Stem Cell Banking Market worth $9,415.4 Million by 2023

PUNE, India, 2021-Mar-19 — /EPR Network/ —

Expected Revenue Surge:

The global stem cell banking market is projected to reach USD 9,415.4 million by 2023 from USD 6,290.6 million in 2018, at a CAGR of 8.4% from 2018 to 2023.

Growth Influencing Factors:

Factors such as the growing awareness on the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing and storage; increase in hematopoietic stem cell transplantation (HSCT) procedures; and increasing investments in stem cell-based research are driving the growth of the stem cell banking market.

On the other hand, the high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to limit market growth. The limited adoption of stem cell banking services across developing countries and socio-ethical concerns related to embryonic stem cells (ESCs) are key challenges faced by the majority of market stakeholders in the stem cell banking services industry.

Download FREE PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=220680183

Based on source, the placental segment is expected to witness the highest growth during the forecast period

On the basis of source, the stem cell banking market is categorized into six major categories, namely, placental, embryonic, bone marrow, adipose tissue, dental pulp, and other stem cell sources. In 2019, the placental segment is expected to be the fastest growing segment during forecast period. This can be attributed to the significant rise in the number of placental and cord banks across major markets (especially the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cell sources.

Based on application, the personalized banking applications segment is expected to account for the largest share of the stem cell banking market in 2019

Based on application, the global stem cell banking market is segmented into clinical applications, research applications, and personalized banking applications. The personalized banking applications segment is expected to account for the largest share of the stem cell banking in 2019. The growth in this segment is primarily attributed to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking (such as exclusive member rights for stored stem cells as well as efficient quality analysis, sample testing, and sample processing).

Recent Developments:

• In 2017, Life Cell International (India), launched upgraded and enhanced its umbilical cord collection kit
• In 2017, Vita34 AG (Germany) acquired Seracell Pharma AG (Germany) to strengthen its position in the German stem cell banking market.
• In 2016, StemCyte India Therapeutics Pvt. Ltd. (India), a subsidiary of StemCyte (US) received accreditation from The Foundation for the Accreditation of Cellular Therapy (FACT) for both public and private stem cell banking services.
• In 2015, Cord Blood Registry (CBR) Systems (US) entered into a collaboration agreement with New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords

By service, rising number of stem cell banks across emerging countries to drive the growth of market

On the basis of service, the stem cell banking market is segmented into sample collection and transportation, sample processing, sample analysis, and sample preservation & storage. The sample preservation & storage segment is expected to account for the largest share of the market in 2019. The large market share of this segment is primarily attributed to the increasing number of hematopoietic stem cell transplantations, increasing stem cell-based research, and high market penetration of stem cell banking services in major healthcare markets are driving the growth of this market segment.

North America is expected to dominate the stem cell banking market in 2019

Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share in 2019. The expanding network of stem cell banking services across the region, ongoing approval of stem cell lines for disease treatment (especially for hematopoietic & autoimmune disorders), recent technological advancements in the field of stem cell collection and preservation techniques, and rising public-private investments for stem cell researches are driving the growth of the stem cell banking market in North America.

Request for FREE Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=220680183

Global Key Players:

The major players in the market include Cord Blood Registry (CBR) Systems (US), Cordlife Group Limited (Singapore), Cryo-Cell International (US), ViaCord (US), Cryo-Save AG (Netherlands), LifeCell International (India), StemCyte (US), Global Cord Blood Corporation (China), Smart Cells International (UK), Vita34 AG (Germany), and CryoHoldco (Mexico); among others.

Growth Strategies Adopted by Them:

Analysis of the market developments between 2015 and 2018 reveals that several growth strategies such as service launches & upgrades; agreements, partnerships, & collaborations; and mergers & acquisitions were adopted by the market players to strengthen and competitive position in the global stem cell banking market. Among these business strategies, agreements, partnerships, & collaborations were the most widely adopted growth strategies by majority of market players worldwide.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com