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(Medical-NewsWire.com, November 21, 2019 ) The global stem cell banking market is projected to reach USD 9.30 Billion by 2023 from USD 6.28 Billion in 2018, at a CAGR of 8.2%.
Factors such as 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 number of stem cell-based research are driving the growth of the market.
This report broadly categorizes the global market into source, application, service type, and region/country. Based on source, the market is segmented into placental, bone marrow-derived, adipose tissue-derived, human embryo-derived, dental pulp, and other stem cell sources. In 2018, placental stem cells segment is expected to account for the largest share of the market. This can be attributed to the global rise in the number of placental and cord banks (especially in the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cells.
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Based on application, the global market is segmented into personalized banking, clinical, and research applications. In 2018, personalized banking applications segment is expected to dominate the global stem cell banking applications market due to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking, growing adoption of precision medicine across developed countries, rising prevalence of blood and immune system-related disorders, and increasing public concerns regarding the clinical abuse of stored stem cell samples.
Based on service type, the global market is segmented into sample collection & transportation, sample processing, sample analysis, and sample preservation & storage. In 2018, sample preservation & storage segment is expected to be the largest service segment owing to the growing adoption of stem cell banking services in major countries coupled with the rising number of stem cell banks across emerging countries, rising public awareness about the therapeutic applications of stem cells, increasing number of hematopoietic stem cell transplantations, increasing stem cell-based research, and high market penetration of stem cell banking services in major healthcare markets.
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.
The major players in the market include Cord Blood Registry (CBR) Systems (US), Cordlife Group Limited (Singapore), Cryo-Cell International (US), ViaCord (US), 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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