According to Stratistics MRC, the Global Cell Banking Outsourcing market is expected to grow from $3.42 billion in 2015 to reach $10.67 billion by 2022 with a CAGR of 17.6%. Growing research in cell line development and advancements in cell preservation techniques are the key factors fostering the market growth. In addition, increasing awareness of stem cell therapies, growth in cell bank facilities around the world are some of the key factors influencing the market growth. On the other hand, differing legal and ethical issues among countries throughout collection of cells, and therapies costs are inhibiting the market growth.
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The stem cell banking leads the market globally with the biggest market share and is expected to grow with a high CAGR during the forecast period. The growth of this segment is attributed to growing number of cord blood banks, and services among countries. North America is anticipated to hold the largest share in global market due to increasing demand from U.S. Asia Pacific is expected to witness huge growth due to encouraging government schemes and growing adoption of cell therapies.
Some of the key players in global cell banking outsourcing market include CordLife, Cleancells, Charles River Laboratories, BSL Bioservice, BioReliance, BioOutsource/Sartorius, Covance, LifeCell International Pvt. Ltd., Goodwin Biotechnology Inc., GlobalStem Inc., Cryo-Cell International Inc., Cryobanks International India, Lonza, PX’Therapeutics SA, Wuxi Apptec, Tran-Scell Biologics Pvt. Ltd., Toxikon Corporation, Texcell, SGS Life Sciences, and Reliance Life Sciences.
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