by Market Overview:
Stem cell banking involves collection, processing and storage of stem cells from umbilical cord blood and tissues for future medical use. The stored stem cells can be used in treatments of blood disorders, metabolic disorders and also in regenerative therapies. The increasing incidences of genetic diseases, cancer diagnosis and success rate of stem cell therapy are driving the demand for stem cell banking services globally.
Market key trends:
One of the major trend in the stem cell banking market is launch of new services for preservation of other stem cell sources such as dental pulp stem cells, menstrual blood stem cells and adipose tissue derived stem cells. These novel stem cell sources are gaining research interest due to their superior differentiation potential and availability in abundant amount. New stem cell sources are expanding the applications of stored stem cells in regenerative medicine, thereby fueling growth of stem cell banking market. Advancements in cryopreservation techniques such as use of dimethyl sulfoxide freezing solution, mechanical freezing and vapour phase cryopreservation helps in maintaining viability of stored stem cells for longer durations. Improved preservation methods are vital for realizing full potential of stem cell therapy.
The stem cell banking market is witnessing notable growth due to the increasing prevalence of chronic diseases. Over the past few years, use of stem cell-based treatment has increased significantly for diseases like cancer, diabetes and blood disorders. Another key trend is the wider acceptance of cord blood banking services. More parents are opting for private cord blood banking as it provides an ethical source of stem cells for the child or other family members in future. Advancements in stem cell research has also opened new avenues for clinical applications and disease management.
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
SWOT Analysis
Strengths: Wide scope of applications in disease treatment, potential to cure incurable diseases.
Weaknesses: High cost associated with banking and processing of stem cells, low awareness in some countries.
Opportunities: Increasing R&D investment, developing new therapies, expansion into emerging markets.
Threats: Slow regulatory approvals, ethical issues related to source of stem cells.
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.
Regional analysis: North America dominates the global market due to the availability of advanced stem cell banking facilities and rising infertility rates in the US and Canada. Asia Pacific exhibits high growth potential owing to growing healthcare expenditure, rising medical tourism and increasing incidences of lifestyle diseases in countries like China and India.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
