Stem cell banking involves the collection and storage of stem cells and tissues for future use in stem cell therapy. Stem cells are the basic cells that can renew themselves through cell division and can be manipulated to turn into a wide range of specialized cell types. Stem cell banking involves collecting, processing, and preserving stem cells from umbilical cord blood and tissues for treating incurable diseases such as cancer, blood disorders, and immune-mediated diseases. The global stem cell banking market is driven by the increasing support for regenerative medicine by governments. Regenerative medicine aims to restore normal structure and function in injured, diseased, or aged tissue through methods like stem cell transplantation. Increasing funding from both public and private organizations for stem cell research is also driving the market. The global stem cell banking market is estimated to be valued at US$ 534.81 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Increasing support for regenerative medicine is one of the major opportunities for the stem cell banking market. Regenerative medicine aims to develop advanced therapeutic strategies by utilizing the self-healing properties of stem cells to restore the structure and function of any damaged tissues or organs. Several governments globally have endorsed regenerative medicine by increasing funding for stem cell research due to its potential to cure previously incurable diseases. For instance, in 2020, the UK government awarded over £240 million in funding to advance stem cell research and regenerative medicine projects. Such increasing support for regenerative medicine by governments worldwide presents lucrative opportunities for stem cell banking market players as it enhances awareness and contributes to the overall growth of the regenerative medicine industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the stem cell banking market is moderate due to the high capital requirement associated with R&D, infrastructure, compliance with regulations etc. Intellectual property rights further pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is moderate as well owing to the differentiated nature of services offered by various players. Switching costs are low for buyers.
Bargaining power of suppliers: A few global players dominate the supply of key materials like stem cell collection/storage equipment, making their bargaining power moderate.
Threat of new substitutes: At present, no major substitutes of stem cell banking exist making this threat low. Research is ongoing for alternative sources like iPS cells.
Competitive rivalry: The industry has the presence of a fair number of global and regional players operating in fragmented segments. Fierce competition exists on the basis of service quality, innovation, and geographic expansion.
SWOT Analysis
Strengths: Rising stem cell therapy applications, growing awareness, and favorable regulations fuel growth.
Weaknesses: High capital requirement, reliance on donations, difficult storage/transportation process.
Opportunities: Potential in new therapy areas, partnerships with academic institutes, expansion in emerging countries.
Threats: Ethical issues, stringent quality standards, intellectual property challenges, and uncertainties in clinical efficacy.
Key Takeaways
The Global Stem Cell Banking Market Size is expected to witness high growth over the forecast period driven by increasing applications in regenerative medicine research.
North America dominates currently due to significant R&D investments, presence of global infrastructure players, and government support. Asia Pacific is poised to grow at the fastest pace supported by rising healthcare expenditure, stem cell tourism, and healthcare reforms.
Key players operating in the stem cell banking market are CM Fine Chemica, Thermo Fisher Scientific, Stemcell Technologies, Viacord, CBR Systems, Cordlife Group Limited, and Cryo-Cell International. These players focus on strategic collaborations to expand their service portfolio and geographic footprint.
https://www.trendingwebwire.com/stem-cell-banking-market-analysis-size-share-growth-outlook-2023/
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