Pune, India, October 2022, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Stem Cell Banking Market.
The Stem Cell Banking Market is expected to reach USD 18.08 Billion by 2032 at 15.10% CAGR during the forecast period 2023 -2032
Stem cells (SC) are a class of undifferentiated biological cells of a multicellular organism that have the ability to produce indefinite cells of the same type, from which certain types of cells (proliferation and replication) can be produced by differentiation in the body through early life and growth. The stem has the potential to develop into several different cell types, from muscle cells to brain cells. Factors representing the growth of the market are rising use of therapeutic potential of stem cells, increasing investments in stem cell-based research, surging number of hematopoietic stem cell transplantation (HSCT) procedures, and growing newborn population. For instance, in August 2018, the Ministry of Science and Technology (MOST) of the Government of China published a draft of the “2019 Annual Project Application Guide” for the Stem Cell and Transformation Research pilot project. The government proposed investing 400 million yuan (around USD 56.4 million) to support stem cell research in China. On the other hand, high operational and storage costs and dearth of awareness about stem cell banking in developing and underdeveloped nations are anticipated to impede the market growth during the forecast period.
The Global Stem Cell Banking Market has been segmented based on cell type, bank type, and application.
Based on cell type, the market has been divided into umbilical cord stem cells, adult stem cells, and embryonic stem cells. The umbilical cord stem cells segment has been additionally categorized into cord blood, cord tissue, and placenta. The umbilical cord stem cells segment will hold the highest market share over the forecast period due to huge demand for umbilical cord blood in stem cell research. Scientists found that the umbilical cord is a rich source of stem cells and are collected from people of different biological traits.
On the basis of bank type, the global stem cell banking market has been classified into private banks, public banks, and hybrid banks. The private bank's segment would lead the market throughout the forecast period as it generates greater revenue, the cost to retrieve cord blood is free, and has complete ownership rights preserved by the donor. In addition, private banks have flexible collection sites and assured, and secured access offers a competitive advantage over public banks.
By application, the market has been bifurcated into thalassemia, cerebral palsy, diabetes, leukemia, autism, and others. The diabetes segment is likely to witness the fastest market growth due to the rising burden of diabetes mellitus (DM) across the world, thereby augmenting the demand for stem cells. For instance, as per statistics published by the International Diabetes Federation (IDF), in 2017, about 425 million adults were living with diabetes worldwide, which is anticipated to increase to 629 million by 2045.
Some of the key players in the Global Stem Cell Banking Market are Americord Registry LLC (US), CBR Systems, Inc. (US), Cryo-Cell International, Inc. (US), Cordlife (Singapore), Cryo-Save AG (Netherlands), Smart Cells International Ltd. (UK), Global Cord Blood Corporation (Hong Kong), Celgene Corporation (US), BrainStorm Cell Therapeutics (US), and Regrow Biosciences Pvt. Ltd. (India).
Explore In-depth Market Details [Table of Content, List of Figures, List of Tables] of Stem Cell Banking Market Research Report
The market has been divided by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The stem cell banking market in the Americas has further been divided into North America and Latin America, with the North American market divided into the US and Canada. The existence of key market participants and sophisticated healthcare infrastructure, expanding network of stem cell banking services, and continuous efforts by researchers to explore new therapeutic applications of cord blood cells in the US and Canada is assisting in the dominance of North America. The European stem cell banking market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The stem cell banking market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. Asia-Pacific is likely to register the fastest market growth over the forecast period owing to surging elder population, increasing product launches, growing investments in R&D projects, and the presence of favorable regulatory policies coupled with commercialization opportunities. The stem cell banking market in the Middle East & Africa has been divided into the Middle East and Africa.\