What is trending in Stem Cell Banking Market? What are the strategies to boost business in near years?
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Stem cell banking offers people, an opportunity to have their cells cryogenically frozen at a time when they are perfectly healthy. The cells can be stored and kept safely for decades. Years later, people can use those cells at the time of requirement which can be during old age. Today as the medical science progresses, processes regarding stem cell collection and safe-keeping are safe, non-invasive and risk free. In the coming years, stem cell therapies can benefit many people. Hence, the market stem cell banking is growing.
The major factor driving the global stem cell banking market is the ability to address multiple medical conditions. Although stem cells have traditionally been used to treat leukemia, now their usage is increasing for treating heart damage from autoimmune disease, hereditary blood disorders, and myocardial infarction. Bone marrow is a complex mixture of cells including cells from endothelial origin, hematopoietic origin, and mesenchymal origin. Clinical uses of mesenchymal stem cells (MSCs) not only include cardiac repair but they also improve the engraftment of hematopoietic stem cells. Human embryonic stem cells (hESCs) not only help doctors to understand disease but they also serve as a basis for cell based therapies. Although hESCs have specific challenges such as controlling differentiation of the cells, they can still overcome many of the challenges that are associated with adult stem cells. The Food & Drug Administration (FDA) has approved the first American clinical trial of hESC-based therapies in humans which is meant for the treatment of spinal cord injuries. With the increase in the number of regenerative medicine centers, the stem cell banking market is expected to witness substantial growth over the forecast period.
The outsourcing of clinical trials involving stem cell banking to discover new treatments for several medical conditions showcases growth opportunity for the global stem cell banking market. Medical institutions tend to outsource many tests to smaller medical institutions who conduct medical trials of biological formulas and commodities only as per the requirements of clients. During the COVID-19 pandemic, many medical procedures that were considered as non-essential have been put on hold. This is impacting clinical trials across various streams of medical science around the world. With everyone in every social as well as economic group being concerned about health issues, many families are more receptive to the idea of banking their newborn child’s cord blood and birth tissue. Hence, the coronavirus pandemic is anticipated to influence the growth of global stem cell banking market.
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Key Findings of the Report:
• The global stem cell banking market is anticipated to reach US$ 15089.64 Mn by 2029 growing at a CAGR of 10% during the forecast period (2021-2029).
• Umbilical cord accounted for the largest source in the global stem cell banking market in 2020. Cord blood stem cells can be used in therapies and transplants to treat over 85 ailments that include anaemias (different types), bone marrow cancer, leukaemias (different types), and lymphomas. More than 5,000 clinical trials are using stem cell therapies today.
• In the context of medical condition, higher market share in the global stem cell banking market was held by cancer (leukaemias, lymphomas, etc.) in 2020. Stem cells can be used for the treatment of different types of cancer such as acute biphenotypic leukemia, acute lymphoblastic leukemia, acute myelogenous leukemia, acute undifferentiated leukemia, chronic myelogenous leukemia, chronic lymphocytic leukemia, juvenile myelomonocytic leukemia, and juvenile chronic myelogenous leukemia. In regenerative medicine, the use of stem cells has been in vogue for a long time. It is very common in the field of dermatology.
• Considering the applications segment, the disease treatment & tissue regeneration segment occupied the largest market share in 2020. Stem cells that are used in disease treatment & tissue regeneration have the potential to treat various medical conditions including different types of blood cancers. They can also treat various disorders such as genetic disorders, immunity-related disorders, and metabolic disorders. The US FDA has approved the use of cord blood stem cells for the treatment of 80 diseases. Through replacement and repair approaches, stem cells are used in many medicine. Regarding tissue regeneration, stem cells can be used for repairing and restoring the damaged tissues or organs. This treatment is helpful in case of severe injuries and chronic diseases. Such stem cells can generate healthy cells that can replace diseased cells.
• In 2020, North America dominated the global stem cell banking market. Advanced medical research being carried out in many biology-based scientific institutions in USA and Canada is aiding the region’s growth in the global market. Developed medical sector, presence of key market players, technological advancement aiding medical research, and higher investment in medical research are some other major factors that contributed to the market growth in this region.
• Some of the major players operating in the global stem cell banking market are CBR Systems, Inc., Cell Care, CHA Biotech, CordBank New Zealand, Cordlife, Cryo-Cell, CryoHoldco, Cryoviva India, CSG-BIO, Global Cord Blood Corporation., LifeCell International Pvt. Ltd., ReeLabs Pvt. Ltd., Regrow Biosciences Pvt Ltd., Smart Cells International Ltd., Stem Med Pte Ltd, StemCyte, ViaCord and Vita 34 Inc. amongst others.
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Global Stem Cell Banking Market:
By Service Type
• Testing and Processing
• Umbilical Cord
• Amniotic Fluid
• Bone Marrow
By Medical Condition
• Cancer (Leukaemias, Lymphomas, Etc.)
• Non Malignant Blood Disorders (Anaemias, Hereditary Bone Marrow Failure Syndromes, Etc.)
• Immune Disorder (Severe Combined Immune Deficiency (SCID), Inherited Immune System Disorders, etc.)
• Metabolic Disorders (Leukodystrophy Disorders, Mucopolysaccharidosis (MPS) Storage Diseases, Etc.)
• Disease Treatment & Tissue Regeneration
• Clinical Research
• Personalized Banking Applications
• North America
o Rest of North America
o The UK
o Nordic Countries
o Benelux Union
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Southeast Asia
Rest of Southeast Asia
o Rest of Asia Pacific
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
• Latin America
o Rest of Latin America
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