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Asia Pacific Stem Cell Market Forecast 2021-2028

The Asia Pacific stem cell market is anticipated to evolve with a CAGR of 8.42%, over the forecast years of 2021 to 2028. The region's market growth is influenced by factors such as, the rising medical tourism, the increasing geriatric population, the enhanced economic stability, and the growing prevalence of chronic conditions.

The Asia Pacific stem cell market is evaluated by assessing Japan, Indonesia, Vietnam, Australia & New Zealand, Thailand, India, China, South Korea, and the rest of the Asia Pacific. According to the Organization for Economic Co-operation and Development, in 2018, Australia spent nearly 8.8% of its gross domestic product (GDP) on healthcare. Moreover, the country's healthcare expenditure pattern is similar to the European nations, with at least 15% of the spending accounting for pharmaceuticals, annually. Australia's government also places significant emphasis on developing technologies and procedures, thereby facilitating improved health outcomes in the region.
On the other hand, as per the Biomedical Research and Therapy, stem cell applications are being performed since the 1990s, in Vietnam. Furthermore, mesenchymal stem cells are clinically authorized for treating diseases like chronic obstructive pulmonary disease, knee osteoarthritis, cerebral palsy, and autism, in addition to hematopoietic stem cell transplantation for malignant hematologic conditions and illnesses. Hence, these factors are expected to drive the stem cell market growth in the Asia Pacific, over the forecast years.

Some of the key market players operating in the market include Smith & Nephew PLC, Becton, Dickinson and Company, Thermo Fisher Scientific, Qiagen NV, etc.

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Asia Pacific Stem Cell Market Forecast 2021-2028
Published By :Inkwood Research
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