Stem cell banking market is estimated to be valued at USD 5.67 Bn in 2024, and is expected to exhibit a CAGR of 14.5% over the forecast period (2024-2031). Rising awareness among consumers regarding the benefits of stem cell therapy and private banking boosts the market growth.
Market Dynamics:
Global stem cell banking market growth is primarily driven by increasing prevalence of chronic diseases such as cancer, blood disorders and genetic diseases. Stem cell therapy has emerged as a promising treatment option for various chronic and life-threatening diseases. Rising preference for private stem cell banking over public banking due to ownership of stem cells is another key factor driving the market growth. Private banking offers more control and flexibility over the use and storage of stem cells collected during delivery of stem cells. However, high costs associated with stem cell collection and storage pose a major challenge to its widespread adoption. Ongoing research & development activities for new applications of stem cells in regenerative medicine is expected to offer lucrative opportunities over the forecast period.
Rising Prevalence of Chronic Diseases
One of the major factors driving growth of the global stem cell banking market is rising prevalence of chronic and life-threatening diseases globally. Diseases such as cancer, blood disorders, diabetes, and cardiovascular diseases have seen significant rise in incidences over the past few decades. Stem cell therapy offers potential treatment alternatives for these conditions, and this drives more individuals and families to opt for stem cell banking services. The cells can be frozen and stored for future therapeutic use if the need arises. With mainstream healthcare moving towards more cell-based and personalized treatment approaches, the demand for stem cell banking is expected to consistently rise in the coming years.
Increasing Awareness about Stem Cell Therapies
Stem cell banking market is also positively impacted by growing awareness regarding the potential benefits of stem cell therapies. Events like successful clinical trials, peer-reviewed research publications touting positive outcomes, mainstream media coverage of new regenerative medicine advancements have educated more populations worldwide about stem cell treatments. Research also suggests parents especially are keen to bank cord blood stem cells of their newborn for potential therapies later in their child's life. Enhanced awareness is a key driver propelling the global stem cell banking market growth.
High Cost of Banking and Treatments
One of the biggest challenges faced by the stem cell banking market is the steep cost associated with the entire process from collection and storage to potential future treatments. Banking stem cells, especially cord blood and tissues, requires sizable initial costs which deters many people from opting for it. This makes such treatments accessible only to a certain income class in most regions. The high prices associated with banking and treatments limit wider consumerization of stem cell services globally.
Lack of Standard Regulations
Absence of uniform regulatory frameworks regarding stem cell research and clinical applications across key markets hampers the stem cell banking market growth. While developed nations have instituted well-defined regulations, rules are still evolving or non-existent in developing and underdeveloped countries. Lack of oversight leads to variable quality standards, illegal practices and loss of consumer trust in certain regions. It also disrupts clinical research activities and international collaborations. For the stem cell banking market to achieve its full long-term revenue potential, stronger and standardized global guidelines are essential regarding aspects like cell procurement, testing, transportation and more
Increasing Investments in R&D
Growing funding support from both public and private organizations represents a major growth opportunity for stem cell banking companies. Substantial investments are being made worldwide to conduct advanced research that can unlock the therapeutic power of stem cells. This accelerate the discovery of new applications of stem cells in regenerative medicine. It is also aid in developing innovative technologies for more efficient banking, processing, and transportation of stem cell samples.
*Link: https://www.coherentmarketinsights.com/market-insight/stem-cell-banking-market-1354
Key Development
- In February 2023, Cordlife Group Limited, a provider of cord blood banking services, announced the launch of their peripheral blood stem cell (“PBSC”) processing and storage service in Singapore, further expanding its banking services in the country
- In March 2023, Sinfonia, an engineering services providing company, announced a collaboration with UK Stem Cell Bank to evaluate CellQualia Intelligent Cell Processing System in the NIBSC lab in South Mimms, England, U.K.
- In August 2019, LifeCell International Pvt. Ltd., India's premier stem cell bank and mother & child diagnostics company, announced the launch of a new premier cord blood processing technology 'PrepaCyte-CB' which ensures highest yield of stem cells while harvesting stem cells from the baby's umbilical cord blood
Key Players: Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cordlife Group Limited, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, Transcell Biolife Pvt. Ltd., Cordlife Group Limited, Covis Pharma, CSG Bio