by Market Overview:
Stem cell banking refers to the process of preserving stem cells for future therapeutic use. Stem cells have the ability to specialize into different types of cells such as blood, nerve and skin cells. These special qualities make them valuable tools for regenerative medicine and valuable therapeutic options for a number of diseases. The preserved stem cells from cord blood, bone marrow or peripheral blood are stored in specially designed stem cell bank at low temperatures. Stem cell banking services help in treating diseases such as cancer, blood disorders, immune disorders and genetic diseases.
Market Dynamics:
The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases and diabetes is driving the growth of the stem cell banking market. For instance, according to World Health Organization, cancer is the second leading cause of death globally and accounted for an estimated 9.6 million deaths in 2018. Stem cell therapy provides an efficient treatment alternative for chronic diseases. Further, rising awareness regarding the therapeutic potential of stem cells and growing investment in regenerative medicine research is also fueling the market growth. However, high cost associated with stem cell preservation and ethical issues related to stem cell collection methods may hamper the market growth.
Another major driver for the stem cell banking market is the rising prevalence of genetic and blood disorders. For example, according to Center for Disease Control and Prevention (CDC), around 7% of babies in the United States are born with a birth defect each year. Stem cell therapy offers promising solutions to treat these complex disorders. In addition, growing emphasis on private cord blood banking due to perceived future medical requirements of offspring will further accentuate the market expansion during the forecast period.
The global Stem Cell Banking Market Size is estimated to be valued at US$ 534.81 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Segment Analysis
The global stem cell banking market can be segmented based on the types of cells stored which are cord blood stem cells and cord tissue stem cells. Cord blood stem cells dominate the market as they are rich in hematopoietic stem cells and can be used to treat over 80 diseases like leukemia, lymphoma and anemia. Bone marrow stem cells are also gaining prominence due to increase in bone marrow transplantation procedures.
PEST Analysis
Political: Favorable government policies in many countries supporting clinical trials and research activities involving stem cells are boosting market growth. However, regulations regarding the use of embryonic stem cells differ across regions.
Economic: Rising healthcare expenditures, increasing prevalence of chronic diseases, and growing geriatric population are fueling the demand for stem cell banking services globally.
Social: Public awareness about the therapeutic benefits of stem cells in treating various diseases is encouraging individuals to opt for stem cell banking services.
Technological: Adoption of advanced technologies like automated cryogenic storage systems and innovative umbilical cord blood collection methods are supporting market expansion.
Key Takeaways
The global stem cell banking market size is expected to witness high growth, exhibiting 18% CAGR over the forecast period, due to increasing preference for private cord blood banking and rising stem cell-based research activities.
Regionally, North America dominates the market due to substantial research funding and the presence of key industry players in the US and Canada. Asia Pacific is expected to be the fastest growing market owing to growing healthcare infrastructure, rising medical tourism, and increasing disposable incomes in China and India.
Key players operating in the stem cell banking market are Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd. Companies are focusing on strategic collaborations to expand geographic presence and enhance their service portfolios.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
