Among all the regions, North America is expected to account for the largest share in the Global Stem Cell market. This can be ascribed to the high focus on therapy development for rare genetic diseases, growing stem cell research activities, a growing focus on the development of personalized medicines, supportive regulatory environment, sophisticated healthcare infrastructure, and increased awareness and product launches regarding new treatments are also expected to aid in the Stem Cell market growth in this region.
One of the key supporting factors for the growth of the North America Stem Cell market is the increasing focus on developing therapies for rare genetic diseases, particularly in the United States. As per the data provided by the US Food and Drug Administration (FDA) (2021), there are more than 7,000 rare diseases that affect more than 30 million people in the United States.
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The huge number of indications has resulted in a considerable number of companies in the country developing therapeutics aimed at treating genetic diseases. Therefore, the increasing focus of the US FDA and the US government in catering to the medical needs of people suffering from diseases in the country is also expected to drive the North America Stem Cell market in coming years.
Furthermore, an active pipeline by key players being involved in the development of such products is anticipated to fuel the market in the region. Moreover, the occurrence of various strategic business activities in the region such as company collaborations, acquisitions, product launch, and approval, among others are also expected to propel the market for Stem Cell in the region.
For instance, on March 12, 2019, Smith & Nephew plc announced its acquisition of Osiris Therapeutics, Inc., which is a company delivering regenerative medicine products, including skin, bone graft, and articular cartilage substitutes, for approximately USD 660 million. This in turn would provide a conducive growth environment for the North America region.
These kinds of products launched in the local markets will thereby push the product demand in the market. Therefore, the interplay of various factors in the region is expected to boost the North America Stem Cell market during the forecast period.
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