The stem cell assay market is expected to reach USD 1,978.7 million by 2023 from USD 791.9 million in 2018, at a CAGR of 20.1%. Factors driving the growth of this market include the availability of funding for stem cell research and rising incidences of chronic diseases. Technological advancements in stem cell research instruments and introduction of novel stem cell products; and the growth of end-use industries are some other factors supporting the growth of the market.
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By type, the market is categorized into viability/cytotoxicity, isolation & purification, cell identification, proliferation, differentiation, function, and apoptosis assays. The isolation & purification segment is expected to grow at the highest rate during the forecast period. Rising demand for stem cell isolation assays in biotechnology and biopharmaceutical companies for drug development processes is the main factor contributing to the high growth rate of this segment.
By cell type, the market is categorized into adult stem cells and human embryonic stem cells. The human embryonic stem cells segment is expected to grow at the fastest rate during the forecast period. Innovative and advanced applications of human embryonic stem cells in the development of stem cell therapies are a key factor driving the growth of the human embryonic stem cell segment.
On the basis of products & services, the market is categorized into instruments, kits and services. The kits segment is expected to grow at the highest CAGR during the forecast period. Innovative and advanced applications of kits and their affordable prices are some of the key factors driving the growth of the stem cell assay kits segment.
By application, the market is categorized into regenerative medicine and therapy development; drug discovery and development; and clinical research. The regenerative medicine and therapy development segment is estimated to grow at the highest rate during the forecast period. The growth of this segment can be attributed to growing regenerative medicine industry and increasing demand for stem cells in the development of various types of cell therapies across the globe.
On the basis of end users, the stem cell assay market is classified into biopharmaceutical & biotechnology companies and research institutes. The biopharmaceutical & biotechnology companies segment is estimated to grow at the fastest rate during the forecast period. The increasing demand for stem cell assays in biopharmaceutical and biotechnology companies is driving the growth of this segment.
The stem cell assay market is geographically segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to grow at the fastest rate due to improved life sciences research infrastructure, the heavy burden of chronic diseases, and growth in the demand for stem cell assays.
Given the immense opportunities in major applications of stem cell assays, market leaders and emerging players are increasingly focusing on the market in the segments mentioned above to increase their revenues and are also looking to expand their reach to emerging economies.
