Market Overview:
Stem cell banking involves the process of collecting and storing stem cells for future use in treating chronic and life-threatening diseases. Stem cells have the ability to differentiate into other types of cells in the body. Umbilical cord blood, placental tissue and amniotic membrane derived stem cells are commonly stored in stem cell banks. The stored stem cells can be useful in treating diseases like cancer, blood disorders, immune disorders and genetic diseases.
Market Dynamics:
The increasing incidence of chronic diseases is expected to be a major driver for the stem cell banking market growth over the forecast period. According to WHO, chronic diseases accounted for 60% of global deaths in 2016. Also, rising awareness about the therapeutic applications of stem cells in disease treatment is anticipated to fuel the stem cell banking market growth. However, high procedure and storage cost associated with stem cell banking may hamper market growth over the forecast period. The rising R&D initiatives to explore new applications of stem cells in regenerative medicine will create new opportunities for the players in the market.
SWOT Analysis:
Strength: Stem cell banking market has extensive research and development capabilities. Stem cell banking can treat many incurable diseases. Umbilical cord blood banking is a painless procedure and ensures availability of stem cells whenever patients need them.
Weakness: High cost involved in stem cell processing and storage acts as a barrier. Collection of adequate number of stem cells from neonates is technically challenging.
Opportunity: Increasing incidence of life-threatening diseases will drive demand. Advancements in cell therapy and regenerative medicine techniques will support growth.
Threats: Ethical issues related to embryonic stem cells hamper market potential. Stringent regulatory framework poses challenges.
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
Key Takeaways
The global stem cell banking market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing prevalence of chronic diseases. Stem cell therapy offers potential treatment for various conditions like leukemia, thalassemia, and autoimmune diseases. This is anticipated to propel the demand for stem cell banking.
The North America stem cell banking market holds a dominant share, owing to rising healthcare expenditure, focus on research activities for cell therapy, and presence of major firms in the region. Meanwhile, Asia Pacific stem cell banking market is poised to showcase fastest growth on account of growing healthcare infrastructure, rising medical tourism, and increasing awareness about stem cell therapeutics.
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. The market demonstrates a competitive environment with these players focusing on providing better storage capacity and technical expertise.
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