Stem cells act as a building of the human body that can develop into many different cell types such as blood and tissue cell. Stem cells have the potential to recreate and protect the body from within. In the case where a disease or condition affects cell tissue, stem cell therapies can repair damaged tissue, repair organs & treat diseases. Stem cell banking is collecting, processing, and storing potentially lifesaving stem cells for future use in therapies and regenerative medicine.
The global stem cell banking market is likely to gain spurring at a CAGR in the forecast period from 2020-2027. The major factors are the growing awareness of the therapeutic potential of stem cells and increasing R&D investments. Additionally, the increasing utilization of stem cells to regenerate and repair damaged tissue will spur the global stem cell banking industry in future periods. Furthermore, the growing public-private funding for stem cell banking and the development of novel technology for the processing and preserving of stem cells are expected to witness remarkable growth of stem cell banking. The increasing usage of stem cells in the development of stem cell-based products and the advancement in regenerative medicine are expected to propel the demand for stem cell banking over the coming years.
Moreover, the increasing prevalence of genetic disorders & auto-immune diseases and rising investment for novel treatments and therapies are positively impacting the market for the stem cell banking industry. Furthermore, the rapid expansion customer base, rise in the extensive R&D activities at the academic and industrial level, and increasing scope of stem cell research are fueling the demand for the stem cell banking market. The growing demand for stem cell transplantation, especially hematopoietic stem cell transplantation for cancer treatment and other auto-immune diseases, will bolster the global stem cell banking market share. Additionally, the growing geriatric community and increasing healthcare awareness in the developing world propelling the growth of the stem cell banking market across the globe.
Stem cells obtained from the umbilical cord are used to treat 80+ threatening diseases. Stem cells offer lucrative opportunities for preserving the umbilical cord of infants, which contains hematopoietic (blood) stem cells and increases fertility rates. Due to the lead of large market size, low market concentration, and gradual maturity of technology applications, stem cell banking has attracted various enterprises to the layout. Moreover, Government bodies and regulatory authorities across developing regions are taking initiatives for instilling awareness amongst consumers about the therapeutic potentials of stem cells, thereby influencing the growth of the stem cell banking market. However, restrictions are often challenging to achieve. Also, the high operational cost associated with stem cell banking will be a restraint to the stem cell banking market.
Based on the source, the global stem cell banking market is segregated into placental stem cells, adipose tissue-derived stem cells, bone marrow-derived stem cells, human embryo-derived stem cells, dental pulp-derived stem cells, and other stem cell sources.
The placental stem cells segment is estimated to witness the highest growth over the analysis timeframe due to growing awareness of the therapeutic potential of stem cell sources and the rising number of placental & cord banks across major markets.
The adipose tissue-derived stem cells will grow significantly due to the properties of multi-potential differentiation and self-renewal and rising demand for regenerative medicines.
Based on the service, the global stem cell banking market is categorized into sample preservation and storage, sample analysis, sample processing, and sample collection & transportation. The sample preservation and storage segment is held for a significant market share in 2019 and will gain maximum market revenue by 2027. It is attributable to the growing adoption of stem cell banking services, the rising number of stem cell banks across emerging countries, and the rising number of hematopoietic stem cell transplantations.
The Sample analysis segment is poised to witness significant growth over the forecast period due to rising stem cell-based research, high market penetration of stem cell banking services, and raising public awareness about the therapeutic applications of stem cells.
Based on the application, the global stem cell banking market is classified into personalized banking applications, research applications, and clinical applications. The personalized banking applications are expected to be the highest revenue share for stem cell banking during the forecast period. The segment’s growth is primarily attributed to the specific advantages offered by personalized banking over community & public banking, premium pricing of service plans charged by service providers.
The Clinical application will witness a lucrative growth rate in the estimated period due to rising demand for regenerative medicine, increasing prevalence of blood and immune system-related disorders, and rising public concerns regarding the clinical abuse of stored stem cell samples.
The global stem cell banking market is separated/divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa by geography. North America is estimated to project considerable growth over 2020-2026 due to rising public & private investment for stem cell research, leading industry players offering innovative stem cell-based products, and increasing healthcare expenditure.
The Asia Pacific will capture a definite share of the stem cell banking market by 2027. It is due to the increasing stem cell banking services, continually improving healthcare infrastructure in the region, and mounting health care expenditures in emerging countries such as India and China.
Companies such as Cryo-Cell International, Cordlife Group Limited, ViaCord, LifeCell International, Cord Blood Registry Systems, Cryo-Save AG, Smart Cells International, Global Cord Blood Corporation, StemCyte, Vita34 AG, and CryoHoldco are the key players in the global stem cell banking market.