Stem Cell Banking Market is Booming in the Industry at a CAGR of 19.5% with Top Manufacturers like Cord Blood Registry, ViaCord, Cryo-Cell, China Cord Blood Corporation, Cryo-Save and New York Cord Blood Program

The Global Stem Cell Banking Market was valued at $1,986 million in 2016, and is estimated to reach $6,956 million by 2023, registering a CAGR of 19.5% from 2017 to 2023. North America is the highest contributor in the stem cell banking market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

Stem cells can repair and self-renewal damaged cells and can thus be used to treat various medical conditions. These cells are stored as they have the potential for usage in the treatment of any medical conditions that the person can further from in the future. The collected stem cells are cryopreserved and stored for decades, which can be later used to treat large number of chronic diseases such as leukemia, thalassemia, and diabetes.

Rise in number of births occurring globally, increase in R&D activities in regards with applications of stem cells, and surge in prevalence of fatal chronic diseases drive the growth of the market. The growth in GDP & disposable income globally is projected to help increase the number of stem cell units stored, which in turn boosts the market growth. However, legal and ethical issues related to stem cell collections and lack of acceptance and awareness in the developing regions are projected to hinder the market growth.

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Among the cell type, the umbilical cord stem cell segment dominates the market, as these stem cells can be used to treat almost 80 diseases and the extraction process is easy and does to harm the newborn in any way. However, the adult stem cell segment is expected to register the highest growth rate during the forecast period.
Depending on bank type, the private stem cell banking is the dominant segment in the stem cell banking market. Although the number of public banks are more than private banks, the revenue generated by private stem cell banks are more, which contributes toward the growth of the market.

In 2016, North America was the major revenue contributor, owing to increase in awareness toward the benefits of storing stem cell and favorable regulatory scenario. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, due to high birth rate in populace countries such as India and China.

Top Key Players :

• Cord Blood Registry
• ViaCord
• Cryo-Cell
• China Cord Blood Corporation
• Cryo-Save
• New York Cord Blood Program
• CordVida
• Americord
• CryoHoldco
• Vita34.

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