The stem cell assay market was valued at USD 660.9 Million in 2017 and is expected to reach USD 1,978.7 Million by 2023, at a CAGR of 20.1%.
Factors driving the growth of this market include the rising incidence of target indications; availability of funding for stem cell research; technological advancements in stem cell research instruments; and growth of end-use industries.
Ethical issues related to embryonic stem cell research
Research in cell biology necessitates the use of animals and humans, as animal and human cells are used in gene therapy studies that involve the recombination of genes and stem cell research therapies. These cells are also used for in vivo toxicity and pharmacokinetic testing of drugs that may harm animals and humans.
In addition, stem cell research studies use human embryos for clinical applications that often lead to the destruction of the embryos. In order to monitor these activities, strict regulations have been formulated by ethical authorities, such as the Human Tissue Authority (HTA), Human Fertilization and Embryology Authority (HFEA), Medicines and Healthcare Products Regulatory Agency (MHRA), and Central Ethics Committee for Stem Cell Research.
The presence of these ethical concerns and restrictions on the use of cells for research is limiting cell biology research to a great extent in various countries across the globe. This, in turn, is expected to restrict the growth of the stem cell assays market.
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The regenerative medicine and therapy development segment dominated the market in 2017
By application, the market is segmented into regenerative medicine and therapy development; drug discovery and development; and clinical research. The regenerative medicine and therapy development segment accounted for the largest share of the global stem cell assay instruments market in 2017.
The increasing demand for stem cells in the development of various types of cell therapies and growing regenerative medicine industry across the world are factors driving this market segment.
Biopharmaceutical & biotechnology companies to command the largest share of the market during the study period
On the basis of end user, the stem cell assay market is segmented into biopharmaceutical & biotechnology companies and research institutes. The biopharmaceutical & biotechnology companies segment accounted for the largest share of the global stem cell assay market in 2017.
North America held the largest share of the market in 2017
Based on region, the stem cell assay market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the market in 2017. The large share of this geographical segment is attributed to factors such as the increasing incidence of chronic diseases and improved life sciences research infrastructure in that region.
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Key players in the stem cell assay market include Thermo Fisher Scientific (US), GE Healthcare (US), Merck (Germany), Bio-Rad Laboratories (US), Promega Corporation (US), Agilent Technologies (US), PerkinElmer (US), Miltenyi Biotec (Germany), Cell Biolabs (US), HemoGenix (US), STEMCELL Technologies (Canada), Bio-Techne Corporation (US), and Cellular Dynamics International (US).