The global stem cell banking market is predicted to grow at 9.1% CAGR during the forecast period with the market size reaching USD 10.5 billion by 2024. The market is driven by the factors such as growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in stem cell research, increase in hematopoietic stem cell transplantation procedures, development of novel technologies for stem cell preservation, storage and processing, and increasing investment in stem cell-based research are the primary growth drivers for stem cell banking industry.
Stem cell banking is the method of accumulating cord blood, extorting and cryogenically freezing its stem cells for forthcoming use. Cord blood stem cells are used for treating blood diseases such as sickle cell disease, leukemia, and thalassemia. Initiates are taken by various companies and organizations to broaden awareness regarding stem cells. For instance, in the U.S. CordBloodAwareness.org was formed to increase the awareness about the umbilical cord blood stem cells. Growing global burden of major disease, increasing healthcare expenditure and public awareness related to the therapeutic potential of stem cells are also fueling the growth of the stem cell banking market. Moreover, it has gained immense popularity in emerging economies.
Browse Market Insight and In-depth ToC on "Global Stem Cell Banking Market – Analysis and Forecast (2018-2024)"
The stem cell banking market is segmented by the source into dental pulp-derived, adipose tissue-derived, bone marrow-derived, placenta, human embryo-derived and other. Of all, placental stem cells account for the major share and are expected to grow at the fastest rate in the global market during the forecast period, due to the increasing number of cord and placenta banks and growing public awareness regarding the therapeutic potential of stem cells.
On the basis of service type, the stem cell banking market is segmented into sample analysis, sample preservation and storage, sample processing, and sample collection and transportation. Sample collection and transportation hold the largest share and is expected to grow at the fastest rate in the market due to high penetration of its services, increasing number of stem cell banks in developing countries, increasing stem cell-based research, an increasing number of hematopoietic stem cell transplantations, and growing public awareness about the therapeutic application of stem cells.
The stem cell banking market has also been segmented by application into a personalized banking application, research application and, clinical application. The personalized banking contributed the largest share in the market due to growing prevalence of blood and immune system-related disorders, advantages of personalized banking over the community and public banking, exceptional pricing of service plans charged by service providers, growing adoption of precision medicine across developed countries, and increasing public concerns regarding the clinical abuse of stored stem cell samples.
North America accounted for the major share in the stem cell banking industry in 2017, globally due to the extensive network of stem cell banking services, technological advancement in the field of stem cell preservation and collection technique, availability of federal funding for research, and ongoing approval of stem cell lines for various disease treatments.
Moreover, Asia-Pacific is observed to witness the fastest growth in the stem cell banking market, as the region comprises of largest population and the awareness for stem cell banking is increasing rapidly among them. In addition, increasing awareness of the therapeutic potential of stem cells, improving healthcare infrastructure are also creating a positive impact on the stem cell banking market growth in the region.
Cord Blood Registry Systems, Cordlife Group Limited, Cryo-Cell International, Cryo-Save AG, LifeCell International, StemCyte, ViaCord, Global Cord Blood, Smart Cells International, Vita34, and CryoHoldco are some of the key players offering products. In May 2018, Cordlife launched PlumCare DNA Advisor, to detect and manage genetic mutations associated with hereditary conditions in the Philippines. In addition, in December 2017, Cordlife had partnered with Eone-Diagnomics Genome Center (EDGC), a certified laboratory in South Korea, to offer non-invasive prenatal testing in Indonesia and the Philippines.
Global Stem Cell Banking Market Coverage
Source Insight and Forecast 2014-2024
Service Type Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Stem Cell Banking Market by Region
Rest of the World