Market Trends of North America Stem Cell Industry
The Oncology Segment is Expected to Show Lucrative Growth in the Therapeutic Application Type
The cancer burden has been increasing, and thus, cancer therapies must be modified according to regional and national priorities. according to the American Cancer Society, in 2022, there were an estimated 1,918,030 new cases of cancer in the United States, and 609,360 deaths were notified in the year 2022. It also reported that in males, the leading cancer sites in the country are prostate while in females it is breast cancer. Such an increasing burden of the disease is expected to propel the growth of the market. A bone marrow transplant, or stem cell transplant, is a treatment for some types of cancer, like leukemia, multiple myeloma, neuroblastoma, or some types of lymphoma. For cancer treatments, both autologous and allogeneic stem cell transplants are done. Autologous transplants are preferred in the cases of leukemias, lymphomas, multiple myeloma, testicular cancer, and neuroblastoma.
The strategic initiatives taken by the market players are also propelling the growth of the segment growth. For instance, in April 2021, Vertex Pharmaceuticals Incorporated received the United States Food and Drug Administration (FDA) Fast Track Designation for VX-880, and the company initiated a clinical trial for VX-880 in patients who have type 1 diabetes (T1D) with severe hypoglycemia and impaired hypoglycemic awareness. VX-880 is one of the first investigational stem cell-derived therapies utilizing fully differentiated, insulin-producing pancreatic islet cells for the treatment of type 1 diabetes. Such a fast approval procedure is expected to drive the growth of the market.
Thus, owing to the abovementioned factors, the market segment is expected to show growth over the forecast period.
United States is Expected to Hold a Significant Share in the Market
The United States is estimated to retain the largest share of the stem cell market due to the presence of a strong regulatory framework to promote cellular therapy development, the existence of industry key players, and the presence of leading universities that support research activities in the United States. Factors attributing to the high growth of the market in the region include the increasing prevalence of chronic conditions, rising adoption of regenerative medicine, and rise in the number of clinical studies about the development of cellular therapies.
Rising investments from market players for the development and expansion of cell-based therapies in the United States are expected to drive the market in the United States. For instance, in January 2022, Cellino Biotech, an autonomous cell therapy manufacturing company, raised USD 80 million Series A financing round. Cellino plans to expand access to stem cell-based therapies with the intention to build the first autonomous human cell foundry in 2025. The applications of stem cell technologies in the treatment of diseases have ultimately increased the overall adoption rate of these technologies across the world. This has led to increased investments by market players in the development of novel therapies in this area.
Furthermore, improved results of stem cell therapy products for the treatment of diseases will lead to a rise in product development, which is expected to drive the growth of this market. For instance, in April 2022, BioCardia, Inc. a developer of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases, announced U.S. Food and Drug Administration (FDA) approval of it's Investigational New Drug (IND) for NK1R+ Mesenchymal stem cells for the treatment of patients recovering from acute respiratory distress due to COVID-19.
Therefore, rising investments and research initiatives by the key market players and positive results of cell therapies are the factors expected to drive the growth of this market in United States.
