The high unmet medical needs worldwide play a pivotal role in the tremendous growth of the global stem cells market. With the growing prevalence of chronic diseases and malignancies due to the changing lifestyles, stem cells are being highly acknowledged for their treatment. The increasing investments in the research and development of stem cells rendered by several governments worldwide are also augmenting the market. Moreover, the rising popularity of stem cells banking services and expanding medical tourism industry are providing a fillip to the market.
Despite the array of favorable factors, the market growth is hampered by the high cost of treatment. This factor is compounded by the lack of reimbursement policies, which is making stem cell treatment almost unaffordable for patients belonging to low and medium income groups. Furthermore, the increasing cases of unethical harvesting of stem cells are prompting governments to formulate stringent regulations, which in turn are adversely affecting the growth of the market. As per the findings of the report, the global stem cells market was valued at US$62.28 bn in 2015 and is estimated to rise to US$119.51 bn by 2018, expanding at a CAGR of 24.2% from 2012 to 2018.
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Stem Cells Market: Segmentation
On the basis of products, adult stem cells will continue to dominate the market until 2018, representing 86.0% of the overall market revenue. The procedures of harvesting adult stem cells are less complicated in adults. Moreover, better acceptance by the human body and lesser probability of contamination during the process of culture are leading to the higher adoption of adult stem cells in a multitude of research activities in the field of regenerative medicine. The induced pluripotent stem cells (iPSC) segment is anticipated to expand at an impressive CAGR of 25.3% during the forecast period.
On the basis of technology, cell acquisition will be the leading segment in terms of revenue in 2015. The acquisition is the foremost step undertaken in obtaining stem cells. The primary role of this step is warranting the leadership of the segment until 2018.
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