Stem Cell Banking is Estimated to Witness High Growth Owing to Opportunity Wide Scope for Therapeutic Applications
![]() |
Stem Cell Banking Market |
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.
Get More Insights Here
https://www.newsstatix.com/stem-cell-banking-market-size-share-growth-outlook-2023/
Comments
Post a Comment