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(Health-NewsWire.Net, November 22, 2021 ) According to estimates from the Deloitte Touche Tohmatsu Limited (DTTL) Life Sciences and Health Care Industry Group, biotech drugs (vaccines, biologics) continue to gain traction in the life sciences sector. Of the top ten pharmaceutical products (by sales) in 2014, the majority were biotech drugs. Biotech drug sales were estimated at USD 289 billion in 2014, and this figure is projected to grow to USD 445 billion by 2019. Moreover, biotech drugs accounted for a share of 18% of the total sales of drugs in 2010, which is expected to increase to 26% by 2019.
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.
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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.
The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained. Various secondary sources such as Association of Stem Cell Banks of India (ASBI), American Association for the Advancement of Science (AAAS), Association of the British Pharmaceutical Industry (ABPI), Australasian Society for Stem Cell Research (ASSCR), American Medical Association (AMA).
The adult stem cells segment accounted for the largest market share of the global stem cell assay market in 2017. Increasing research on adult stem cells and less stringent regulations are the key factors driving the growth of the adult stem cell market.
On the basis of product service, the stem cell assay market is segmented into instruments, kits, and services. The instruments segment is estimated to account for the largest share of the global stem cell assay market during the forecast period. The growth of this segment is primarily attributed to the ongoing technological innovations in stem cell instruments and the rising number of stem cell research activities across the globe.
The global stem cell assay market is dominated by North America, followed by Europe. North America will continue to dominate the global stem cell assay market in the forecast period. Moreover, this region is also expected to witness the highest CAGR during the forecast period. North America’s large share and growth can be attributed to the favorable regulatory guidelines in the region, growing awareness about stem cell assays, the presence of a large number of market players, and increasing government investments in the field.
The factors such as the high degree of consolidation and a complex regulatory framework for the approval of new products may restrain the market’s growth to a certain extent.
Major industry players adopted product launches and partnerships agreements to maintain and improve their position in the stem cell assay market. Thermo Fisher Scientific (US), Merck (Germany), GE Healthcare (US), Bio-Rad Laboratories (US), and Promega Corporation (US) have been identified as key players in this market. These companies have a broad product portfolio with comprehensive features and have also expanded their presence geographically. These leaders also have products for all end users in this market, a strong geographical presence, and they focus on continuous product innovations.
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