Northbrook, IL -- (SBWIRE) -- 07/16/2018 -- According to a new market research report "Stem Cell Manufacturing Market by Product (HSCs, MSCs, iPSCs, ESCs, Instruments, Media, Consumables), Application (Research, Target Identification, Therapy (Autologous, Allogeneic), Cell Banks), End User (Pharma, Hospitals) - Global Forecast to 2023", published by MarketsandMarkets™, the report studies the global Stem Cell Manufacturing Market over the forecast period of 2018 to 2023. The market is projected to reach USD 14.61 Billion by 2023 from USD 10.75 Billion in 2018, at a CAGR of 6.3%. Factors such as growing public-private investments and funding in stem cell-based research, rising public awareness regarding about the therapeutic potency of stem cell products, development of advanced genomic analysis techniques for quality control during stem cell manufacturing, technological advancements in stem cell manufacturing and preservation, and evolving regulatory frameworks for stem cell therapeutics in the US and Europe are driving the growth of the Stem Cell Manufacturing Market.

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Based on product, the stem cell lines segment is expected to witness the highest growth during the forecast period

On the basis of product, the Stem Cell Manufacturing Market is categorized into four major categories, namely, culture media, consumables, instruments, and stem cell lines. In 2017, the culture media segment accounted for the largest share of the market. This can be attributed to the rising stem cell research and increasing demand for stem cell therapies.

Based on application, the research applications segment accounted for the largest share of the Stem Cell Manufacturing Market in 2017

Based on application, the global Stem Cell Manufacturing Market is segmented into research applications, clinical applications, and cell and tissue banking. The research applications segment accounted for the largest share of the stem cell manufacturing in 2017. The growth in this segment is primarily attributed to the increasing focus on stem cell-based research, growing awareness about the therapeutic potency of stem cells, and public-private funding to support product development & commercialization.

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By end user, cell and tissue banks are expected to witness the highest growth during the forecast period

On the basis of end user, the Stem Cell Manufacturing Market is segmented into pharmaceutical and biotech companies; hospital and surgical centers; academic institutes, research laboratories, and CROs; cell banks and tissue banks; and other end users. The pharmaceutical and biotech companies segment accounted for the largest share of the market in 2017. The large market share of this segment is primarily attributed to the rising public-private investments for stem cell-based research and ongoing patent expiry of branded drugs.

North America dominated the Stem Cell Manufacturing Market in 2017

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America accounted for the largest share of the market in 2017. The high intensity of stem cell research in the region, rising public-private funding and grants to support the clinical evaluation of stem cells for various applications, robust research infrastructure, and rising public awareness on the therapeutic potency of stem cells are driving the growth of the Stem Cell Manufacturing Market in North America.

The major players in the Stem Cell Manufacturing Market include Thermo Fisher Scientific (US), Merck Group (Germany), Becton, Dickinson and Company (US), Bio-Rad Laboratories (US), Miltenyi Biotec (Germany), Takara Bio Group (Japan), STEMCELL Technologies (Canada), Pharmicell (South Korea), Osiris Therapeutics (US), Anterogen (South Korea), Cellular Dynamics International (US), MEDIPOST (South Korea), Lonza Group (Switzerland), Holostem Terapie Avanzate (Italy), and Pluristem Therapeutics (Israel), among others.

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