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(IT-NEWSWIRE.COM, May 27, 2021 ) Market Dynamics:
Market growth is primarily driven by growing public awareness related to the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing, and storage; rising number of hematopoietic stem cell transplantations (HSCTs); and increasing stem cell-based research.
On the other hand, the high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to limit market growth. The limited adoption of stem cell banking services across developing countries and socio-ethical concerns related to embryonic stem cells (ESCs) are key challenges faced by the majority of market stakeholders in the stem cell banking services industry.
Driver: Growing awareness on the therapeutic potential of stem cells
With the increased availability of clinical evidence, public awareness regarding the therapeutic potential of stem cells is on the rise across the globe. Moreover, stem cells have been proven to treat ~80 diseases and disorders including hematopoietic disorders, immunodeficiency diseases, metabolic disorders, cancer, and degenerative neuromuscular disorders.
With the continued rise in per capita disposable income across developing nations and an expected decline in product costs associated with stem cell therapies, public awareness and the adoption of stem cell therapies, as well as stem cell banking services, are expected to grow during the study period.
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Restraint: High operational costs of stem cell banking
Cell banks, tissue banks, and biobanks incur significant expenditure during the sample processing, quality testing, and sample preservation and storage processes. This does not include spending on the purchase and maintenance of premium-priced instruments, reagents, and consumables.
This results in high operational costs for service providers. Moreover, increasingly stringent and mandatory regulatory requirements related to stem cell preservation and banking—as well as the costly licensing/approval process for the establishment of stem cell banks in developed nations—are expected to further contribute to the overall operational costs for stem cell banking service providers.
Expected Revenue Growth:
The global stem cell banking market is projected to reach USD 9,415.4 million by 2023 from USD 6,290.6 million in 2018, at a CAGR of 8.4% from 2018 to 2023.
Factors such as the growing awareness on the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing and storage; increase in hematopoietic stem cell transplantation (HSCT) procedures; and increasing investments in stem cell-based research are driving the growth of the stem cell banking market. However, the high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to restrain market growth to a certain extent.
North America dominated the market in 2017
North America is expected to account for the largest share of the global stem cell banking market in 2018, followed by Asia Pacific. Factors such as expanding network of stem cell banking services across the region, ongoing approval of stem cell lines for disease treatment (especially for hematopoietic & autoimmune disorders), recent technological advancements in the field of stem cell collection and preservation techniques, and rising public-private investments for stem cell researches are driving the growth of the stem cell banking market in the North America.
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The major players in the market include Cord Blood Registry (CBR) Systems (US), Cordlife Group Limited (Singapore), Cryo-Cell International (US), ViaCord (US), Cryo-Save AG (Netherlands), LifeCell International (India), StemCyte (US), Global Cord Blood Corporation (China), Smart Cells International (UK), Vita34 AG (Germany), and CryoHoldco (Mexico); among others.
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raviraj.tak@marketsandmarkets.com
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