Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global stem cell banking market, by source type (Cord Blood and Cord Tissue), by service type (Collection and Transportation, Processing, Analysis, and Storage), by application (Leukemia, Diabetes, Lymphoma, Cerebral Palsy, Thalassemia, and Others), and by region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa), was valued at US$ 1,634.7 million in 2016 and is projected to exhibit a CAGR of 18.9% over the forecast period (2017-2025).
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The global stem cell banking market growth has gained a major momentum in the recent years, due to the rising awareness of the use of cord blood and cord tissue stem cells in therapeutics, and the extensive application of stem cells in the treatment of autism, lymphoma, anemia, etc. Growing survival rate of patients post stem cell transplant is another vital factor likely to fuel the growth the global stem cell banking market in the coming years. According to the Leukemia and Lymphoma Society, an estimated 172,910 people in the U.S. were diagnosed with leukemia, lymphoma or myeloma in 2017, which consequently led to the higher adoption of stem cells for efficient treatment.
As per a research study published in the Journal of Clinical Oncology, 2013, stem cell transplants for elderly patients with blood cancers are safe and effective and showed better outcome with reduction in post-transplant complications, for instance, graft-versus-host disease by 37%. The study further suggested that there is a survival chance of about 42% after a year of stem cell transplant. The emergence of innovative products and treatment therapies, such as allogenic cord-blood derived hematopoietic stem cell therapy, is an imperative growth factor for the global market. For instance, in 2011, the FDA approved Hemacord, which is the first FDA-licensed hematopoietic progenitor cells-cord (HPC-C) cell therapy manufactured by New York Blood Center, Inc. Furthermore, in 2014, Hemacord was conferred the Best Biotechnology Product Award by Prix Galien USA.
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At present, the key market players are concentrating on regenerative medicine research for harnessing their potential of umbilical cord blood stem cells for use in the treatment of diseases with no known cure. They are also collaborating with academic researchers in order to expand the potential uses of newborn stem cell therapies that may be available to patients and their families.
In February 2018, the Institute of Integrative Biology collaborated with Anika Therapeutics, Inc., to develop an injectable mesenchymal stem cell (MSC) therapy for the treatment of osteoarthritis. In 2016, Axiogenesis AG and Metrion Biosciences Ltd., joined forces with the aim to validate, optimize, and commercialize induced pluripotent stem cell-derived cells and tissues to speed up research in drug discovery. Furthermore, MAG Pharmaceuticals, Inc. acquired Cord Blood Registry (CBR) – an umbilical cord blood stem cell collection and storage company – for US$ 700 million in order to expand and diversify its maternal health business in 2015.
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Key Takeaways of the Stem Cell Banking Market:
- There exists considerable demand for personalized medicine in regions, including Asia Pacific, Europe, Latin America, and the Middle East, which positively affects the global market growth.
- Among source types, the cord blood segment holds the leading stance in the global stem cell banking market, owing to the ability of cord blood stem cells to treat over 80 blood-related diseases such as sickle cell anemia and thalassemia and various types of cancers such as leukemia and myeloma.
- The lymphoma application segment leads the global stem cell banking market, owing to rising prevalence of these disorders and higher number of successful therapeutic procedures carried out to treat the condition using stem cells.
- The well-established players operating in the global stem cell banking market are Stem Cyte, Inc., Cryo-cell International, ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
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