Global Stem Cell Banking Market is expected to reach a market size of ~US$ 15 billion by 2028: Ken Research

What Is the Size of Global Stem Cell Banking Industry?

Global Stem Cell Banking market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD 15 Bn by 2028. The Stem Cell Banking Market is largely driven by rising prevalence of fatal chronic diseases such as cancer, cardiovascular disease, neurological disorders, immunological disorders, and other rare metabolic diseases.

High operational costs associated with stem cell banking, along with stringent regulatory frameworks, are impeding the growth of the stem cell banking market. The growing newborn population worldwide is another driving factor of the stem cell banking market.

The ongoing COVID-19 pandemic increases the morbidity of cord blood transplantation (CBT) recipients globally, but stem cell procedures were slowed in 2020 due to the lockdown imposed by several governments across countries to prevent the virus's spread, resulting in a decline in stem cell banking growth.

Global Stem Cell Banking Market By Source

The Global Stem Cell Banking market is segmented by Source into Placental Stem Cells (PSCS), Adipose Tissue-Derived Stem Cells (ADSCS), Bone Marrow-Derived Stem Cells (BMSCS), Human Embryo-Derived Stem Cells (HESCS), Dental Pulp-Derived Stem Cells (DPSCS) and Others. The Placental Stem Cells (PSCS) segment held the largest market share of the global stem cell banking market in 2022.

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The growth is mainly attributed to the significant rise in the number of placental and cord banks, notably in the USA and Europe. According to the World Marrow Donor Association (WMDA), a Netherlands-based organization that promotes multilateral cooperation and best practices for the benefit of blood stem cell donors and transplant patients, nearly 8,04,193 cord blood units are currently available worldwide.

Global Stem Cell Banking Market By Service Type

The Global Stem Cell Banking market is segmented by Service type into Sample Collection and Transportation, Sample Preservation and Storage, Sample Analysis and Sample Processing. The Sample Preservation and Storage segment held the largest market share of the Global Stem Cell Banking Market in 2022.

Stem cell banks primarily store samples of human stem cells for potential future use in stem cell treatments, such as bone marrow transplantation (BMT), Peripheral blood stem cell transplant, and Cord blood transplant. The emergence of a growing number of stem cell banks across countries resulted in more stored stem cell samples, which are used in therapies and regenerative medicine in the long term.

Global Stem Cell Banking Market By Application

The Global Stem Cell Banking market is segmented by Application into Personalized Banking Application, Research Applications (Disease Treatment Studies, Life Science Research, Drug Discovery) and Clinical Application (Hematopoietic Disorders, Autoimmune Disorders, Others). The Personalized Banking Applications segment held the largest market share of the Global Stem Cell Banking Market in 2022.

The growth is primarily attributed to service providers' premium pricing of service plans and the benefits offered by personalized banking. The Research Application segment is expected to grow at the fastest CAGR during the forecasted period 2022-2028, owing to rising R&D expenditure in the biopharmaceutical industry and rising government initiatives on drug discovery.

Global Stem Cell Banking Market By Cell Type

The Global Stem Cell Banking market is segmented by Cell type into Umbilical Cord Stem Cell, Adult Stem Cell and Embryonic Stem Cell. The Adult Stem Cells segment held the largest market share of the Global Stem Cell Banking Market in 2022, owing to their commonality of origin in the human body (bone marrow, and fat), where they mostly reside.

The growing global prevalence of cancer and blood-related diseases, such as leukemia, lymphoma, neuroblastoma, and multiple myeloma is driving demand for adult stem cells, which replace damaged cells caused by such diseases to decrease inflammation and fight infection. According to the American Cancer Society, a worldwide voluntary health organization dedicated to cancer eradication, nearly 60,650 new cases of leukemia is being discovered in the United States in 2022, with 24,000 deaths from the disease.

Global Stem Cell Banking Market By Geography

The Global Stem Cell Banking market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. North America accounted for the largest share of the Global Stem Cell Banking Market in 2022 and will remain dominant during the forecast period (2022-2028), owing to the increasing incidence rates of diseases, such as cancer, neurological disorders, and diabetes.

For instance, according to the American Cancer Society, cancer continues to be the second leading cause of death in the USA, after cardiovascular disease. In 2022, USA is expected to see 1.9 million new cancer cases and 609,360 cancer deaths, for a total of 1,670 deaths per day. The growing government initiatives and investments in stem cell therapies are contributing to the region's growth in stem cell banking. For instance, in March 2020, according to CTV News, a Canadian news platform, the Canadian government invested almost US$ 7 million in the Stem Cell Network's competitive research funding program.

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Competition Scenario In Global Stem Cell Banking Market

The Global Stem Cell Banking Market is highly competitive with ~100 players which include globally diversified players, several regional players as well as a significant number of country-niche players with their niche in pharma and diagnostics solutions, and technologies, such as molecular imaging technologies (optical molecular imaging, positron emission tomography, single-photon emission computed tomography, and computed tomography) to research disease mechanisms and evaluation of therapeutic interventions. Country-Niche players comprise about ~45% of the total competitors, while regional players represent a share of ~35%. Some of the major players in the market include CBR.

What is the Expected Future Outlook for the Overall Global Stem Cell Banking Market Across the globe?

The Global Stem Cell Banking market was valued at USD ~billion in 2022 and is anticipated to reach USD ~15 billion by the end of 2028, witnessing a CAGR of ~% during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Stem Cell Banking market is driven by rising prevalence of fatal chronic diseases such as cancer, cardiovascular disease, neurological disorders, immunological disorders, and other rare metabolic diseases. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Stem Cell Banking market is changing rapidly. For instance, In September 2021, Generate Life Sciences, a USA based biotechnology company, announced that over 10,000 families had enrolled in the Newborn Possibilities Program (NPP) provided by the company's newborn stem cell preservation bank, Cord Blood Registry (CBR).

In July 2021, ViaCord launched newborn digestive health screen tests for genetic markers of Celiac disease and primary lactose intolerance. The screen is to be performed with a small amount of the collected cord blood. The global stem cell banking market is forecasted to continue the exponential growth at ~12% during the forecast period. The major driving factor contributing to the rising prevalence of fatal chronic diseases, and the growing newborn population worldwide. Though the market is highly competitive with around ~100 participants, few country-niche players control the dominant share and regional players also hold a significant share.

For more insights on the market intelligence, refer to below link:-

https://www.kenresearch.com/business-research/global-stem-cell-banking-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.