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Oct-2021

Stem Cell Banking Market Worth USD 10.2 billion by 2026

Global Stem Cell Banking Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By source, service type, application, and Region - Industry Forecast (2021 to 2026)

As per our report, the global stem cell banking market is forecasted to grow at a CAGR of 9.7% from 2021 to 2026 and be worth USD 10.2 billion by 2026.

Stem cells are tiny cells with a lot of potentials that can save a person's life. Stem cells are the basic building blocks of the human body, with the unique possibility to convert into specialized cell lines such as blood cells, brain cells, and bone cells. A component of her body or its functions can be injured or harmed due to various circumstances such as aging, accident, or sickness. Stem cells can replace and repair these damaged parts while also restoring our bodies' regular activities. The fastest-growing segment of next-generation stem cell therapy is stem cell banking. It is the extraction, freezing, and storage of stem cells for future use. Embryos, umbilical cords, cord blood, placentas, and bone marrow are just a few of the places where stem cells can be obtained. Diabetes, thalassemia, leukemia, sickle cell anemia, and heart disorders are among the conditions for which these cells are employed. In addition, platelets, red blood cells, and white blood cells are all produced by them.

Stem cell banking is developed from modern medicine since it can treat over 80 different medical diseases by replacing and repairing cells. Over 30 lakh stem cell transplants have been performed around the world in the last 50 years. Currently, more than 50000 transplants are performed each year, and the number is rising. Because stem cells can self-renew and specialize into multiple cell types, they've been used to cure various ailments. Stem cells have been successfully employed and examined for in situ generations, disease therapy, cardiovascular tissue repair, blood disease, replacement, and repair. Stem cell banks preserve these sources in their most potent form for later use in regenerative medicine, tissue engineering, and gene therapy applications. After preservation, the stem cells can be employed for over 20 years. Multiple clinical trials of stem cells have been conducted over the last decade for optimal utilization in various applications, increasing the demand for stem cell preservation.

KEY DRIVING FACTORS:

The growth of the global stem cell banking market is majorly driven by factors such as increased awareness of stem cells' therapeutic potential, the development of novel technologies for stem cell preservation, processing, and storage, an increase in hematopoietic stem cell transplantation (HSCT) procedures, and increased investments in stem cell-based research.

As the prevalence of numerous chronic diseases has increased, attention has switched to the development of stem cell therapies, opening the path for rapid expansion in the stem cell banking market. In addition, because of the potential function of umbilical cord-based stem cells in treating many diseases, rising fertility rates and an increase in newborns present substantial opportunities. These factors need the extraction and preservation of stem cells, propelling the stem cell banking market forward.

Diseases such as cancer, cardiovascular disease, and diabetes, among others, are growing more common, increasing the demand for comprehensive and long-term treatments that necessitate hospitalization and incur large expenditures, putting a strain on healthcare systems worldwide. Furthermore, in certain disorders, additional costs are frequently incurred due to the possibility of relapse. Thus, the expanding burden of diseases, high treatment costs, and the growing demand for affordable treatments provide opportunities for the stem cell market to expand.

RESTRAINING FACTORS:

High operational costs associated with stem cell banking and strict regulatory frameworks are projected to restrict the global stem cell banking market expansion. Furthermore, the worldwide stem cell banking market is further expected to be challenged by unfavorable government rules and regulations regarding stem cell preservation through stem cell banking.

REGIONAL INSIGHTS:

The market for stem cell banking in North America is predicted to be the largest in the world during the forecast period. Factors driving the growth of the stem cell banking market in North America include an expanding network of stem cell banking services across the region, ongoing approval of stem cell lines for disease treatment (especially for hematopoietic and autoimmune disorders), recent technological advancements in the field of stem cell collection and preservation techniques, and rising public-private investments in stem cell research.

Due to rapidly increasing medical facilities and services in countries such as Japan, China, and India, the Asia Pacific area is predicted to grow strongly over the projection period. In addition, the increased purchasing power of per capita healthcare expenditures in APAC is likely to enhance the global stem cell banking market in the region.

KEY MARKET PARTICIPANTS:

Companies playing a notable role in the global stem cell banking market profiled in this report are Cord Blood Registry Systems, Cordlife, Cryo-Cell International, Cryo-Save AG, LifeCell International, StemCyte, ViaCord, Global Cord Blood, Smart Cells International, Vita34, and CryoHoldco.

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