Stem Cell Banking Market Technological Advancement, Top Key Players, Financial Overview
Stem Cell Banking Market is expected to hold a value of USD 16.3 Billion by 2032 at 15.10% CAGR during the forecast period 2023-2032. Market Research Future (MRFR) brought out several factors and assessed them on the basis of their capacity to understand how they can impact the market. The rise in chronic diseases would be a dominating factor as scientists realized the efficacy of stem cells in the treatment of such diseases. Increasing awareness of therapeutics, technological support, growing disposable income, government initiatives, and others can help in boosting the market growth.
Segmentation:
The global stem cell banking market, as per the discussion of MRFR analysts, has been segmented by bank type, cell type, and application. The global market study also reflects the impact of factors and makes an assessment of it on the basis of figures sieved from a pool of data, which then helps in developing strategies.
The stem cell banking market has been divided into three segments based on cell type: adult stem cells, umbilical cord stem cells, and embryonic stem cells. Cord tissue, cord blood, and the placenta are all part of the umbilical cord stem cells segment. The segment of umbilical cord stem cells will dominate the market during the forecast period due to its importance in various research methods.
The global stem cell banking market is divided into three types of banks: public banks, private banks, and hybrid banks. The private banks segment has the upper hand in the market and will continue to dominate during the forecast period.
By application, the study on the stem cell banking market includes cerebral palsy, diabetes, thalassemia, autism, leukemia, and others. The diabetes segment is likely to be the fastest-growing segment during the forecast period.
Regional Analysis:
The Americas has the infrastructure to dominate the global market. High investment capacity in the region is expected to change market equations and technological superiority can bolster the growth. The US will take charge of the regional market.
Competitive Landscape:
The global stem cell banking market players are Cryo-Cell International, Inc. (US), CBR Systems, Inc. (US), Global Cord Blood Corporation (Hong Kong), Cryo-Save AG (Netherlands), BrainStorm Cell Therapeutics (US), Cordlife (Singapore), Smart Cells International Ltd. (UK), Americord Registry LLC (US), Celgene Corporation (US), and Regrow Biosciences Pvt. Ltd. (India). These companies have established a solid foundation and are constantly expanding their professional capacity by investing more in the research and development sector to bring out innovations that can help them in gaining an edge against their peers. On the other hand, they are expanding their portfolio by getting involved in mergers, acquisitions, and collaborations. MRFR recorded these latest changes in the market, which can help in getting a proper assessment of the market.
Industry News:
In May 2020, Takara Bio USA, Inc. (TBUSA) released a statement saying that the parent company, Takara Bio Inc., constructed a new facility, the Center for Gene and Cell Therapy Processing II (CGCPII) in Shiga, Japan. This will help the company to meet the global demand for gene and cell therapies. It will also continue to help in improving and continuing its service in the fields of biopharmaceuticals and regenerative medicine products, which will be under GMP and Good Gene, Cellular, and Tissue-based Products Manufacturing Practice (GCTP). The company is expected to leverage from this recent improvement and expand the market base considerably.
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