CHICAGO, December 5, 2018
CHICAGO, December 5, 2018 /PRNewswire/ --
According to the new market research report "Synthetic Stem Cell Market by Application (Cardiovascular Disease, Neurological Disorders, Other Applications (Cancer, Diabetes, Gastrointestinal, Musculoskeletal Disorders)), Region (North America (US, Canada}, Europe, APAC, RoW) - Global Forecast to 2028", published by MarketsandMarkets™, the Synthetic Stem Cell Market size is expected to grow from USD 14 million in 2023 to USD 37 million by 2028, at a CAGR of 22.5% during the forecast period.
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The major factors driving the Synthetic Stem Cell Market include ethical concerns regarding embryonic stem cells and the risk of tumor formation and immune rejection of natural stem cells.
The cardiovascular diseases segment is expected to command the largest share of the overall Synthetic Stem Cell Market during the forecast period.
The Synthetic Stem Cell Market, by application, is estimated to be dominated by the cardiovascular diseases segment in 2023. This is attributed to the fact that the synthetic stem cells have been firstly developed for cardiac tissue and are tested in mice models. After the successful pre-clinical testing of cardiac synthetic stem cells, these cells will enter the clinical phase of development and are expected to hit the market by 2023.
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North America to lead the Synthetic Stem Cell Market with accelerated R&D activities in stem cell therapy research.
North America is estimated to account for the largest share of the market in 2023. North America is the pioneer of synthetic stem cell technology. Also, North America leads in the R&D of stem cell therapies globally, with the registration of the highest number of clinical trials (more than 1400) on stem cells till 2018. This is further backed by the high rate of adoption of advanced therapies in the US (more than 600 stem cell therapy clinics in the US in 2016).
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The key developers of synthetic stem cell technology are North Carolina State University (NCSU) (US) and Zhengzhou University (China).
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