Stem Cell Banking Market Headed for Growth and Global Expansion by 2026 With Top Key Companies Stem Cyte, Cryo-cell International, ViaCord, Cord Blood Registry, SmartCells, LifeCell International
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Increasing incidences of chronic disease and the effectiveness of stem cell therapy in the treatment of such diseases is a major driving factor for growth of stem cell banking market. According to the survey by Seattle Children’s Hospital and Research Center, 2013, the survival rate of patient with cancer after stem cell transplant for period of one year was 84% globally. Growing public awareness for stem cell storage is also contributing to stem cell banking market growth. Additionally, new clinical trial data that supports applications for hematopoietic stem cells from mesenchymal stem cells and cord blood is expected to help in growth of stem cell banking market. Moreover, various organizations are supporting stem cell banking, which is expected to aid in growth of the market.
Stem cells are building blocks of the immune system and blood, and they have the ability to develop into other cell types, in order to help in repairing tissues, organs, blood vessels, and are used in treatment of various disease. The ability of stem cells to regenerate has led to development of various treatments with it, to cure various genetic and auto-immune diseases and disorders. Cord blood stem cells have been used to treat nearly 80 diseases, including numerous types of malignancies, anemia, inherited metabolic disorders, and deficiencies of the immune system. Moreover, with the advancement in regenerative medicine, individuals of all ages can benefit from stem cell therapy in the near future. This is expected to augment growth of the market.
High therapeutic potential of stem cells for treating genetic diseases is expected to aid in growth of the market
High potential of cord blood and tissues for the treatment of patients with autoimmune diseases is expected to propel the market growth. Moreover, currently available immunosuppressive agents such as steroids, induce long term side effects despite temporary improvements. According to the Health Research Funding, 2015, around 28% of cord blood transplants have been used to treat genetic diseases, with the most common genetic disease treated being severe combined immune deficiency, followed by aplastic anemia. According to the National Cord Blood Program, 2015, cord blood from unrelated donors has been used as an alternative to bone marrow or mobilized stem cells, as a source of hematopoietic stem cells, with over 35,000 stem cell transplants successfully performed worldwide.
Major players operating in the global stem cell banking market are Allergan, Plc., Galderma S.A., Integra LifeSciences Corporation, Merz Pharma GmbH & Co. KGaA., Sanofi S.A., SciVision Biotech Inc., Sinclair Pharma Plc., Suneva Medical, Valeant Pharmaceuticals International, Inc., and Anika Therapeutics, Inc.
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Asia Pacific is expected to exhibit significant growth in the global stem cells banking market over the forecast period. This is owing to rising birth rates coupled with increasing prevalence of birth defects, and options of paying for stem banking in monthly instalments, making it accessible to a number of people. For instance, according to the survey by Save the Children India, 2012, India has a booming birth rate of 26 million per year and this is aiding in growth of the market. According to Multicenter Study, 2013, about 10,000 to 15,000 infants are diagnosed suffering from thalassemia and sickle cell anemia in India, indicating high demand for stem cells banking.
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