Stem Cell Banking Market size is estimated to reach $11.26bn by 2025 and is poised to grow at a CAGR of 9.6% during the forecast period 2020-2025. Stem cells are specialized human cells that can develop into a wide variety of cell types. The stem cell banking market includes the collection and preservation of various types of stem cells, such as umbilical cord and adult stem cells, for future use. Once collected, these stem cells must undergo a number of processing and analysis procedures, viability and various genetic tests on the stem cells. These stem cells are stored frozen and stored for decades. The increasing number of fertility rates has resulted in an increase in the number of children, which could be a new market opportunity as there is a growing awareness of preserving the umbilical cord of the newborn child as stem cells. However, high processing and storage costs in developing regions are adversely affecting market growth over the forecast period (2020-2025).
By Cell Type- Segment Analysis
The global Stem Cell Banking market based on the type has Umbilical Cord Stem Cell, Adult Stem Cell, and Embryonic Stem Cell. The umbilical cord stem cell segment dominated the market in 2019, and is estimated to continue the growth over the forecast period 2020-2025. This is owing to the properties of the cell type, which can cure over 80 kind of diseases. The Placenta segment of Umbilical Cord type dominated the 2019 market and is estimated to grow over the forecast period 2020-2025. This is owing to rise in number of placental cord banks and growing public awareness about the therapeutic potential of stem cell sources.
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By Application– Segment Analysis
Based on Application, the market is classified into Personalized Banking Application, Research Applications, and Clinical Applications. The personalized banking segment accounted for the largest share in 2019, and is estimated to grow over the forecast period (2020-2025). This is attributed to the tariffs charged by service providers to service plans and the special advantages of personalized banking services over community and public banking services. However, the clinical applications segment is set to grow over the period owing to rise in number of people suffering from various diseases like leukemia, anemia, autism and others.
By Geography – Segment Analysis
North America has contributed to the leading market share of global stem cell banks by raising awareness of the benefits of medical infrastructure development and stem cell preservation. Following North America, Europe also showed significant growth for the global stem cell banking market. The Asia-Pacific region is projected to show strong growth over the forecast period 2020-2025, as health facilities and services in major countries develop rapidly. The growing power of per capita spending in health care in APAC is also projected to help grow the region’s stem cell banking market.
Drivers – Stem Cell Banking Market
Increase in R&D activities and spreading awareness
The main drivers of market growth are the increase in research and development activities in the use of stem cells and the increase in the incidence of fatal chronic diseases. In addition, initiatives taken by organizations and companies to spread awareness in regards with the benefits of stem cells are anticipated to fuel the market growth.
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Challenges – Stem Cell Banking Market
The main challenge of this market is the cost of storage and processing is poised to affect the expansion of the market. This is set to hinder market growth over the forecast period (2020-2025). In addition, increasingly stringent and mandatory regulatory requirements for stem cell preservation and banking, as well as the costly authorization / approval process for the establishment of stem cell banks in developed countries, are factors influencing market growth.
Stem Cell Banking Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Stem Cell Banking Market. Key companies of this market include Cord Blood Registry (CBR) Systems, Cordlife Group Limited, Cryo-Cell International, ViaCord, Cryo-Save AG, LifeCell International, StemCyte, Global Cord Blood Corporation, Smart Cells International, Vita34 AG, and CryoHoldco.
In January 2020, LifeCell Launches ‘Genome-Scope’ Newborn Genetic Testing to Diagnose over 4000 Genetic Conditions.
In August 2019, Cordlife Extends Geographical Footprint to Bangladesh.
Geographically, North America has contributed to the leading market share of global stem cell banks by raising awareness of the benefits of medical infrastructure development and stem cell preservation.
The development of novel technologies for stem cell preservation, processing, and storage is one of the major factor driving the market over the forecast period (2020-2025).
The high costs associated with the storage and use of stem cells are key factors limiting the growth of the global stem cell banking market over the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Stem Cell Banking Market report.
Related Reports :
A. Stem Cell Assay Market
B. Live Cell Imaging Market
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