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What's driving the Stem Cell Banking Market Growth? | Key Players are: LifeCell International Pvt.Ltd, PerkinElmer, Inc., Cord Blood America, Caladrius Biosciences, Inc., CordVida, LifeCodexx AG
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These stored stem cells have application in treating various types of blood disease as well as genetic disorders such as sickle cell anemia, thalassemia, leukemia, and immune disorders. According to the National Cancer Institute, the incidence of leukemia was 13.7 per 100,000 men and women per year between 2010 to 2014 in the U.S. Therefore, the overall demand for stem cell based therapies and stem cell banking is increasing, which is expected to drive the growth of the global stem cell banking market. National Cancer Institute a part of the National Institutes of Health (NIH), is the principal agency for cancer training and research of the U.S. Federal Government.
The stem cell market is expected to grow during the forecast period mainly due to the easy extraction methods used and increasing awareness about stem cell therapeutics and their potential in treating various diseases. According to World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality worldwide, with approximately 14 million new cases in 2012 and the number of new cases are expected to rise by about 70% over the next two decades. With promising results with stem cell therapies in treating such disorders, the increased incidence of these disease is expected to act as a driving factor for the growth of the global stem cell banking market.
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North America holds the largest share in the global stem cell banking market since the majority of stem cell banking players are based in the region. The growth in the North American stem cell banking industry is mainly due to the increase in awareness among people regarding stem cell banks.
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Some of the major players operating in the stem cell banking market include:
1- LifeCell International Pvt.Ltd
2- PerkinElmer, Inc.
3- Cord Blood America
4- Caladrius Biosciences, Inc.
5- CordVida
6- LifeCodexx AG
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