The global Stem cell manufacturing market is projected to reach USD 14.61 billion by 2023 from 10.75 billion in 2018, at a CAGR of 6.3%. The growth of the stem cell manufacturing market is mainly attributed to factors such as the development of advanced genomic analysis techniques for quality control during stem cell manufacturing and technological advancements in stem cell manufacturing and preservation.

In this report, the market is segmented by product, application, end user, and region. Based on product, the market is segmented into four major categories, namely, culture media, consumables, instruments, and stem cell lines. The stem cell lines segment is projected to grow at the highest rate during the forecast period, owing to factors such as the growing demand for functionally potent stem cell lines in research and rising approval of stem cell-based therapeutic products in the US, Europe, and Asia.

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On the basis of end user, the stem cell manufacturing market is segmented into pharmaceutical and biotech companies; hospital and surgical centers; academic institutes, research laboratories, and CROs; cell banks and tissue banks; and other end users. Cell and tissue banks are expected to be the fastest-growing segment during the forecast period, due to the growing number of stem cell transplantation procedures and ongoing advancements in stem cell & tissue processing and storage methodologies.

The Asia Pacific region is expected to emerge as the new revenue-generating segment for prominent market players during the forecast period. The high growth rate in this region can be attributed to the presence/implementation of supportive regulatory frameworks for stem cell research and manufacturing, ongoing expansion & modernization of healthcare infrastructure across emerging Asian countries, and increasing public-private initiatives to encourage public awareness about stem cell-based treatment. During 2014–2017, several market players expanded their market presence to Asia Pacific countries. For instance, in 2016, MEDIPOST (South Korea) established a joint venture—OrLife Bio in partnership with JingYuan Bio Ltd. (China). With this venture, MEDIPOST gained the exclusive license for the development and marketing of CARTISTEM in China. Similarly, in 2016, Merck Group (Germany) opened an M Lab Collaboration Center in Incheon, South Korea. The newly launched center collaborated with Merck scientists and engineers to provide biopharmaceutical manufacturers with an exploratory environment to accelerate development and production of new therapies.