The global stem cell banking market was worth US$ 8.1 Billion in 2018. Stem cell banking is one of the most promising as well as the fastest growing segment of the next-generation stem cell therapy. It is the process of extracting, freezing and storing stem cells for potential future use. Some of the sources through which stem cells are obtained include embryo, umbilical cord, cord blood, placenta and bone marrow. These cells are used for treating a number of different diseases including diabetes, thalassemia, leukemia, sickle cell anemia and cardiac diseases. Moreover, they are also employed for generating platelets, red blood cells and white blood cells. The potential of stem cells to regenerate has led to their applications in tissue engineering, gene therapy and regenerative medicines. Looking forward, we expect the global stem cell banking market to reach a value of US$ 17.3 Billion by 2024, exhibiting a CAGR of 13.5% during 2019-2024.
Global Stem Cell Banking Market Drivers:
While the average human life expectancy has increased owing to the advancements in medical science, human aging is still associated with several diseases. Thus, the elevating count of geriatric population will drive the demand for stem cell therapy in the coming years.
Regulatory authorities as well as non-governmental organizations (NGO), across both developed and emerging regions, are taking initiatives for instilling awareness amongst consumers about the therapeutic potentials of stem cells, thereby influencing the stem cell banking market growth.
Increasing fertility rates has led to a rise in the number of children across the globe. This offers lucrative opportunities for preserving the umbilical cord of infants which contains hematopoietic (blood) stem cells.
Some of the other factors which are catalyzing the growth of the market include escalating disposable incomes, increasing approval of clinical trials in stem cell research, growing prevalence of chronic diseases and technological advancements.
Product Type Insights:
On the basis of product types, the market has been segmented as adult stem cells, human embryonic cells and IPS cells. Presently, adult stem cells account for the majority of the market share as they help in repairing damaged tissues via cell division. In addition to this, adult stem cells offer advantages like ease of harvesting, high acceptance in the human body and effectiveness in tissue generation.
Service Type Insights:
Based on service types, the market has been segmented as sample preservation and storage; sample analysis; sample processing; and sample collection and transportation.
Bank Type Insights:
Based on the bank type, the market has been segregated as private and public stem cell banks. Private stem cell banks currently dominate the market, holding the largest share.
Based on the utilization, the market has been segregated as used and unused.
On the basis of application, the market has been segmented as personalized banking applications, research applications and clinical applications.
On a geographical front, North America enjoys the leading position in the global stem cell banking market on account of advancements in medical infrastructure and availability of federal funding for stem cell research. Other regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
The market is fragmented in nature with the presence various international as well as regional players. Some of the leading players operating in the market are:
CBR Systems Inc.
China Cord Blood Corporation
Cryo-Cell International, Inc.
Cryo-Save AG (A Group of Esperite)
Smart Cells International Ltd
Key questions answered in this report:
How has the global stem cell banking market performed so far and how will it perform in the coming years?
What are the key regions in the global stem cell banking market?
What is the breakup of the global stem cell banking market on the basis of product type?
What is the breakup of the global stem cell banking market on the basis of service type?
What is the breakup of the global stem cell banking market on the basis of bank type?
What is the breakup of the global stem cell banking market on the basis of utilization?
What is the breakup of the global stem cell banking market on the basis of application?
What are the various stages in the value chain of the global stem cell banking market?
What are the key driving factors and challenges in the global stem cell banking market?
What is the structure of the global stem cell banking market and who are the key players?
What is the degree of competition in the global stem cell banking market?