Stem Cell Banking Market To Reach USD 2927.2 Million By 2028 With A CAGR of 7.2% | Valuates Reports
BANGALORE, India, Dec. 9, 2022 /PRNewswire/ -- Stem Cell Banking Market is segmented by Type (Umbilical Cord Blood Stem Cell, Embryonic Stem Cell, Adult Stem Cell, Other), By Application (Diseases Therapy, Healthcare) : Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Health Category.
The global Stem Cell Banking market size is estimated to be worth USD 1789 million in 2021 and is forecast to a readjusted size of USD 2927.2 million by 2028 with a CAGR of 7.2% during the review period.
Major factors driving the growth of the Stem Cell Banking Market
The Stem Cell Banking market for stem cell banking is expanding as a result of factors like rising awareness of the therapeutic potential of stem cells, the development of novel technologies for stem cell preservation, processing, and storage, an increase in hematopoietic stem cell transplantation (HSCT) procedures, and rising investments in stem cell-based research.
Little cells called stem cells have a big potential and the power to save lives. The master cells that serve as the fundamental skeleton of the human body are called stem cells. These cells possess a rare capacity to differentiate into specialized cells such as blood, brain, muscle, bone, and so forth.
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TRENDS INFLUENCING THE GROWTH STEM CELL BANKING MARKET
Stem cell banks are becoming more and more recognized as a vital source of biological materials for both fundamental and applied research. Stem cell banks facilitate international access to stem cell lines from various origins and of various grades that have undergone quality control and ethical sourcing. The Organization for Economic Co-operation and Development claims that developments in regenerative medicine are fostering the growth of a bioeconomy, a society in which biotechnology accounts for a sizeable portion of economic activity. The use of regenerative medicine, tissue engineering, and gene therapy can be used to treat and cure many of the diseases that are untreatable at this time. Stem cells are frequently used in these personalized medicine methods to achieve these objectives. These factors are expected to drive the growth of the Stem Cell Banking market.
Stem cells are abundant in the fluid from the umbilical cord. Cancer, blood conditions like anemia and various immune system problems that impair your body's capacity to protect itself can all be treated with them. The fluid is simple to collect and contains ten times as many stem cells as bone marrow samples. Thus, the increasing use of umbilical cord blood stem cells for treating disease is expected to drive the growth of the stem cell banking market
Stem cell banks are destined to be a foundational element of the bioeconomy in many nations. While some ethical and legal issues are unique to stem cells because of their nature, stem cell banking would benefit from looking at the strategies promoted by tissue banking in general. In fact, efforts to streamline and harmonies biological tissue and data banking have been made during the past ten years in an effort to promote global interoperability. These will further drive the growth of the Stem Cell Banking market.
Malignant and non-malignant blood and immune system illnesses that are life-threatening are commonly treated with hematopoietic stem cell transplants (HSCT). Hematopoietic stem cells (HSCs) can be extracted from umbilical cord blood (UBC), which is a desirable option for bone marrow or HSCs that have been deployed into the peripheral circulation. One of umbilical cord blood's most alluring features is its ability to be stored for later use, which offers patients in urgent need of a transplant an off-the-shelf solution. As evidenced by the umbilical cord blood banking market's explosive growth in the early years of this century, this has resulted in the establishment of both publicly funded and privately owned UCB banks.
As the viability of cord blood as a source of stem cells became more widely acknowledged, cord blood banks were set up all over the world to supply transplant centers with a huge quantity of high-quality cord blood units. Despite the fact that more parents are banking their stem cells, experts advise expecting moms to do so in order to benefit their siblings or other family members as well. This is because degenerative and immunological diseases, as well as numerous blood-related problems, are on the rise. This factor is expected to drive the growth of the cord blood banking market.
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STEM CELL BANKING SHARE ANALYSIS
The leading companies in global stem cell banking are CCBC, CBR, ViaCord, Vcanbio, cells4life, etc. The top five producers worldwide control around 35% of the market.
With a market share of roughly 40%, Asia-Pacific is the largest, followed by North America, which has a share of roughly 30%. due to a rise in healthcare costs and an increase in the number of newborn babies.
With a market share of around 60%, umbilical cord blood stem cells are the most prevalent product category. This trend is anticipated to persist over the projection period due to a rise in the use of stem cells to treat a variety of medical problems. Stem cells from the umbilical cord can be easily extracted without endangering the mother or the child.
In terms of application, healthcare is the second-largest application after disease therapy.
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Key Companies:
- CCBC
- CBR
- ViaCord
- Esperite
- Vcanbio
- Boyalife
- Lifecell
- Crioestaminal
- RMS Regrow
- CordLife
- PBKM FamiCord
- Cells4life
- Beikebiotech
- StemCyte
- Cryo cell
- Cellsafe Biotech
- PacifiCord
- Americord
- Krio
- Familycord
- Cryo Stemcell
- Stemade Biotech
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