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Stem Cell Banking Market Analysis To Grow At CAGR Of 18.9% Over period 2017-2021
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Increasing use and applications of stem cells for treatment of patients diagnosed with blood-related cancers is a major factor propelling growth of the stem cell banking market. According to the Leukemia and Lymphoma Society, 2017, an estimated 172,910 people in the U.S. were diagnosed with leukemia, lymphoma or myeloma in 2017 thus, leading to increasing adoption of stem cells for efficient treatment. Furthermore, according to the research study by Journal of Clinical Oncology, 2013, stem cell transplants for elderly patients with blood cancers are safe and effective and showed better outcome with reduction in post-transplant complications such as graft-versus-host disease by 37%. The study also stated that the survival chance after a year of stem cell transplant was around 42% and the overall survival rate was also estimated to be 55%.
Moreover, launch of innovative products and treatment therapies such as allogenic cord-blood derived hematopoietic stem cell therapy is another factor bolstering the market growth. For instance, in 2011, the FDA approved Hemacord—the first FDA-licensed hematopoietic progenitor cells-cord (HPC-C) cell therapy manufactured by New York Blood Center, Inc. Hemacord uses cord blood stem cells to treat certain disorders of the hematopoietic or blood forming system. Also, in 2014, Hemacord was awarded as Best Biotechnology Product Award by Prix Galien USA.
Browse 36 Market Data Tables and 24 Figures spread through 148 Pages and in-depth TOC on “Stem Cell Banking Market”- Global Forecast to 2025, by Source Type (Cord Blood and Cord Tissue), by Service Type (Collection and Transportation, Processing, Analysis and Storage), by Application (Leukemia, Diabetes, Lymphoma, Cerebral Palsy, Thalassemia and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
Manufacturers are focusing on regenerative medicine research for harnessing the potential of umbilical cord blood stem cells for use in treating diseases and conditions that have no known cure. Manufacturers are also collaborating with academic researchers to help expand the potential uses of newborn stem cell therapies that may be available to patients and their families. For instance, in February 2018, the Institute of Integrative Biology collaborated with Anika Therapeutics, Inc., to develop an injectable mesenchymal stem cell (MSC) therapy for the treatment of osteoarthritis. Moreover, in 2016, Axiogenesis AG and Metrion Biosciences Ltd., collaborated to validate, optimize, and commercialize induced pluripotent stem cell-derived cells and tissues to speed up research in drug discovery. Also, in 2015, MAG Pharmaceuticals, Inc. acquired Cord Blood Registry (CBR)—an umbilical cord blood stem cell collection and storage company—for US$ 700 million, to expand and diversify its maternal health business.
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Key Takeaways of the Stem Cell Banking Market:
The global stem cell banking market is expected to exhibit a CAGR of 18.9% over the forecast period, owing to rising demand for personalized medicine in Asia Pacific, Europe, Latin America, and Middle East and the benefits offered such as low risk immune rejection
Among source type, cord blood segment holds a dominant position in the stem cell banking market, owing to the ability of cord blood stem cells to treat over 80 blood-related diseases such as sickle cell anemia and thalassemia and various types of cancers such as leukemia and myeloma.
Among applications, lymphoma segment hold a dominant position in the stem cell banking market, owing to rising prevalence of these disorders and higher number of successful therapeutic procedures carried out to treat the condition using stem cells
Some of the major players operating in the global stem cell banking market are Stem Cyte, Inc., Cryo-cell International, ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
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