Global Stem Cell Banking Market to Reach $9.3 Billion by 2024

Stem cells are undifferentiated cells that hold the capability to divide, and differentiate into specialized cells in the body. Stem cells act as repair system and replenish adult tissues, maintaining the turnover of regenerative organs such as the blood and skin. In organs, such as the bone marrow, stem cells frequently form replacement cells to repair the worn out tissue. These cells can respond to signals from the body and transverse a particular developmental pathway to differentiate into one specific cell type. Due to their regenerative properties, stem cells are being researched for therapeutic applications in diabetes, cardiovascular disease, neurodegenerative disease, cancer, autoimmune diseases, spinal cord defects, baldness, missing teeth, learning defects, and to restore vision and hearing, among many others. Sources of stem cells in the body include cord blood and placenta, adipose tissue, bone marrow, human embryo, and dental pulp-derived stem cells. Stem cell therapy has significant potential to become a highly regarded therapeutic option in the medical field.

Stem Cell research is an exciting field where there are constant discoveries on new sources of stem cells and new methods of their acquisition and harvesting. Of late, adult stem cells have garnered a lion`s share of the stem cell space, purely based on the fact that they require less expensive clinical trials, need to comply with fewer regulatory norms and ethical issues compared to other stem cell variants such as embryonic stem cells. Researchers around the world have been focusing research activities to develop adult stem cell therapies in order to combat a variety of diseases ranging from diabetes to heart disease. Factually, adult stem cells are the only stem cells that have been approved for use in transplants for the treatment of diseases such as cancers. Adult stem cells are being used for the development of therapeutic procedures that would be useful in the treatment of cartilage defects in children; multiple sclerosis, rheumatoid arthritis and systemic lupus; restoring vision in blind patients; and in numerous cancer therapy procedures.

Amid the COVID-19 crisis, the global market for Stem Cell Banking is projected to reach US$9.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 8.2% over the analysis period. The United States represents the largest regional market for Stem Cell Banking, accounting for an estimated 42.3% share of the global total. The market is projected to reach US$4.1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 10.8% over the analysis period.

Rapidly rising awareness about the therapeutic capabilities of stem cells, due to the increased availability of clinical evidence, is the primary factor driving growth in the global stem cells banking market. Rapidly rising importance of stem cells in the treatment of more than 80 diseases and growing awareness about the general populace about stem cell therapies and the importance of stem cell banking services are spurring market growth. The growing benefits of stem cells are enhancing the importance of stem cell banks. Driven by advancements in the medical research space, the life expectancy of humans has increased considerably. However, there has been a rise in incidence of various chronic conditions, whereby focus has shifted onto the development of stem cell therapies thus paving the way for high growth in the stem cell banking market. The rising fertility rates and increase in newborns are also presenting significant opportunities due to the potential role of umbilical cord-based stem cells in treatment of various diseases. All of these are in turn necessitating extraction and preservation of stem cells, thus driving growth in the stem cells banking market.

Globally, the incidence of diseases such as cancer, cardiovascular diseases and diabetes among others continues to grow, enhancing the need for extensive and long-term treatments requiring hospitalization and involving significant costs, thus becoming a burden for healthcare systems across the world. Additional costs are often incurred due to potential of relapse in case of certain diseases. The growing burden of diseases, high cost of treatment and the rising need for affordable treatments is presenting growth opportunities for the stem cell industry. Stem cells are currently being utilized for treatment of immune-related and blood disorders such as leukemia. Growth in the global stem cell banking market is being driven by the rapid pace of advancements being witnessed in the regenerative medicine space. As the medical sector focuses on developing artificial tissues capable of integrating with the human body, there is significant focus on medical analysis and testing in research institutes and biological labs. This in turn raises the importance of developing stem cell samples and creating repositories capable of storing stem cell samples for research purposes.