Market Overview:
Stem cell banking involves the storage of stem cells from either cord blood or bone marrow for future medical use. Stem cells can be used in the treatment of over 80 fatal and incurable diseases like cancer, blood disorders and genetic conditions. Stem cell banking offers a patient the benefit of having access to their own stem cells if future medical need arises.
Market key trends:
One of the major trends in the stem cell banking market is the rising adoption of stem cell banking services. Increasing preference for private stem cell banking over public banking is driving this trend. Private banking stores stem cells for personal and family use while public banking stores them for anyone in need of transplant. However, private banking is perceived safer by customers as it ensures only family members can access the stored stem cells. The proliferating stem cell therapy infrastructure also supports the growth of stem cell banking market.
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
Segment Analysis:
The global stem cell banking market is segmented into umbilical cord blood, placenta, dental pulp and menstrual blood based on the source. The umbilical cord blood segment dominates the market and accounts for the largest market share. This is due to the easy availability of cord blood stem cells and their ability to treat over 80 types of life-threatening diseases. Umbilical cord blood stem cells are readily available and extraction of stem cells from umbilical cord blood is a non-invasive process with minimal risk. These advantages have made umbilical cord blood the preferred source for stem cell therapeutics.
Key Takeaways:
The global stem cell banking market is expected to witness high growth, exhibiting a CAGR of 18% over the forecast period, due to increasing prevalence of chronic diseases and growing awareness about stem cell therapeutics.
Regional analysis:
North America dominates the stem cell banking market owing to the rising number of stem cell transplants and technological advancements in the region. Asia Pacific exhibits the fastest growth due to growing healthcare expenditure and increasing initiatives by market players in developing countries.
Key players:
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. Stem Cyte, Inc is a leading player owing to their strong expertise and experience in cord blood banking.
