Global Stem Cell Banking Market: Introduction
Stem cell banking is the practice of preserving blood cell from a newborn baby for future use. The preserved blood is used in medical therapies for various diseases, such as sarcoma, leukemia, immune conditions, lymphoma, and metabolic disorders. Stem cells are capable of producing blood cells such as red blood cells, platelets, and white blood cells, which are produced in the human body. Researchers have discovered that stem cells can be used for the treatment of 80 different diseases including thalassemia, sickle cell anemia, leukemia, diabetes, and cardiac diseases. In the past few years, donated umbilical cord blood has become a reliable source of stem cells and is considered a valuable biological resource. The chances of cord blood sample matching with a patient who is closely related to the baby whose sample is to be used are 39% more than the sample obtained from public banks. Stem cell banking services is a promising and fast growing segment in the field of next generation stem cell therapy, and national cord blood registries are changing the perception and look of the industry.
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Key Drivers of Global Stem Cell Banking Market
Rise in awareness about stem cell therapies
Several awareness programs have been conducted to spread awareness about stem cell therapies and educate ethical aspects in the field. Every October, the global stem cell community comes together to promote appreciation and understanding of stem cell research on Stem Cell Awareness Day. In emerging countries such as India, the awareness and acceptance of stem cell therapy is increasing rapidly. In 2016, NeuroGen Brain and Spine Institute conducted awareness programs about stem cell therapy in Karnataka, India, and other neighboring states. Since then, the institute has successfully treated over 800 patients.
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Regenerative ability to develop into other types of cells
The placental stem cell therapy has been applied in various clinical applications, as these were shown to exhibit remarkable therapeutic attributes ranging from anti-oxidant, anti-microbial, anti-inflammatory, pain reduction, hair growth promotion, health improvement, cellular proliferation, tissue regeneration, and wound healing properties in vivo. Placental stem cells offer the potential to treat rare diseases or conditions for which few treatments exist. Sometimes called the body’s “master cells,” these cells can develop into blood, brain, bones, and all of the body’s organs. These have the potential to repair, restore, replace, and regenerate cells, and could possibly be used to treat several medical conditions and diseases. The therapy is quite useful in curing diseases such as Alzheimer’s disease. According to WHO, around 50 million people have dementia, and nearly 10 million new cases are recorded every year. Alzheimer's disease is the most common form of dementia and contributes to 60% to 70% of cases.
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North America to Account for Major Share of Global Stem Cell Banking Market
North America dominated the global stem cell banking market in 2020, followed by Europe. North America dominated the global market due to rise in prevalence of chronic diseases and expanding network of stem cell banking services. The market in Asia Pacific, Latin America, and Middle East & Africa is anticipated to expand at a high CAGR during the forecast period due to growth of the health care industry and increase in patient population. The market in China, Brazil, and India is projected to grow at a rapid pace between 2021 and 2031 due to rise in investment by governments of these countries to improve health care facilities.
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Key Players Operating in Global Stem Cell Banking Market
The global stem cell banking market is highly consolidated owing to the presence of small number of key players. Leading players operating in the global stem cell banking market are:
- Cord Blood Registry (CBR) Systems
- Cordlife Group Limited
- Cryo-Cell International
- LifeCell International
- Global Cord Blood Corporation
- Smart Cells International
- Vita34 AG
- CryoHoldco (Mexico)
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