The global stem cell banking market was worth US$ 8.7 Billion in 2019. Looking forward, the market is expected to continue its moderate growth during the next five years., according to a new report by IMARC Group.
Stem cell banking refers to the collection and preservation of stems cells to utilize them for future use. Placenta, umbilical cord, amniotic fluid, bone marrow and adipose tissue are a few of the common sources of stem cells. These cells can be frozen for decades and used to produce platelets, red blood cells (RBCs) and white blood cells (WBCs). A stem cell transplant takes place by injecting healthy stem cells to the damaged, diseased or malfunctioning cells or tissues present in the body. They are extensively used to treat various life-threatening diseases and genetic disorders including thalassemia, sickle cell anemia, leukemia, sarcoma, diabetes and lymphoma.
Global Stem Cell Banking Market Trends:
Owing to hectic lifestyles, changing dietary preferences and negligible physical activities, there has been a significant increase in the prevalence of chronic and lifestyle diseases across the globe. This, coupled with the growing geriatric population, is significantly contributing to the demand for stem cell banking. Apart from this, several organizations are taking initiatives to educate people about the benefits associated with this procedure and encouraging them to donate stem cells for future use. For instance, in the UK, the International Stem Cell Banking Initiative (ISCBI) is actively engaged in establishing an ethical framework for international stem cell banking and research while assisting the development of new banks across numerous countries. Inflating income levels and rising fertility rates are some of the other factors that are providing a thrust to the market growth.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Breakup by Product Type
1. Adult Stem Cells
2. Human Embryonic Cells
3. IPS Cells
Market Breakup by Service Type
1. Sample Preservation and Storage
2. Sample Analysis
3. Sample Processing
4. Sample Collection and Transportation
Market Breakup by Bank Type
Market Breakup by Utilization
Market Breakup by Application
1. Personalized Banking Applications
2. Research Applications
3. Clinical Applications
Market Breakup by Region
1. North America
3. Asia Pacific
4. Middle East and Africa
5. Latin America
For more information about this report: https://www.imarcgroup.com/stem-cell-banking-market
Some of the major players operating in the industry include CBR Systems Inc., China Cord Blood Corporation (CO), Cordlife (CLIFF), Cordvida, Cryo-Cell International, Inc. (CCEL), Cryo-Save AG (A Group of Esperite), Cryoviva India, Lifecell, Smart Cells International Ltd. and Viacord.
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