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Press Release: Stem Cell Banking Market to Surpass US$ 7.7 Billion by 2025
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.
Stem Cell Banking Market – Assurance for a Lifetime
Stem cells are building blocks of the immune system and blood, and they have the ability to develop into other cell types, in order to help in repairing tissues, organs, blood vessels, and are used in treatment of various disease. The ability of stem cells to regenerate has led to development of various treatments with it, to cure various genetic and auto-immune diseases and disorders. Cord blood stem cells have been used to treat nearly 80 diseases, including numerous types of malignancies, anemia, inherited metabolic disorders, and deficiencies of the immune system. Moreover, with the advancement in regenerative medicine, individuals of all ages can benefit from stem cell therapy in the near future. This is expected to augment growth of the market. Stem cell banking market is expected to gain significant traction, owing to factors such as rising awareness about the therapeutic importance of stem cells, growing number of clinical trials for products that are stem cell-based, and increasing research grants and public-private funding for development of novel treatments that are stem cell-based.
The global stem cell banking market was valued at US$ 1,634.7 million in 2016 and is expected to exhibit a robust CAGR of 18.9% over the forecast period (2017–2025).
Figure 1. Global Stem Cell Banking Market Value (US$ Mn), by Region, 2016
High therapeutic potential of stem cells for treating genetic diseases is expected to aid in growth of the market
High potential of cord blood and tissues for the treatment of patients with autoimmune diseases is expected to propel the market growth. Moreover, currently available immunosuppressive agents such as steroids, induce long term side effects despite temporary improvements. According to the Health Research Funding, 2015, around 28% of cord blood transplants have been used to treat genetic diseases, with the most common genetic disease treated being severe combined immune deficiency, followed by aplastic anemia. According to the National Cord Blood Program, 2015, cord blood from unrelated donors has been used as an alternative to bone marrow or mobilized stem cells, as a source of hematopoietic stem cells, with over 35,000 stem cell transplants successfully performed worldwide.
Stem cells can be stored indefinitely and can easily retain viability even after a decade of storage and this is a major factor driving growth of the market. A study of cord blood stem cells conducted at Indiana University in 2016 demonstrated its viability after 23.5 years of cryogenic storage. Moreover, increasing awareness about stem cell preservation and significance in treating life-threatening diseases has led to increasing demand for of stem cell collection and preservation techniques, thus bolstering the market growth.
Asia Pacific is expected to exhibit significant growth in the global stem cells banking market over the forecast period. This is owing to rising birth rates coupled with increasing prevalence of birth defects, and options of paying for stem banking in monthly instalments, making it accessible to a number of people. For instance, according to the survey by Save the Children India, 2012, India has a booming birth rate of 26 million per year and this is aiding in growth of the market. According to Multicenter Study, 2013, about 10,000 to 15,000 infants are diagnosed suffering from thalassemia and sickle cell anemia in India, indicating high demand for stem cells banking.
However, high cost of stem cell banking is a major hindrance for growth of the market. Stem cell preservation services are expensive and everyone cannot afford it. For instance, according to Meredith Corporation, a private bank generally charges US$ 1,000 to US$ 2,000 to collect cord blood at the time of delivery, with annual storage fees of US$ 100 to US$ 300 each year.
Supportive stem cell research initiatives for personalized medicine to accelerate the market growth
Stem cell banking offers the advantage that it can be readily used, whenever the need for arises, and does not need to be closely matched as bone marrow. According to the Health Research Funding Organization, 2015, children, who received matched cord blood had a 20% higher survival rate than those children who received matched bone marrow. Government organizations are offering support to conduct research and clinical trials for cord blood stem cell. Therefore, healthcare companies are increasing focusing on investing in research and commercialization of cord blood stem cell therapies thus, augmenting growth of stem cell banking market in the near future. For instance, the International Stem Cell Forum (ISCF) was launched to encourage international collaboration and provide funding for stem cell research. The aim of ISCF was to promote global good practice and accelerate progress in the area of stem cell research. Moreover, the UK Stem Cell Bank (UKSCB) provides an international resource for stem cell research by supplying human stem cell lines for the purpose of research and development of stem cell lines for clinical purpose. It also has an active program for research in collaboration with academic institutions.
Major players operating in the global stem cell banking market are Allergan, Plc., Galderma S.A., Integra LifeSciences Corporation, Merz Pharma GmbH & Co. KGaA., Sanofi S.A., SciVision Biotech Inc., Sinclair Pharma Plc., Suneva Medical, Valeant Pharmaceuticals International, Inc., and Anika Therapeutics, Inc.
Stem cells have the potential to transform to any tissue or organ in the body. Stem cells can be found in bone marrow, fetal tissues, baby teeth, fat, human embryos, hair follicles, muscle, and circulating blood, however, cord blood is an effective source of stem cells. Stem cells from cord blood are preferred due to various advantages such as efficacy in transplant due to less chances of immune rejection during the transfusion. Numerous applications of stem cells such as treatment in various diseases such as cancer, have led to demand for stem cell banking. These stem cells are collected from humans and preserved for the future use.
Market Dynamics
Increasing incidences of chronic disease and the effectiveness of stem cell therapy in the treatment of such diseases is a major driving factor for growth of stem cell banking market. According to the survey by Seattle Children’s Hospital and Research Center, 2013, the survival rate of patient with cancer after stem cell transplant for period of one year was 84% globally. Growing public awareness for stem cell storage is also contributing to stem cell banking market growth. Additionally, new clinical trial data that supports applications for hematopoietic stem cells from mesenchymal stem cells and cord blood is expected to help in growth of stem cell banking market. Moreover, various organizations are supporting stem cell banking, which is expected to aid in growth of the market. For instance, in 2012, Harvard University and University of Cambridge announced plans to set up a new stem cells research center, funded by Medical Trust UK and UK Medical Research Council, to conduct research on stem cells and their potential to treat a range of life-threatening conditions. However, low availability of cord blood units, globally and high cost for maintenance are hindering growth of the stem cell banking market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 36 market data tables and 24 figures on "Stem Cell Banking Market - Global forecast to 2025”.
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