Stem Cell Banking Market - Increasing Investments in Stem Cell-Based Research

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.

(EMAILWIRE.COM, June 09, 2021 ) Expected Revenue Growth:

The global Stem Cell Banking Storage 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.

Factors such as the growing awareness on the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing and storage; increase in hematopoietic stem cell transplantation (HSCT) procedures; and increasing investments in stem cell-based research are driving the growth of the stem cell banking market. However, the high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to restrain market growth to a certain extent.

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By source, the placental stem cells segment is expected to be the largest segment of the market

Based on source, the stem cell banking market is segmented into placental, embryonic, bone marrow, adipose tissue, dental pulp, and other stem cell sources. Of all these segments, the placental stem cells segment is expected to account for the largest share of 73.9% of the stem cell banking market in 2018. The large share of this segment can largely be attributed to the significant rise in the number of placental and cord banks across major markets (especially the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cell sources.

By application, the personalized banking applications segment is expected to grow at the highest rate during the forecast period

Based on application, the stem cell banking market is categorized into three major segments, namely, clinical applications, research applications, and personalized banking applications. The personalized banking applications segment is expected to account for the largest share and grow at the fastest CAGR in the stem cell banking in 2018. This is attributed to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking (such as exclusive member rights for stored stem cells as well as efficient quality analysis, sample testing, and sample processing.

North America dominated the market in 2017

North America is expected to account for the largest share of the global Stem Cell Banking Storage Market in 2018, followed by Asia Pacific. Factors such as 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 the North America.

Key Market Players:

As of 2017, the global Stem Cell Banking Storage Market was dominated by Cord Blood Registry (CBR) Systems (US), Cordlife Group Limited (Singapore), Cryo-Cell International (US), and ViaCord (US). Other key players in the stem cell banking market included Cryo-Save AG (Netherlands), LifeCell International (India), StemCyte (US), Global Cord Blood Corporation (China), Smart Cells International (UK), Vita34 AG (Germany), and CryoHoldco (Mexico), among others.

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