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Description
The global stem cell therapy market is projected to reach USD 404 million by 2027 from USD 186 million in 2020, at a CAGR of 17.4% during the forecast period. Stem cell therapy involves use of stem cells to treat various diseases or disorders. Stem cells are fundamental for every tissue and organ in the body. Stem cells are indistinguishable biological cells that are able to differentiate into specialised cells (liver cells, cardiac cells etc.) and can renew itself (through mitosis) to produce more stem cells. Stem cells have the ability to replicate, repair, and replace other damaged tissues in the human body. In addition, stem cell based therapies are also used to treat several chronic diseases such as blood disorders, cancer and others. Stakeholders in stem cell therapy such as academic institutions and research firms are collaborating in development of stem cell therapy and industry collaborations also projecting enormous growth of stem cell therapy market. For instance, in November 2015, Cellular Dynamics International, Inc. (FUJIFILM) collaborated with Roche to supply iCell (CDI’s induced pluripotent stem cell derived) products that enables in identification of novel drug candidates at the early stages of drug discovery. Similarly, in May 2017, Magenta Therapeutics, entered into strategic partnership with Be The Match BioTherapies, to improve and expand the use of curative stem cell transplantation.
