(PharmaNewsWire.Com, August 02, 2019 ) The latest report by IMARC Group, titled “Stem Cell Banking Market Research Report and Forecast 2019-2024”, estimates that the global stem cell banking market size reached US$ 8.1 Billion in 2018. 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.
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. On account of the aforementioned factors, the market is expected to reach a value of US$ 17.3 Billion by 2024, expanding at a CAGR of 13.5% during 2019-2024.
Based on the product type, the market has been divided into adult stem cells, human embryonic cells and induced pluripotent stem (IPS) cells. Amongst these, adult stem cells represent the leading segment.
Market Breakup by Service Type :
1. Sample Preservation and Storage 2. Sample Analysis 3. Sample Processing 4. Sample Collection and Transportation
On the basis of the service type, the market has been categorized into sample preservation and storage; sample analysis; sample processing; and sample collection and transportation, wherein sample preservation and storage exhibits a clear dominance in the market.
Market Breakup by Bank Type :
1. Private 2. Public
Based on the bank type, the market has been bifurcated into private and public stem cell banks, wherein private stem cell banks account for the majority of the total market share.
Market Breakup by Utilization:
1. Used 2. Unused
On the basis of the utilization, the market has been classified into used and unused.
Market Breakup by Application :
1. Personalized Banking Applications 2. Research Applications 3. Clinical Applications
Based on the application, the market has been segregated into personalized banking, research and clinical applications. At present, personalized banking applications represent the largest market segment.
Market Breakup by Region:
1. North America 2. Europe 3. Asia Pacific 4. Middle East and Africa 5. Latin America
On the geographical front, North America exhibits a clear dominance in the market. Other regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The competitive landscape of the market has also been analyzed with the detailed profiles of the key players. Some of the leading players operating in the market include CBR Systems Inc., China Cord Blood Corporation, Cordlife, Cordvida, Cryo-Cell International, Inc., Cryo-Save AG (A Group of Esperite), Cryoviva India, Lifecell, Smart Cells International Ltd. and Viacord.
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