Both stem and gene therapies are overlapping and mutually inclusive fields of biomedical engineering aimed at establishing the cause of genetic disorders in an individual and find techniques to cure the disease. At times, both the therapies are combined to treat diseases such as ADA-SCID. Stem cells are able to transform into many different forms of cells in the body. Their major application lies in the repair and compensation of wasted cells. The two major types of stem cells based on the source of origination are embryonic stem cells derived from inner mass of blastocyst, which is human embryo stage reached 5 days post fertilization and adult stem cells These cells are used to treat diseases such as acute leukemia, chronic lymphocytic leukemia, aplastic anemia, and osteopetrosis.
COVID-19 Impact Analysis
At the early phase of COVID-19 pandemic, specific diagnostic tests were not available to detect the disease. Alternative diagnostic tests were used initially but were not much effective. This unavailability of specific COVID-19 diagnostic tests presented lucrative opportunities for diagnostic manufacturers to introduce their COVID-19 diagnostic kits. Many leading players as well as some start-ups from various countries utilized this opportunity and introduced COVID-19 diagnostics kits into local as well as global market. These players achieved edge over other diagnostics players capitalizing the opportunity from demand for COVID-19 diagnostic tests, which, in turn, helps them in maintaining their revenues in such a crisis.
Owing to such factors, COVID 19 is expected to have a significant impact on the stem cell and gene therapy biological testing market.
Top Impacting Factors
- Overall growth of the biotechnology and biomedical industries and the subsequent exponential rise in the demand for hi-tech biomedical therapies have prompted various global players to launch new stem cell therapy-induced products to meet the growing demand.
- The growth of the stem cell market is further driven by increasing number of clinical trials and new product approvals being conducted around the world. The largest beneficiary to these trials is North America and Europe, which exhibit high growth potential for stem cell and gene therapy testing.
- Increase in the number of regenerative medical centers establishing in Asia-Pacific is another growth factor.
- With whole fiasco of COVID-19 and subsequent market disturbance have emerged the need for developing technologies and new diagnostic techniques across industries, including oncology, thus contributing to the growth of the stem cell and gene therapy testing market.
- Rising approvals in GMP-certified facilities and cold storage avenues to manufacture and store stem cells combined with robust private sector investments contribute toward the growth of the market.
- Lack of avenues and strategies to balance the tradeoff between low cost and high-quality product is one major factor that might restrain the market growth.
Stem Cell and Gene Therapy Biological Testing Market Trends
- North America is anticipated to gain significant traction, due to large number of clinical trials and product approvals related to embryonic stem cells being carried out in the region.
- Oncology segment is anticipated to witness highest growth, owing to rising number of cancer cases among the ageing population in a few countries and subsequent use of embryonic stem cells to counter leukemia.
- India is witnessing huge government investments and eased out regulatory frameworks in stem cell technology, owing to rising skilled populace and growing awareness about the technology among the audience.
Key Benefits of the Report
- This study presents the analytical depiction of the stem cell and gene therapy biological testing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the stem cell and gene therapy biological testing market share.
- The current market is quantitatively analyzed to highlight the stem cell and gene therapy biological testing market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the stem cell and gene therapy biological testing market.
- The report provides a detailed analysis depending on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Stem Cell and Gene Therapy Biological Testing Report
- Which are the leading players active in the stem cell and gene therapy biological testing market?
- How is each segment of the market expected to grow during the forecast period?
- What are the adoption trends for the stem cell and gene therapy biological testing market in emerging economies and established economies across the world?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the stem cell and gene therapy biological testing market?
- What future projections would help in taking further strategic steps?
- What are the impacts of COVID-19 in the industry?
- What is stem cell and gene therapy biological testing?
- What is the stem cell and gene therapy biological testing market prediction in the future?
- What are the current trends and predicted trends?
Stem Cell and Gene Therapy Biological Testing Market Report Highlights
By Cell Type
By Product & Service
By End User
Key Market Players
Osiris Therapeutics Inc, Bio Rad Laboratories, Mesoblast Ltd, Thermo Fisher Scientific, Anterogen Co. Ltd, GE Healthcare, Merck, Cellular Engineering Technologies, Promega Corporation, AlloSource