The global stem cell banking market primarily consists of umbilical cord blood and adult stem cells. Stem cells have the potential to divide and renew themselves for long durations and heal damaged tissues in the body. Umbilical cord blood stem cells are preferred for diseases such as blood cancers, blood disorders, and metabolic diseases. Adult stem cells are used to treat orthopedic and musculoskeletal conditions and injuries. The rising prevalence of chronic diseases and genetic disorders has created a huge demand for stem cell therapeutics, thereby driving the growth of the stem cell banking industry.
The Global stem cell banking market is estimated to be valued at US$ 616.11 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the stem cell banking market are CM Fine Chemicals GmbH, Hawks Chemical Company, Hebei Yingong New Material Technology Co., Ltd., Heranba Industries Ltd., Jiangsu Dacheng Pharmaceutical and Chemical Co., Ltd., Luyunjia Chemistry Xiamen Limited, Merck KGaA, Mody Chemi-Pharma Limited, RX MARINE INTERNATIONAL, and Yancheng Longsheng Chemical Co., Ltd. These companies are focusing on expanding their umbilical cord banking capabilities and services through collaborations with hospitals and clinics.
The rising prevalence of diseases such as cancer, blood disorders, and genetic diseases is creating lucrative opportunities for stem cell therapies. Market players are investing in R&D activities to develop novel stem cell-based treatment options.
North America dominated the global market in 2020. However, the Asia Pacific region is expected to witness the highest CAGR during the forecast period owing to the increasing healthcare expenditure, rising infertility rates, and growing awareness about stem cell therapies in countries such as China, India, and Japan.
Market Drivers
One of the key drivers for the Global Stem Cell Banking Market Share is the increasing adoption of stem cell therapeutics. Stem cells have potential applications in the treatment of over 80 diseases including cancer, hematological disorders, cardiovascular conditions, and diabetes. The success of stem cell therapies and the development of novel applications are augmenting the demand for stem cell banking services.
Additionally, the rising prevalence of chronic and genetic disorders worldwide is also fueling the market growth. Infertility rates are increasing rapidly which is propelling the demand for umbilical cord banking services.
Market Restraints
High operation and processing costs associated with stem cell banking may restrain the market growth. Maintaining stem cell viability over the long storage period poses technical challenges. Strict regulations regarding the ethical use of stem cells also hamper the market expansion.
Segment Analysis
The Stem Cell banking market is dominated by the cord blood segment. Since cord blood stem cells are easily accessible and have less ethical concerns compared to embryonic stem cells, they are increasingly being stored by families for potential future use. Over the past decade, there has been a significant rise in awareness about the therapeutic benefits of cord blood and continued advancements in stem cell therapies are further driving the growth of this segment. The adult stem cell banking segment is the second largest and is expected to witness higher growth during the forecast period owing to ongoing research on diseases like cancer, diabetes, and neurodegenerative disorders where adult stem cells show promising potential.
Global Analysis
North America is presently the dominant region in the global stem cell banking market. This is attributed to the availability of advanced medical facilities, higher healthcare spending capacity, and growing awareness among individuals in countries like the US and Canada regarding stem cell therapeutics. Asia Pacific is projected to be the fastest growing regional market in the coming years. This is due to rising healthcare infrastructure, increasing healthcare tourism, and growing number of stem cell banking firms in developing nations such as India, China and Japan. Additionally, favorable government initiatives to promote stem cell research along with a large patient pool make Asia Pacific an attractive destination for key market players.
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