SINGAPORE, July 28, 2015 /PRNewswire/ -- Faced with
increasing challenges such as costly treatments and treatments that
are palliative rather than symptomatic, the global healthcare
industry today is gradually transforming itself. With few existing
therapies capable of curing or significantly changing the course of
a disease, healthcare providers are starting to look towards
regenerative medicine as a viable alternative.
Regenerative medicine represents a new paradigm in human health
with the potential to resolve unmet medical needs by addressing the
underlying causes of diseases.
According to Dr. Jane Andrews,
Senior Consultant, Healthcare & Life Sciences, Frost &
Sullivan, regenerative medicine has the potential to cure diseases
like we have never seen before. Because of this, the market,
especially in the area of stem cell therapy, will continue to
experience positive growth, boosted by support from other
sectors.
"Regenerative Medicine initiatives are now attracting new public
and private funding. Although Stem Cell Therapy will continue to be
the largest market segment of Regenerative Medicine, cross segment
therapies that combine the use of immunology, genetic and stem cell
therapy are rapidly advancing," Andrews noted.
Regenerative medicine has also been an area of interest for
major pharma companies, many of which have set up their own R &
D units or have acquired stakes / invested in regenerative medicine
companies. Major pharmaceutical companies which have done so
include Pfizer, Johnson & Johnson and Teva Pharma.
Why Stem Cell Therapy?
In this space, cell therapy is the fastest growing segment of
regenerative medicine and also the largest. Globally, the stem cell
therapy market is expected to be worth US $40 billion by 2020 and US $180 billion by 2030.
Cell therapy involves the use of living cells to replace or
augment damaged or diseased cells and tissues. It has been used for
various conditions. The largest number of marketed cell therapy
products is used for the treatment of notably non-healing wounds /
skin (46%) and muscular-skeletal injuries (35%). This trend will
change as more and stem cell therapy products for cancer and heart
disease complete their clinical trials and are approved for market
release.
Factors that are driving stem cell manufacturing in the short
term include aging populations in need of alternative medicine and
in the long term, new evidence that stem cell therapy works.
However, an area of concern in the immediate future and long term
remains the lack of early stage funding and the inherent
variability in 'living cells' culture and manufacturing.
"Despite this, it is expected that investors will increasing
support for early and mid-stage clinical trials as this fast moving
market continues to develop and show promise," explained
Andrews.
Regenerative Medicine – The APAC Overview
The Asia-Pacific stem cell
market was valued at US $7.10 billion
in 2014 and is projected to increase to US $18.71 billion by 2018 at a CAGR of 27.3% for the
period.
Sanjeev Kumar, Consultant, Growth
Partnership Services, Healthcare, Frost & Sullivan,
Asia Pacific attributes the
positive growth in APAC to strong support from the industry.
"This growth is a result of the increasing regulatory support
regarding stem cell research, advancements in regenerative medicine
and the opportunities arising from stem cell therapies," Kumar
noted.
These opportunities include contract research outsourcing and
rising patient population with neurological and other chronic
conditions in the region. Japan,
Singapore and South Korea are the frontrunners and are set
to dominate the APAC stem cell market in the coming years.
Case Studies:
Japan
Japan is taking the global lead
in promoting stem cell research for addressing conditions such as
Parkinson's disease, spinal cord injuries and cardiovascular
disorders. In 2013, the Japanese government announced funding of US
$1.12 billion for stem cell research
on a stem cell type that is free from ethical concerns over embryo
harvesting. Through this and other efforts, it hopes to eventually
benefit from the cost savings generated by efficacious stem cell
therapies.
South Korea
With some success in commercializing stem cell therapy products
for an open market matched by strong government support for
R&D, South Korea's
Regenerative Market is a prime area for growth, with key
opportunities identified in the areas of Cell Therapy, especially
in the stem cell therapy for adult stem cells and embryonic stem
cells. These together with other drivers are on track to make
South Korea one of the top three
Regenerative Medicine (RM) markets by 2020.
Singapore
Singapore is considered a haven
for stem cell research, owing to its biomedical freedom in terms of
favorable laws and strong government funding received, making it
one of the most favored destinations in APAC for stem cell
research. In addition, Singapore
has a well-organized funding system in place for stem cell research
which ensures that public and private funding are evenly divided
among companies and researchers. The rapidly developing industry
has also seen Singapore secure
partnerships with FDA, UK Stem Cell Foundation, and corporate
venture funds such as Novartis.
While North America remains the
frontrunner in the Regenerative Medicine industry, the Asia-Pacific market is predicted to offer
significant contributions to the market in the future.
Frost & Sullivan recently held its GIL Webinar – 'The New
Age of Regenerative Medicine – Why Stem Cell Therapy?' on
28 July, 2015 in Singapore. If you would like to be notified of
any upcoming healthcare-related briefings in APAC, please email
melissa.tan@frost.com.
To view the webinar, please visit
https://www.brighttalk.com/webcast/5565/163681
Please note this complimentary briefing requires a one-time
registration on our web conferencing partner's website
BrightTalk.
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Media Contact:
Melissa Tan
Corporate Communications – Asia
Pacific
P: +65 6890 0926
F: +65 6890 0999
E: melissa.tan@frost.com
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