Stem cells are the highly specialized body cells, working as a foundation cells for organ and tissue in the body. The stem cells are differentiated from other cells of the body due to their properties such as self-renovation and differentiation. The stem cells are found in the bone marrow, umbilical cord blood and adipose tissues.
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Stem cell banks preserves these sources in their most potent state for later use in the applications such as regenerative medicine, tissue engineering and gene therapy. The stem cells can be used for almost 20 years after their preservation. Over the last decade, the multiple clinical trials of the stem cells have conducted for optimum utilization in various applications which upsurge the demand of the stem cell preservation.
Segmentation
The global stem cell market has been divided on the basis of types of stem cells, applications, by service and region.
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The global stem cell banking market has expected to grow rapidly over a forecast period as the awareness about the benefits of stem cell banking has increased over a last decade and drives the global stem cell banking market. The average human life expectancy has significantly increased due to the advancements in medical research, unfortunately the human aging is associated with the various diseases which became the targeted population for the stem cell banking and drives the growth of the global stem cell banking market.
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The increasing number of the fertility rate resulted in the rise in the number of children which can be the new market opportunity due to increasing awareness about preservation of newborn child’s umbilical cord as a type of stem cells.
However, the cost is the major concern for stem cell banking and its applications in various end treatments. The higher cost of the stem cell preservation may restrict the usage of stem cell banking in developing and non-developed regions. The unfavorable government rules and regulations regarding stem cell preservations through stem cell banking also can hamper the growth of the global stem cell banking market.
In terms of geography, the global stem cell banking market has been divided into five key regions, including North America, Latin America, Europe, Asia-Pacific (APAC) and Middle East & Africa (MEA).
The North America has contributed the leading market share to the global stem cell banking due to advancement medical infrastructure and increasing awareness about the benefits of the stem cell preservations. Followed by North America, the Europe has also registered the significant growth to the global stem cell banking market.
The Asia Pacific region has expected to show a robust growth over a forecast period due to rapidly developing medical facilities and services in the countries such as Japan, China and India. The rising power of per capita expenditure on healthcare facilities in the APAC also expected to boost the growth of the global stem cell banking market in the region. Latin America and MEA are at a nascent stage and expected to register a significant growth over the forecast period.
