizen Imperial, Lumos Solar, Next Energy Alliance, Prism Solar, SoliTek, CSI Solar, GMA Solar, Go Power, Heliene, Vestas Wind Systems A/S, Electricite de France SA, BrightSource Energy, Inc, SunPower Corporation, Enel Green Power S.p.A, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Solarity Solar Energy, TSK Electronica y Electricidad SA, Kuwait National Petroleum Company, Alternative Energy Projects Co, Marubeni Corp, Total SA Qatar Solar Energy WLL, Nebras Power QSC, Globeleq, Enel SpA, Renenergy South Africa Pty Ltd
Stem Cell Therapy Market 2024 Key Insights:
• The stem cell therapy market size is expected to see rapid growth in the next few years. It will grow to $13.12 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%.
• Increasing Prevalence Of Chronic Diseases To Drive Market Growth
• Collaborative Partnership In Research And Development Transforming The Stem Cell Therapy Market
• North America was the largest region in the stem cell therapy market in 2023
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