The Global Stem Cell Banking Market to Grow at a CAGR of 16.4% during the Forecast Period 2017–2023 to Aggregate $6.9 billion by 2023
Factors, such as easy method of extraction of stem cells from samples, increasing birth rate, increased awareness of stem cell therapeutics, and increasing potentials of stem cell treatment, will foster the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Global Stem Cell Banking Market – Trends and Drivers, Restraints and Opportunities: 2017–2023” (November 2017).
According to Infoholic Research, the market is driven by factors such as easy method of extraction of stem cells from the samples, increasing birth rate, increased awareness of stem cell therapeutics, and increasing potentials of stem cell treatment. Further, the collaboration among the cord blood banks, increasing investments and fundings, and automation of procedures for the banking of stem cells are providing opportunities for the growth of the stem cell banking market. However, intense competition, high operating costs, changes in legal regulations, and high entry barriers are the major factors hampering the market growth. A large number of clinical trials carried out globally is the proof for the potential and prospect of stem cell banks. The global stem cell market is dominating the healthcare industry with its reliable and cost-effective methods of treatment with fewer side effects. Stem cell banking has applications in the following areas: cerebral palsy, thalassemia, leukemia, diabetes, autism, and others. The cerebral palsy disease segment held the major share of nearly quarter of the market share among various applications in 2016.
The “Global Stem Cell Banking” market is expected to grow at a CAGR of 16.4% during the forecast period 2017–2023 to touch an aggregate of $6.9 billion by 2023.
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The market is analyzed based on three segments – Source Types, Types of Cell Banks, and Regions. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are set to be the leading countries. Europe is set to be the second leading region and held more than 29.5% of the market share in 2016. In Asia Pacific, India, Japan, and China are the most attractive countries for the players, and holds huge business opportunities. RoW is considered to be the emerging market and is forecasted to experience lucrative growth in the next 5–6 years.
The Stem Cell Banking market is segmented based on types of stem cell sources as umbilical cord blood & tissue and adult stem cell. The umbilical cord blood and tissue occupies the major share in the market and is also expected to witness the fastest CAGR during the forecast period. The dental stem cell banking and menstrual blood stem cell banking is the latest diversification in the stem cell banking market. Based on the types of the banks, the market is segmented into private and public stem cell banks.
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“Today, stem cell banks exist in most of the developed and developing nations. Around 450 companies are publicizing cord blood banking services internationally, which signifies intense competition in the market. Globally, China Cord Blood Corporation (CCBC) is expected to be the fastest growing stem cell bank worldwide and in the US, it is Amricord. In 2014, the company Amricord achieved 2,200% growth rate from 2011-2013.” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
Further, the report also aims to cover the below-mentioned points:
- An in-depth analysis of the key business opportunities in countries and verticals
- Complete details about the various types of stem cell banking
- Details of trending stem cell banking in the market
- Complete details about the analysis of top 10 players
- Industry outlook including current and future market trends, drivers, restraints, and emerging technologies