Stem Cell Banking Market Growth Factors, Applications, Regional Analysis, Key Players and Forecast 2023

Stem cells are the cells that have the potential to differentiate into various types of cells in the body. Embryonic stem cells and adult stem cells are the two main types of stem cells. Stem cells could possibly be used to generate cells and tissues for therapy of a variety of diseases including Alzheimer's disease, Parkinson's disease, heart disease, spinal cord injury, diabetes, and arthritis. The global stem cell banking market is expected to grow due to the increasing prevalence of such diseases and increasing awareness among people about the need to preserve stem cells. The umbilical cord blood of the newborn is an abundant source of stem cells. However, some tissues and organs within body, skin, blood, and the lining of intestine are also key source of tissue-specific stem cells. The stem cells are separated from the blood or tissue, processed, tested and preserved in a stem cell bank.

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These stored stem cells have application in treating various types of blood disease as well as genetic disorders such as sickle cell anemia, thalassemia, leukemia, and immune disorders. According to the National Cancer Institute, the incidence of leukemia was 13.7 per 100,000 men and women per year between 2010 to 2014 in the U.S. Therefore, the overall demand for stem cell based therapies and stem cell banking is increasing, which is expected to drive the growth of the global stem cell banking market. National Cancer Institute a part of the National Institutes of Health (NIH), is the principal agency for cancer training and research of the U.S. Federal Government.

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The stem cell market is expected to grow during the forecast period mainly due to the easy extraction methods used and increasing awareness about stem cell therapeutics and their potential in treating various diseases. According to World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality worldwide, with approximately 14 million new cases in 2012 and the number of new cases are expected to rise by about 70% over the next two decades. With promising results with stem cell therapies in treating such disorders, the increased incidence of these disease is expected to act as a driving factor for the growth of the global stem cell banking market.

The stem cell banking involves high operating cost for the umbilical cord processing and storage. Many people do not opt for stem cell banking due to lack of awareness and high cost of stem cell therapy. Also, frequent changes in legal regulations related to stem cell banking hinder the growth of the global stem cell banking market.

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Some of the major players operating in the stem cell banking market include Cordlife Group Ltd, Cryocell International, Inc., Lifecell International Pvt. Ltd., PerkinElmer, Inc. (Viacord), StemCyte Inc., CryoSave AG, China Cord Blood Corporation, Cord Blood America, Inc., Caladrius Biosciences Inc., CBR Systems, Inc., Cordvida, Cordviva India.

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