The stem cell banking market was valued at $1,986 million in 2016, and is estimated to reach $6,956 million by 2023, registering a CAGR of 19.5% from 2017 to 2023. North America is the highest contributor in the Stem Cell Banking Market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Stem cells can repair and self-renewal damaged
cells and can thus be used to treat various medical conditions. These cells are
stored as they have the potential for usage in the treatment of any medical
conditions that the person can further from in the future. The collected stem
cells are cryopreserved and stored for decades, which can be later used to
treat large number of chronic diseases such as leukemia, thalassemia, and
diabetes.
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Rise in number of births occurring globally,
increase in R&D activities in regards with applications of stem cells, and
surge in prevalence of fatal chronic diseases drive the growth of the market.
The growth in GDP & disposable income globally is projected to help
increase the number of stem cell units stored, which in turn boosts the market
growth. However, legal and ethical issues related to stem cell collections and
lack of acceptance and awareness in the developing regions are projected to
hinder the market growth.
Among the cell type, the umbilical cord stem cell
segment dominates the market, as these stem cells can be used to treat almost
80 diseases and the extraction process is easy and does to harm the newborn in
any way. However, the adult stem cell segment is expected to register the
highest growth rate during the forecast period.
Depending on bank type, the private stem cell
banking is the dominant segment in the stem cell banking market. Although the
number of public banks are more than private banks, the revenue generated by
private stem cell banks are more, which contributes toward the growth of the
market.
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Key Findings of the Stem Cell Banking
Market:
- Used stem cells is projected to grow at the
highest rate among the utilization segment during the analysis period.
- North America dominated global stem cell
banking market in 2016, and is projected to continue its dominance in
future.
- China is expected to grow at the highest
rate in the Asia-Pacific region during the forecast period.
- Storage service segment was the largest
contributor among the service type segments in 2016.
- The private stem cell bank generated the
highest revenue, and is expected to continue its dominance in future.
In 2016, North America was the major
revenue contributor, owing to increase in awareness toward the benefits of
storing stem cell and favorable regulatory scenario.
However, Asia-Pacific is expected to witness the highest CAGR during the
analysis period, due to high birth rate in populace countries such
as India and China.
The key players operating in the global stem cell
banking market include Cord Blood Registry, ViaCord, Cryo-Cell, China Cord
Blood Corporation, Cryo-Save, New York Cord Blood Program, CordVida, Americord,
CryoHoldco, and Vita34. Other prominent players in the value chain include
Caladrius Biosciences, Cryoviva, Smart Cells International Ltd., Stemade
Biotech, Cytori Therapeutics, Cellular Dynamics International, PerkinElmer, and
Reelabs.
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