New York, Dec. 20, 2022 (GLOBE NEWSWIRE) -- The Induced Pluripotent Stem Cells Production market revenues were estimated at US$ 949.6 Mn in 2021 and is anticipated to grow at a CAGR of 10.7% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach US$ 2.9 Bn.
The market for induced pluripotent stem cells is growing, owing to their ability to produce any cell or tissue the body requires. Cells like these can be customized for those suffering from various diseases, such as diabetes, spinal cord injuries, leukemia, or cardiovascular disease. Furthermore, these cells can provide information regarding the beginning stages of human development for building totally customizable and totally rejection-proof cells and tissues for transplantation.
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Furthermore, the public and commercial sectors are boosting financing and expanding the industry that focuses on various research projects including iPSCs, and people are becoming more aware of stem cells as a result of many organizations. However, issues such as the expensive cost of cell reprogramming, ethical concerns, and long processes are stifling the market's growth. Low efficiency, tumor risk, and insufficient programming are all challenges that are restricting the expansion of the iPSC business.
Increased demand for these cells, increased focus on researchers in the sector, and their potential application in the treatment of various diseases are driving the worldwide market. The increased prevalence of chronic diseases such as diabetes, heart disease, stroke, and cancer is fueling market expansion. Furthermore, expanding public awareness of stem cells and related research, prospective clinical uses, and government and private sector financial support are projected to contribute considerably to market growth.
The iPSC approach is expected to be widely used in the pharmaceutical sector to generate effective cell sources such as iPSC-derived functional cells for drug screening and toxicity assessment. Owing to this, the Induced Pluripotent Stem Cells Production market is projected to grow at a CAGR of 10.7% over the coming 10 years.
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Competitive Landscape
Some of the key players in the Induced Pluripotent Stem Cells Production market include Lonza, Axol Biosciences Ltd., Evotec, Hitachi Ltd., Merck KGaA, REPROCELL Inc., Fate Therapeutics, Thermo Fisher Scientific, Inc., StemCellFactory III, and Applied StemCell Inc.
Some of the recent developments of key Induced Pluripotent Stem Cells Production providers are as follows:
- In December 2020, REPROCELL made available an adapted iPSC-generating system as well as a forthcoming business-to-business (B2B) website to promote the "Personal iPS" service. This service creates and preserves an individual's iPSCs for future use in future injury treatment or recuperation.
- In January 2019, The New York Stem Cell Foundation Research Institute and Ngene Therapeutics Inc. announced a collaboration to advance stem cell research and revolutionary gene-editing techniques for the development of new diseases.
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More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Induced Pluripotent Stem Cells Production market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of by Product Type (Instruments/Devices, Automated Platforms, Consumables & Kits, Services), by Process (Manual, Automated), by Workflow (Reprogramming, Cell Culture, Cell Characterization/Analysis, Engineering, Others), by Application (Drug Development and Discovery, Regenerative Medicine, Toxicology Studies, Others), across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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