Market Overview:
Stem cell banking refers to the process of collecting and storing stem cells from umbilical cord blood and tissues for future therapeutic use. Stem cell banking provides insurance against diseases which may be treated using one's own stored stem cells in the future. The stem cells stored can be used in stem cell therapies for diseases like blood cancer, cancers, blood disorders, and metabolic diseases. As new methods are being developed to use one's own stored stem cells, stem cell banking provides an important medical resource for the future.
Market key trends:
Umbilical cord stem cell collection is one of the major trends driving the growth of the stem cell banking market. Umbilical cord blood stem cells can treat over 80 diseases and have benefits over adult stem cells. As more parents are opting for umbilical cord stem cell collection at birth, the number of cord blood samples collected and stored is increasing significantly. The higher success rate of cord blood stem cell transplant over bone marrow transplant also encourages parents to store their newborn's cord blood. More than 185,000 cord blood units have been transplanted globally for treatment of diseases. Increased investment in stem cell-based research will further expand the potential uses of stored cord blood and drives more people to opt for stem cell banking.
The global Stem Cell Banking Market Size is estimated to be valued at US$ 534.81 Bn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the stem cell banking market is moderate as this is a highly regulated market which requires huge capital investments and storage infrastructure. However, emergence of advanced techniques such as induced pluripotent stem cells does provide opportunities to new players.
Bargaining power of buyers: The bargaining power of buyers in this market is high as buyers have a choice to store stem cells in public or private banks based on their needs and costs. Buyers can negotiate costs based on competitive advantage of different stem cell banks.
Bargaining power of suppliers: The bargaining power of suppliers is low as the key raw materials used for stem cell banking like cryogenic storage equipment and materials are supplied by few large manufacturers globally.
Threat of new substitutes: Currently, there are no perfect substitutes available for stem cell therapies used in treatment of chronic diseases. However, advancements in alternative cell therapies like tissue engineering pose a threat.
Competitive rivalry: The competitive rivalry in the market is high owing to presence of both global and local players offering differentiated services in public and private banking.
SWOT Analysis
Strength: Ability to offer long term therapeutic benefits like treatment of cancers, blood disorders. Preservation of cells provides insurance against future diseases.
Weakness: High costs associated with private banking deters middle income groups. Ethical concerns regarding use of embryos limits adoption.
Opportunity: Increasing prevalence of chronic diseases, growth in awareness. Development of advanced induced pluripotent stem cell therapies.
Threats: Stringent government regulations. Risk of sample contamination during long term storage poses concerns.
Key Takeaways
The global stem cell banking market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing prevalence of chronic diseases. North America dominated the market with over 40% share in 2023 due to availability of advanced healthcare facilities and presence of major players in the US and Canada.
Europe accounted for over 30% share owing to increased funding for stem cell research from European Commission. Asia Pacific is expected to be the fastest growing region, growing at a CAGR of around 20% backed by improving healthcare infrastructure in countries like India, China and Japan.
Key players operating in the stem cell banking market are Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
Comments
0 comment