Stem Cell Banking Market, Survey, Explanation, Forecast to 2024by VynZ Research Marketing Research Consultant
The facility for storing the amniotic fluid for future applications. Stem cells have the capability to construct or generate every tissue in the body, therefore have great potential for future therapeutic uses in tissue regeneration and repair. In order for cells to fall under the definition of “stem cells,” they must display two essential characteristics.
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The stem cell banks are kept specifically for use by the individual person from whom such cells have been collected. The individual paid the cost for keeping the amniotic fluid (Stem cell) on a subscription basis.
Globally stem cell banking is growing at a CAGR of 9.1% during the forecast period getting USD 10.5 billion by 2024. Due to the development of innovative technologies of preservation, processing, and storage. Stem cell banking market is observing an increased demand for placenta stem cells over the last few years, due to the increasing public awareness regarding the therapeutic perspective of stem cells.
The growing awareness on increasing approval of clinical trials in stem cell research, increase in hematopoietic stem cell transplantation procedures, the therapeutic potential of stem cells, development of novel technologies for stem cell preservation, storage, and processing & growing investment in stem cell-based research are the major growth drivers for stem cell banking industry. The growing number of the fertility rate resulted in the increase in the number of childbirth, which can be the new market opportunity due to increasing awareness about preservation of newborn child’s umbilical cord as a type of stem cells.
Rising the global burden of major disease, increasing healthcare expenditure and public awareness related to the therapeutic potential of stem cells are also fueling the growth of the stem cell banking market. It has gained immense popularity in emerging economies.
In past few years many companies promoting stem cell banking in a huge way across the globe, for example, in the U.S. CordBloodAwareness.org was formed to increase the awareness about the umbilical cord blood stem cells.
The stringent regulatory framework and high operational and processing costs are the major challenges for the growth of stem cell banking market. Furthermore, the socio-ethical issues involved in stem cell research such as the destruction of a human embryo and religious briefs are considered as the hindering factor for the global market.
Key players in the stem cell banking industry are investing in the development of innovative and advanced products, which is strengthening their position in the market. In May 2018, Cordlife launched PlumCare DNA Advisor, to detect and manage genetic mutations associated with hereditary conditions in the Philippines. In addition, in December 2017, Cordlife had partnered with Eone-Diagnomics Genome Center (EDGC), a certified laboratory in South Korea, to offer non-invasive prenatal testing in Indonesia and the Philippines.
Cord Blood Registry Systems, Cordlife Group Limited, Cryo-Cell International, Cryo-Save AG, LifeCell International, StemCyte, ViaCord, Global Cord Blood, Smart Cells International, Vita34, and CryoHoldco are some of the key players offering products.
Source: VynZ Research
Created on Feb 13th 2019 03:05. Viewed 70 times.