The global stem cells market size is expected to gain momentum by reaching USD 27.65 billion by 2028. Fortune Business Insights in its latest report, titled “Stem Cells Market, 2021-2028.”, mentions that the market stood at USD 10.56 billion in 2020 and is projected to exhibit a stellar CAGR of 12.8% between 2021 and 2028. The growing demand for advanced therapeutic cellular therapies is expected to drive the adoption of the product globally.
COVID-19 Impact: Market to Gain as Demand for Cell Therapies Soars
In March 2021, Kyoto University’s CiRA Foundation announced that it will be providing induced pluripotent stem cells (iPSCs) manufactured from the blood of the people recovered from the novel coronavirus to research institutions in Japan and worldwide. The aim is to help researchers understand the severity of the disease in some people compared to others. The increasing demand for R&D activities and the growing focus on developing novel solutions is expected to bode well for the growth of the market amid the COVID-19 pandemic.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Advanced Therapeutic Therapies to Promote Growth
The increasing demand for advanced therapeutic therapies has propelled the need for innovation and development across the healthcare sector. Major companies in the market are focusing on collaborations and partnerships to boost their R&D activities and further drive the sales of the product. For instance, in June 2019, Evotec announced its collaboration with Celgene Corporation to expand its iPSCs technology for the development and introduction of novel treatment options for neurodegenerative diseases. The increasing demand for advanced products has led the companies to come together and develop novel therapies that are likely to favor the global stem cells market growth during the forecast period.