Objectives of this study are:
# To define, describe, and forecast the stem cell banking market by source, service type, application, and region
# To provide detailed information about factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
# To analyze the market opportunities for stakeholders and provide details of the competitive landscape for key players
# To forecast the market size for North America, Europe, Asia Pacific, and the Rest of the World (RoW)
# To profile key players and comprehensively analyze their global market shares and core competencies
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Factors Influencing Global Growth:-
Market growth can primarily be attributed to the increase in hematopoietic stem cell transplantation (HSCT) procedures, development of novel technologies for stem cell processing, preservation, and storage, increasing investments in stem cell-based research, and growing awareness on the therapeutic potential of stem cells.
# High Operational Costs of Stem Cell Banking
# Stringent Regulatory Frameworks
# Emerging Countries
# Rising Global Burden of Major Diseases
# Socio-Ethical Concerns Related to Embryonic Stem Cells
Monetary Growth Expectations, Globally:
According to the Research Study conducted by MarketsandMarkets™: The global stem cell banking market over the forecast period of 2019 to 2027. The market is projected to reach USD 13.86 billion by 2027 from USD 7.26 billion in 2019, at a CAGR of 8.4%.
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Geographical Growth Scenario:
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share in 2019. The expanding network of stem cell banking services across the region, ongoing approval of stem cell lines for disease treatment (especially for hematopoietic & autoimmune disorders), recent technological advancements in the field of stem cell collection and preservation techniques, and rising public-private investments for stem cell researches are driving the growth of the stem cell banking market in North America.
Leading Market Players:
# Cord Blood Registry (CBR) Systems (US)
# Cordlife Group Limited (Singapore)
# Cryo-Cell International (US)
# ViaCord (US)
# Cryo-Save AG (Netherlands)
# LifeCell International (India) and many more…
These are the several growth strategies such as service launches & upgrades; agreements, partnerships, & collaborations; and mergers & acquisitions were adopted by the market players to strengthen and competitive position in the global stem cell banking market. Among these business strategies, agreements, partnerships, & collaborations were the most widely adopted growth strategies by majority of market players worldwide.