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Stem Cell/Cord Blood Banking Market Size, Trend Analysis, Share, Competitive Analysis, And Forecast To 2033
Stem Cell/Cord Blood Banking Market Share
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According to The Business Research Company's, The stem cell/cord blood banking market size has grown strongly in recent years. It will grow from $11.14 billion in 2023 to $12.19 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to medical advancements, increased awareness, successful clinical applications, regulatory support, research funding.
The stem cell/cord blood banking market size is expected to see rapid growth in the next few years. It will grow to $18.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to personalized medicine, emerging therapies, international expansion, investment in biotechnology, legal and ethical framework. Major trends in the forecast period include non-invasive collection methods, multiple banking services, transparency and regulation, collaborative efforts, storage innovations.
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Market Drivers and Trends:
Increasing number of cancer patients is a major driver for the stem cell /cord blood banking market. Cancer diseases such as leukemia and multiple myeloma can be treated by stem cell transplant. In stem cell transplant, treatment can be either done by autologous transplant in which the stem cells come from the same person who gets the transplant or by allogeneic transplant in which means the stem cells come from a matched related or unrelated donor. By using stem cells in the treatment of cancer, the blood forming stem cells which are damaged during chemotherapy can be restored. According to a report by WebMD,an American publisher of health related news, in 2021, 10 million people died of cancer worldwide. which can be treated by transplanting the stem cells.
Pairing of cord blood and tissue storage with genetic testing services is an emerging trend in the stem cell/cord blood banking market. Such pairing is possible and efficient because of its complimentary services to the existing clients, thereby helping in expanding their product portfolio. For example, genetic testing company Natera launched the Evercord cord blood and tissue storage service that enables expectant parents to collect, store and potentially retrieve their newborn's cord blood and tissue for therapeutic use in transplantation and regenerative medicine applications.
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Major Key Players of the Market:
AMAG Pharmaceuticals Inc., Cryo-Cell International Inc., Esperite NV, Americord Registry LLC, China Cord Blood Corporation, Cordlife Group Ltd., CordVida, Cryo Stemcell, PerkinElmer Inc., ReeLabs Pvt Ltd., Smart Cells International Ltd., Stemade Biotech Pvt Ltd., ViaCord Inc., Americord Registry LLC, LifeCell International, Cryoviva Biotech Pvt Ltd., Cytori Therapeutics Inc., Thermo Fisher Scientific Inc., Cord Blood America Inc., StemCyte Inc., Brainstorm Cell Therapeutics Inc., Cord Blood Registry Systems Inc., Healthbanks Biotech Usa Inc., Cryo-save Private Ltd., New York Cord Blood Center, CryoHoldco, Vita 34 International AG, Reliance Life Sciences Pvt Ltd., Maze Cord Blood Laboratories, Cells4Life Group LLP
Stem Cell/Cord Blood Banking Market 2024 Key Insights:
• The stem cell/cord blood banking market size is expected to see rapid growth in the next few years. It will grow to $18.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Cancer Patients Drive Growth In Stem Cell And Cord Blood Banking Market
• Cord Blood And Tissue Storage Paired With Genetic Testing Services In Stem Cell Banking
• North America was the largest region in the stem cell/cord blood banking market in 2023
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