Global Stem Cell Banking Market, by Source Type (Cord Blood and Cord Tissue), by Service Type (Collection and Transportation, Processing, Analysis, and Storage), by Application (Leukemia, Diabetes, Lymphoma, Cerebral Palsy, Thalassemia, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 4,483.31 Million in 2022 and is expected to exhibit a CAGR of 18.9% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
The stem cell banking market is expected to witness significant growth, as an increasing number of market players are focused on inorganic growth activities such as partnership for research and developments. For instance, on March 6, 2022, STEMCELL Technologies Inc., a manufacturer of specialized reagents, tools, and services for cell culture media, cell separation, and PBS Biotech Inc., a provider of single-use bioreactor products and process development services, had announced a supply partnership to make the PBS-MINI Bioreactor available through STEMCELL Technologies for researchers looking to scale up human pluripotent stem cell (hPSC) cultures. This collaboration will assist researchers in obtaining the amount and quality of cells required to advance research by enabling the dependable and scalable suspension culture of hPSCs.
Global Stem Cell Banking Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a positive impact on the global stem cell banking market, owing to increased research and development for treatments against the COVID-19. For instance, on December 24, 2021, an article published in Lancet, a scientific journal, According to results obtained from a study on the treatment of severe COVID-19 using human mesenchyme stem cells, it was determined that their administration had a long-term beneficial effect on lung lesions and symptom relief with good tolerance. It was also stated that the use of human umbilical cord-derived mesenchyme stem cells (UC-MSCs) as adjunctive therapy for patients with severe COVID-19 is a viable option.
Global Stem Cell Banking Market: Key Developments
On June 21, 2022, HealthBanks Biotech, Inc., a U.S.-based stem cell and immune cell bank, had announced that it preserves cells using BioArchive. It is cell storage technology that ensures the therapeutic readiness, viability, and safety of preserved cells but is also one of the most frequently disregarded when choosing cell banking.
Browse 34 Market Data Tables and 38 Figures spread through 156 Pages and in-depth TOC on “Global Stem Cell Banking Market”- Forecast to 2030, Global Stem Cell Banking Market, by Source Type (Cord Blood and Cord Tissue), by Service Type (Collection and Transportation, Processing, Analysis, and Storage), by Application (Leukemia, Diabetes, Lymphoma, Cerebral Palsy, Thalassemia, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, increasing fundraising by market players for research and development is expected to drive the market growth during the forecast period. For instance, on September 22, 2021, LifeCell International Pvt. Ltd., a provider of human cell, genes, and tissue-based products and services for preventive and therapeutic purposes, had announced the successful fundraising of US$ 31.69 million from OrbiMed Asia Partners IV, a leading healthcare investment firm.
Key Takeaways of the Global Stem Cell Banking Market: