Stem Cell Banking Market Size Revenue Hits $18.04 Billion
Newark, Nov. 20, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 7.93 Billion in 2022 stem cell banking market will reach USD 18.04 Billion by 2032. As stem cell transplants become more viable therapeutic options, the demand for a reliable and secure source of stem cells has increased significantly. Stem cell banks are critical to the success of these treatments because they provide a secure and dependable means of storing and transferring stem cells for transplantation.
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Report Coverage Details
|Market Size in 2022||USD 7.93 Billion|
|Market Size in 2032||USD 18.04 Billion|
|No. of Pages in Report||237|
|Segments Covered||Product Type, Service Type|
|Drivers||A growing elderly population|
|Opportunities||Growing ethical issues over the use of embryonic stem cells|
Key Insight of the Stem Cell Banking Market
Asia Pacific is anticipated to expand at the highest CAGR of 10.55% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 10.55% over the forecast period. It is due to increased public knowledge of stem cell’s medical potential, as well as increased government spending in stem cell research and development. For many years, India has been at the forefront of medical advancements as one of the most popular foreign destinations for medical tourism. Furthermore, the development of novel treatments and procedures, as well as the higher success rate of stem cell treatment, are likely to drive expansion in the region’s stem cell banking business.
The adult stem cells segment is expected to register the highest CAGR of 10.32% over the projected period in the stem cell banking market.
The adult stem cells segment is anticipated to grow at the highest CAGR of 10.32% in the stem cell banking market. The growing understanding of the variety and effectiveness of adult stem cell banking services is driving up demand. Adult stem cell preservation is being considered by patients, physicians, and researchers as a proactive strategy to future disease problems. This need promotes business competitiveness and innovation, resulting in enhanced storage systems and broader service offers.
Over the projected period, the sample preservation and storage segment is expected to register the highest CAGR of 10.73% in the stem cell banking market.
Over the forecasted period, the sample preservation and storage segment is anticipated to grow at the highest CAGR of 10.73% in the stem cell banking market. This vital service area includes cutting-edge cryopreservation processes, cutting-edge storage facilities, and stringent quality control systems. In this age of regenerative medicine, the efficiency of stem cell treatments is dependent on the quality and accessibility of preserved samples.
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Driver: A growing elderly population
An older population has a favourable impact on the market. This demographic shift is changing healthcare dynamics all around the world. As people age, they become more susceptible to degenerative diseases such as osteoarthritis, cardiovascular disease, and neurological disorders such as Alzheimer’s and Parkinson’s. Stem cells have immense promise for repairing damaged or ageing tissues, paving the way for new treatments and better quality of life for the elderly. This ageing population necessitates more modern healthcare treatments and represents a significant client base for stem cell banking services. Many people and families are aware of the option of keeping stem cells from themselves or loved ones, which can be taken from sources such as cord blood or adipose tissue. These stem cells can be used in future therapies to combat age-related health issues, offering comfort and hope.
Opportunity: Growing ethical issues over the use of embryonic stem cells
The market is being fueled by growing ethical concerns about the use of embryonic stem cells. Because embryonic stem cell research involves the killing of embryos, it has long been a subject of ethical debate, leading in moral and legislative constraints in a variety of domains. This has shifted the emphasis of stem cell research and therapeutic applications away from controversial sources and towards non-controversial sources such as adult stem cells and cord blood. As a result, it is becoming popular among individuals and institutions seeking the potential benefits of stem cell therapy without the ethical ambiguity of stem cell banking. Cord blood, in particular, has grown in prominence as a rich source of stem cells that is ethically sound. Families and healthcare practitioners recognise the value of keeping these cells as a form of biological insurance against future illnesses for the donor and potentially compatible family members.
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Some of the major players operating in the stem cell banking market are:
• Cryo-Save AG (A Group of Esperite)
• Smart Cells International Ltd.
• CBR Systems, Inc.
• Cryoviva India
Key Segments cover in the market:
By Product Type:
• Human Embryonic Cells
• Adult Stem Cells
• IPS Cells
By Service Type:
• Sample Analysis
• Sample Collection and Transportation
• Sample Preservation and Storage
• Sample Processing
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.