Market growth is primarily driven by growing public awareness related to the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing, and storage; rising number of hematopoietic stem cell transplantations (HSCTs); and increasing stem cell-based research.
On the other hand, the high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to limit market growth. The limited adoption of stem cell banking services across developing countries and socio-ethical concerns related to embryonic stem cells (ESCs) are key challenges faced by the majority of market stakeholders in the stem cell banking services industry.
Expected Revenue Growth:
The global stem cell banking market is projected to reach USD 9,415.4 million by 2023 from USD 6,290.6 million in 2018, at a CAGR of 8.4% from 2018 to 2023.
Download PDF Brochure@
# In 2017, Life Cell International (India), launched upgraded and enhanced its umbilical cord collection kit.
# In 2017, Vita34 AG (Germany) acquired Seracell Pharma AG (Germany) to strengthen its position in the German stem cell banking market.
# In 2016, StemCyte India Therapeutics Pvt. Ltd. (India), a subsidiary of StemCyte (US) received accreditation from The Foundation for the Accreditation of Cellular Therapy (FACT) for both public and private stem cell banking services.
# In 2015, Cord Blood Registry (CBR) Systems (US) entered into a collaboration agreement with New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords
Driver: Growing awareness on the therapeutic potential of stem cells
With the increased availability of clinical evidence, public awareness regarding the therapeutic potential of stem cells is on the rise across the globe. Moreover, stem cells have been proven to treat ~80 diseases and disorders including hematopoietic disorders, immunodeficiency diseases, metabolic disorders, cancer, and degenerative neuromuscular disorders.
With the continued rise in per capita disposable income across developing nations and an expected decline in product costs associated with stem cell therapies, public awareness and the adoption of stem cell therapies, as well as stem cell banking services, are expected to grow during the study period.
Key questions addressed in the report:
# What are the growth opportunities related to stem cell banking market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of stem cell banking. Will this scenario continue in the next five years?
# What are the various types of stem cell banking services and their market share in the overall market?
# What are the new trends and advancements in the applications segment?
Restraint: High operational costs of stem cell banking
Cell banks, tissue banks, and biobanks incur significant expenditure during the sample processing, quality testing, and sample preservation and storage processes. This does not include spending on the purchase and maintenance of premium-priced instruments, reagents, and consumables. This results in high operational costs for service providers.
Moreover, increasingly stringent and mandatory regulatory requirements related to stem cell preservation and banking—as well as the costly licensing/approval process for the establishment of stem cell banks in developed nations—are expected to further contribute to the overall operational costs for stem cell banking service providers.
Request Sample Pages@
North America is expected to dominate the stem cell banking market in 2019
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.