The global stem cell market is forecast to grow at a CAGR of 9.0% to 10% during the forecast period 2019 to 2024.
Description: Stem cells are unspecialized cells that mature into specialized cells which produce different type of tissues in the human body. They are characterized by the capability to renew themselves through mitotic cell division and differentiating into a diverse range of sp ecialized cell types. They play a vital role in development, growth, maintenance, and repair of brain, bones, muscles, nerves, blood, skin, and other organs. Researchers are striving to create therapies that rebuild or replace damaged cells with tissues grown from stem cells and offer hope to people suffering from cancer, diabetes, cardiovascular disease, spinal-cord injuries, and many other disorders. Adult and embryonic stem cells may also offer scientists to develop valuable techniques of drug discovery and testing.
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Key Driving Factors of the global stem cells: The global stem cells market has gained sustainable growth owing to increasing investments from pharmaceutical companies intended for stem cell research. Snowballing incidence of chronic diseases is another driving factor augmenting the demand of stem cell market. In the future, the stem cell market growth is predicted to boost due to increasing research and development, high quality stem cell banking services, and growing stem cell donors. These studies are expected to help businesses in bringing possible qualitative and quantitative changes in product line. However, ethical apprehensions coupled with public perception in context to stem cell at different stages of research is projected to hinder the implementation of this therapy up to certain level.
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By geography: North America is expected to be the fastest-growing region during the prediction period. Factors such as increasing awareness regarding therapeutic potency of stem cells, growing number of clinical trials for stem cell-based products, and public-private funding & research grants are fuelling