The Global Stem Cell Banking Market reaped $1.99 billion in 2016 and is projected to garner $6.96 billion by 2023, registering a CAGR of 19.5% during the period 2017–2023.
Rise in number of newborns, increase in R&D activities for application of stem cells, surge in prevalence of fatal chronic diseases, and growth in GDP and disposable income are the major drivers of the global stem cell banking market. However, legal and ethical issues during collection of stem cells, high processing and storage cost, and lack of acceptance of awareness hamper the market growth. On the contrary, rise in initiatives to spread awareness and untapped market in developing regions are expected to create lucrative opportunities in the near future.
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The market is divided on the basis of cell type, bank type, service type, utilization, and geography. Based on the cell, the market is divided into umbilical cord stem cell, adult stem cell, embryonic stem cell. On the basis of bank type, the market is segmented into public and private. The private stem cell bank held the highest revenue in 2016 and is expected to continue its dominance through 2023.
Based on collection & transportation, processing, analysis, and storage. The storage segment was the largest contributor in 2016. Based on utilization, the market is divided into used and unused. The used stems cells segment is estimated to register the fastest CAGR during the forecast period. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America held the largest share in the market in 2016 and is expected to continue its dominance throughout the forecast period.
The major companies in the market are profiled in the report
- Cord Blood Registry
- China Cord Blood Corporation
- New York Cord Blood Program
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