Global Stem Cell Therapy Market 2018-2022 | Increasing Awareness of Stem Cell Therapy to Boost Demand | Technavio
LONDON–(BUSINESS WIRE)–Technavio analysts forecast the global stem cell therapy market to grow at a CAGR of almost 11% during the forecast period, according to their latest market research report.
@Technavio analysts forecast the global #stemcell therapy market to grow at a CAGR of almost 11% by 2022.Tweet this
The reimbursement facility is one of the major trends being witnessed in the global stem cell therapy market 2018-2022. Reimbursement by private players is based on features such as procedure caps, lifetime caps, pre-existing condition clauses, and preauthorization procedures. In Europe, reimbursement challenges vary among EU countries, and an approval does not guarantee reimbursement. For instance, products such as PROVENCE, ChondroCelect, and MACI are approved but not reimbursed in the EU. In Japan, the national healthcare systems make the reimbursement of stem cell products and other regenerative medicines less complex than in the US and EU.
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According to Technavio analysts, one of the key factors contributing to the growth of the global stem cell therapy market is the increase in awareness of stem cell therapy:
Global stem cell therapy market: increase in awareness of stem cell therapy
With the increasing advances in science and technology, awareness about stem cell therapy has also increased. In certain countries with universal health coverage, individuals may be paid by the government to be treated in other countries. These steps improve the patient’s accessibility and hence, the perception to consider stem cell as a feasible option. This has led to the development of ‘stem cell tourism’ in which patients travel to countries that do not have strict regulatory restrictions on stem cell therapy.
According to a senior analyst at Technavio, “Regional government bodies must undertake initiatives such as educational programs on stem cell designed specifically to meet the regional, cultural, and behavioral determinants of that population. Educating and certifying medical personnel in terms of stem cell therapy procedures and the potential side effects of the therapy also increase awareness.”
Global stem cell therapy market: Segmentation analysis
The global stem cell therapy market research report provides market segmentation by product (autologous transplants and allogeneic transplants), by end-user (hospitals and clinics, ASCs, dialysis centers, and others), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major types, the autologous transplant segment held the largest market share in 2017, contributing to around 90% of the market. This segment will dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2017, accounting for close to 56% share, followed by EMEA and APAC respectively. The dominance of the region can be due to the presence of major vendors such as Vericel, Organogenesis, Athersys, and Gilead.
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