NEW YORK, Feb. 20, 2018 (GLOBE NEWSWIRE) -- The global stem cell banking market is expected to grow significantly from USD 1,380 million in 2016 to USD 3,761 million in 2023, at a CAGR of 15.5% from 2017 to 2023. Factors propelling the growth of the stem cell banking market are the effective and precise treatment of many diseases and disorders through stem cells, growing awareness among people, and increasing research and development activities. Moreover, increasing incidences of genetic disorders and rising stem cell banking services are further augmenting the growth of the global stem cell banking market. However, the high operational cost may hinder the growth of the global stem cell banking market.
The report segment the global stem cell banking market by Service (collection, analysis, processing, and storage (public cord blood banks, and private cord blood bank)), by Types (cord blood, and cord tissue), by Application (blood cancer, solid tumors, immune disorders, non malignant blood disorders, metabolic disorders, and other), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).
A waste product discards with the placenta after baby birth, umbilical cord blood, contains potentially lifesaving hematopoietic stem cells and nowadays is being reserved in stem cell banks. Stem cell banks preserve and store cord blood and cord tissue for a prolonged time for treatment of life-threatening disease in the future and is playing an important role in healthcare sector
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Key Findings of the Global Stem Cell Banking Market Report
- The stem cell banking market is expected to reach USD 3,761 million by 2023 at CAGR of 15.5%
- Based on the Service, the storage segment held the major share of the global market in 2016, owing to preservation of cord blood and cord tissue for research and development activities, and clinical trials, for treatment of many diseases
- On the basis of Type, the cord blood holds the major share of the global stem cell banking market owing to the huge demand of cord blood in the healthcare sector for treatment of genetic and blood-related disorders. Moreover, many clinical trials are on-going for treatment of many diseases with huge private and government investments
- Geographically, North America holds the major share of global stem cell banking market owing to advanced technology in healthcare sector coupled with the availability of government funding for research and development activities
- Key players profiled in the global stem cell banking market are Cordlife Group Limited, ViaCord, Boyalife, Widecells Group, China Cord Blood Corporation, Cryo-Save Group, Vita 34, Cellsafe Biotech Group, Reliance Life Sciences, and Stempeutics Research
Global Stem Cells Banking Market -- Revolutionary Way to Cure Life-Threatening Diseases through Stem Cell Banking
Stem cells banking service preserves cord blood and cord tissue for the treatment of life-threatening disease and disorders in the future. Stem cells are distinctive cells; they have much potential to become the much different type of cells. The cells play an important role in the human body to introduce new stem cells which have shown great promise for the treatment of many medical conditions such as blood-related disorders, genetic disorders, and immune disorders among others. Currently, researchers are conducting clinical trials with cord blood and cord tissue for new treatment such as HIV and certain types of cancer.
Global Stem Cell Banking Market – Regional Insight
Geographically, the global stem cell banking market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America holds the major share of global stem cell banking market owing to advanced technology in healthcare sector coupled with the availability of government funding for research and development activity. In the U.S. parents are educated regarding storage and benefits of cord blood and cord tissue to secure their child’s future. Europe is the second largest for the global stem cell banking market. The factors driving the growth of the market are new storage facilities coupled with the growing number of private and public banks. The growth of the stem cell banking market in Asia-Pacific is owing to increasing research and development activity coupled with growing awareness among people.
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