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(IT-NEWSWIRE.COM, November 04, 2021 ) According to the new market research report, “Stem Cell Banking Market by Source (PSC, BMSC, ADSC, hESC, DPSC, NSC), Service Type (Sample Processing, Analysis, Collection, Storage), Application (Personalized Storage, Clinical (Autoimmune, Hematopoietic Disorders), Research) – Global Forecasts to 2023″, 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.
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58 – Tables
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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.
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.
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By source, the placental stem cells segment is expected to be the largest segment of the market
Based on source, the stem cell banking market is segmented into placental, embryonic, bone marrow, adipose tissue, dental pulp, and other stem cell sources. Of all these segments, the placental stem cells segment is expected to account for the largest share of 73.9% of the stem cell banking market in 2018. The large share of this segment can largely be attributed to the significant rise in the number of placental and cord banks across major markets (especially the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cell sources.
By application, the personalized banking applications segment is expected to grow at the highest rate during the forecast period
Based on application, the stem cell banking market is categorized into three major segments, namely, clinical applications, research applications, and personalized banking applications. The personalized banking applications segment is expected to account for the largest share and grow at the fastest CAGR in the stem cell banking in 2018. This is attributed to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking (such as exclusive member rights for stored stem cells as well as efficient quality analysis, sample testing, and sample processing.
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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