Key Growth Strategies Adopted by Leading Market Players in the Global Stem Cell Banking Market

PUNE, India, 2020-Dec-15 — /EPR Network/ —

The global stem cell banking market is projected to reach USD 9.30 Billion by 2023 from 6.28 Billion in 2018, at a CAGR of 8.2%.

Market growth is primarily driven by growing public awareness related to the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing, and storage; rising number of hematopoietic stem cell transplantations (HSCTs); and increasing stem cell-based research. 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.

Driver: Growing awareness on the therapeutic potential of stem cells

With the increased availability of clinical evidence, public awareness regarding the therapeutic potential of stem cells is on the rise across the globe. Moreover, stem cells have been proven to treat ~80 diseases and disorders including hematopoietic disorders, immunodeficiency diseases, metabolic disorders, cancer, and degenerative neuromuscular disorders. With the continued rise in per capita disposable income across developing nations and an expected decline in product costs associated with stem cell therapies, public awareness and the adoption of stem cell therapies, as well as stem cell banking services, are expected to grow during the study period.

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Global Leaders:

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.

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.

Cordlife held the second position in the global stem cell banking market in 2017. The company is a leading player in the Asian stem cell banking market with its robust presence across eight countries and high-quality services. To sustain its leading position in the Asian region, the company mainly focuses on increasing its customer base through agreements. For instance, in 2017, the company entered into an agreement with IPS Trading and Service Joint Stock Company (Vietnam) to offer umbilical cord banking services and non-invasive metabolic newborn screening in Vietnam. Similarly, in 2016, the company collaborated with Bio Secure Company Limited (Myanmar) to offer umbilical cord banking services in Myanmar.

Cord Blood Registry (CBR) Systems held the leading position in the global stem cell banking market in 2017. The company has a widespread presence and large customer base in the US. The company primarily focuses on advancing its umbilical cord preservation services through the adoption of inorganic growth strategies such as collaborations and partnerships. In 2017, the company collaborated with the New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords. In addition to this, in 2015, the company entered into a strategic collaboration with Global Cord Blood Corporation (China) to integrate their methodologies for the collection, processing, and storage of umbilical cords and improve the overall stem cell banking service standards in the US and China.

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