The global stem cell banking market was worth US$ 8.7 Billion in 2019. Stem cell banking is one of the most promising as well as the fastest growing segment of the next-generation stem cell therapy. It is the process of extracting, freezing and storing stem cells for potential future use. Some of the sources through which stem cells are obtained include embryo, umbilical cord, cord blood, placenta and bone marrow. These cells are used for treating a number of different diseases including diabetes, thalassemia, leukemia, sickle cell anemia and cardiac diseases. Moreover, they are also employed for generating platelets, red blood cells and white blood cells. The potential of stem cells to regenerate has led to their applications in tissue engineering, gene therapy and regenerative medicines. Looking forward, IMARC Group expects the global stem cell banking market to exhibit strong growth during the next five years.
Global Stem Cell Banking Market Drivers:
Product Type Insights:
On the basis of product types, the market has been segmented as adult stem cells, human embryonic cells and IPS cells. Presently, adult stem cells account for the majority of the market share as they help in repairing damaged tissues via cell division. In addition to this, adult stem cells offer advantages like ease of harvesting, high acceptance in the human body and effectiveness in tissue generation.
Service Type Insights:
Based on service types, the market has been segmented as sample preservation and storage; sample analysis; sample processing; and sample collection and transportation.
Bank Type Insights:
Based on the bank type, the market has been segregated as private and public stem cell banks. Private stem cell banks currently dominate the market, holding the largest share.
Based on the utilization, the market has been segregated as used and unused.
On the basis of application, the market has been segmented as personalized banking applications, research applications and clinical applications.
On a geographical front, North America enjoys the leading position in the global stem cell banking market on account of advancements in medical infrastructure and availability of federal funding for stem cell research. Other regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
The market is fragmented in nature with the presence various international as well as regional players. Some of the leading players operating in the market are:
Key Questions Answered in This Report:
The global stem cell banking market was worth US$ 8.7 Billion in 2019.
According to the estimates by IMARC Group, the global stem cell banking market will exhibit robust growth during the next five years.
The rising prevalence of chronic diseases on account of sedentary lifestyles, changing dietary patterns and the growing geriatric population represents one of the major factors impelling the global stem cell banking market growth.
Several organizations worldwide are generating awareness about the benefits of stem cell banking and encouraging individuals to donate stem cells for future use.
As the coronavirus disease (COVID-19) is spreading rapidly and potential vaccines or treatments are still under development, several healthcare providers are utilizing stem cells for managing severe symptoms.
Based on the product type, the market has been segmented into adult stem, human embryonic and induced pluripotent stem (IPS) cells.
On the basis of the service type, the market has been classified into sample preservation and storage, sample analysis, sample processing, and sample collection and transportation.
The market has been analyzed on the basis of the bank type into private and public stem cell banks.
Based on the utilization, the market has been bifurcated into used and unused segments.
On the basis of the application, the market has been categorized into personalized banking, research and clinical applications.
On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Leading industry players are CBR Systems Inc., China Cord Blood Corporation (CCBC), Cordlife Group Limited, CordVida (Parent’s Guide to Cord Blood Foundation), Cryo-Cell International, Inc., CSG-BIO Group, Cryoviva Biotech Private Limited, LifeCell International Pvt. Ltd., Smart Cells International Ltd. and ViaCord, LLC.
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