The Global "Stem Cell Banking Market" is expected to grow at a high CAGR of 15.9% during the forecasting period (2022-2029).
Stem cells are undifferentiated cells which can self-renew indefinitely through cell division. These cells can also be distinguished into more mature cells with specific functions.
Currently, stem cells are used for the treatment of more than 80 hostile diseases. Stem cell banking is the process of collecting, extracting and storing by cryogenically freezing the stem cells and other cells of the immune system for potential future medical use.
The global market for the stem cell banking market is primarily driven by the growing awareness of the therapeutic potential of stem cells. Other factors aiding the market growth are the advancements in novel technologies for stem cell preservation, processing, and storage.
The rise in hematopoietic stem cell transplantation procedures along with increasing investments in stem cell-based research further propel stem cell banking.
Emerging countries, the rising global burden of major diseases, the large number of newborns, the increase in and the growth in GDP, and disposable income act as market opportunities for key players.
However, the high operational costs of stem cell banking and legal and ethical issues during the collection of stem cells along with stringent regulatory frameworks and lack of acceptance and awareness may hinder the market progress.
By source, the global stem cell banking market is segmented into placental stem cells, adipose tissue-derived stem cells, bone marrow-derived stem cells, human embryo-derived stem cells, dental pulp derived stem cells, and other stem cell sources.
The placental stem cells share holds the most significant segment and is expected to have the highest growth rate, owing to the overall rise in the number of placental and cord banks worldwide, particularly in the US and Europe combined with growing public awareness of the potential of therapeutic with stem cells.
These stem cells can be used in treating a wide range of disorders such as leukemia, sickle cell disease, lymphoproliferative disorders, multiple myeloma, etc. For instance, the National Institutes of Health is currently funding 200 plus clinical trials with the cord blood in the United States alone.
By service, the market is segmented into preservation and storage, analysis, processing, collection, and transportation.
The processing sector holds the most substantial share in this market, but collection and transportation services are gaining motivation. The preservation & storage share is anticipated to be the fastest-growing segment, owing to the growing adoption of stem cell banking services in significant countries coupled with the high market penetration of stem cell banking services.
By bank type, the market is split into private and public stem cell banks. Private stem cell banks dominant the market segment owing to the high revenue generated by private stem cell banks.
The growing adoption of precision medicine particularly in developed countries and increasing public concerns regarding the clinical misuse of stored stem cell samples influence the private banks’ sector. However, the number of public banks present is more than private banks.
By application, the global stem cell banking market is segmented into cerebral palsy, thalassemia, leukemia, diabetes, autism, and others. Leukemia holds the most significant share due to its high prevalence and the immense potential of cord blood and tissues for the treatment of patients.
According to the Leukemia & Lymphoma Society (LLS), 60,300 new cases of people were diagnosed with leukemia in 2018, and an estimated 381,774 people are living with or in remission from leukemia in the US.
North America dominates the global stem cell banking market, and it is primarily attributed to the availability of government funding for stem cell research. Additionally, the growing preference of private stem cell banks in the United States and many FDA approves of clinical trials that indicated the use of stem cells in treating various diseases influence the growth of the market in the region.
Asia-Pacific region is expected to be the fastest-growing market during the forecast period, owing to the rising birth rates coupled with the increasing prevalence of congenital disabilities, indicating high demand for stem cells banking.
The increasing healthcare expenditure boosts the Stem Cell Banking market in the Asia Pacific region.
Key players are adopting strategies such as mergers and acquisitions, partnerships, and regional expansion to stand out as strong competitors in the market. New product launches along with an increased focus on R&D are other ways the leading players improve their market presence.
January 2019, Dubai Healthcare City has announced an increase in stem cell banking services with the opening of CryoSave Arabia’s laboratory that can store a million samples. CryoSave Arabia in DHCC is the only private facility in the region licensed to collect, process, test and cryogenically store stem cells.
October 2018, LifeCell International, India’s largest stem cell bank, is diversifying into diagnostics and tissue therapeutics as a result of certain government restrictions imposed on commercial banking of stem cells. LifeCell moved from a private stem cell bank to a public bank.
June 2018, Cryo-Cell International, Inc., the world’s first private cord blood bank to separate and store stem cells in 1992, announced that it agreed to acquire all of the assets of Cord Blood Bank substantially. The acquisition is expected to propel Cryo-Cell International into the public cord blood banking business and is expected to solidify Cryo-Cell International’s role as the industry leader further.
December 2017, Cordlife partnered with Eone-Diagnomics Genome Center (EDGC), an internationally certified laboratory in South Korea, and launched NICE, a clinically approved non-invasive prenatal test in Indonesia and the Philippines.
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