Stem cell banking refers to the long-term storage of stem cells harvested from umbilical cord blood, tissues or peripheral blood. These stem cells can be used in regenerative medicine to replace and repair damaged or diseased cells. Stem cell banking allows individuals and families to store and preserve stem cells for potential future need, such as the treatment of cancer, blood disorders, immune diseases and genetic conditions. Some key advantages of stem cell banking include having a readily available source of one's own stem cells and avoiding the risks associated with donor stem cells. The global stem cell banking market offers lucrative opportunities owing to factors such as rising incidence of chronic diseases, advancements in stem cell therapies, and growing consumer awareness about stem cell preservation.
The global stem cell banking market is estimated to be valued at US$ 534.81 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of chronic diseases is one of the major drivers of the stem cell banking market. As per estimates by WHO, chronic diseases are projected to account for almost three-quarters of all deaths worldwide. Some key chronic diseases include cancer, diabetes, heart disease, respiratory diseases, and neurological disorders. Stem cell therapies offer promising treatment alternatives for many such chronic and degenerative conditions. Therefore, rising burden of chronic illnesses is prompting more individuals to opt for stem cell banking for potential future treatment needs. Another key driver is the increasing number of umbilical cord blood and tissue banks worldwide. More families are now understanding the benefits of cord blood preservation and long-term stem cell storage. This is fueling market growth as well.
Increasing prevalence of chronic diseases is estimated to remain a key driver of the global stem cell banking market over the forecast period. According to the World Health Organization (WHO), chronic diseases are projected to account for approximately three-quarters of all deaths worldwide. Some of the major chronic diseases include cancer, diabetes, heart disease, respiratory diseases, and neurological disorders. Stem cell therapies offer promising treatment options for many chronic and
SWOT Analysis
Strength: The stem cell banking market has high growth potential due to rising prevalence of chronic diseases. Stem cell therapies are being increasingly used for treatment of cancer, blood disorders and other conditions. Researchers are conducting clinical trials to develop new treatment applications of stem cells.
Weakness: high costs associated with stem cell collection, processing, analysis, cryopreservation and storage limit adoption of stem cell banking services. There is a lack of regulatory standards regarding the quality of stem cell processing and storage in some regions.
Opportunity: Increase in awareness about benefits of stem cell therapeutics and rise in disposable incomes in developing nations will boost market revenues. Partnerships between stem cell banks and hospitals to offer clinical-grade storage facilities present new opportunities.
Threats: stringent regulatory framework and ethical issues associated with embryo destruction limit commercialization of new stem cell therapies. Susceptibility of stem cells to physical damage and contamination during long term storage also threatens market growth.
Key Takeaways
The Global Stem Cell Banking Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Increasing prevalence of chronic illnesses, rising success of stem cell therapies in disease treatment and growing disposable incomes are anticipated to drive the market. The market size for stem cell banking is expected to exceed US$ 534.81 Bn by 2024.
Regional analysis: North America currently dominates the global market and is expected to maintain its position through 2030. This can be primarily attributed to presence of leading stem cell bank operators, rising stem cell therapy adoption and availability of favorable reimbursement policies in the region. Asia Pacific excluding Japan is poised to witness fastest growth during the forecast period supported by rising healthcare investments, growing medical tourism industry and expanding stem cell research in countries such as China and India.
Key players: The key players operating in the stem cell banking market are Cordlife, ViaCord (a subsidiary of PerkinElmer), Cryo-Cell, StemCyte, Cryo-Save, LifeCell, Celgene Corporation, Pluristem Therapeutics and STEMCELL Technologies. Cordlife and ViaCord hold leading positions in the global market, supported by expansion of client bases, advancement of cryogenic capabilities and strategic partnerships.
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https://www.newsstatix.com/stem-cell-banking-market-size-share-growth-outlook-2023/
