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(Medical-NewsWire.com, April 17, 2019 ) The market is projected to reach USD 9.30 Billion by 2023 from USD 6.28 Billion in 2018, at a CAGR of 8.2%. Factors such as increase in hematopoietic stem cell transplantation (HSCT) procedures, increasing investments in stem cell-based research, and growing awareness on the therapeutic potential of stem cells are driving the growth of the stem cell banking market.
Based on source, the placental stem cells segment is expected to witness the highest growth during the forecast period
Based on source, the stem cell banking market is segmented into placental, bone marrow-derived, adipose tissue-derived, human embryo-derived, dental pulp, and other stem cell sources. The placental stem cells segment is projected to grow at the highest rate during the forecast period; owing to the global rise in the number of placental and cord banks (especially the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cells.
Based on application, the personalized banking applications segment is expected to account for the largest share of the stem cell banking market in 2018
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By application, the stem cell banking market is segmented into personalized banking, clinical, and research applications. The personalized banking applications segment is poised to be the fastest-growing segment due to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking, growing adoption of precision medicine across developed countries, rising prevalence of blood and immune system-related disorders among newborns and children, and increasing public concerns regarding the clinical abuse of stored stem cell samples.
By service type, sample preservation & storage segment is expected to witness the highest growth during the forecast period
On the basis of service type, the stem cell banking market is segmented into sample collection & transportation, sample processing, sample analysis, and sample preservation & storage. The sample preservation & storage segment is expected to be the fastest growing segment during the forecast period owing to the growing adoption of stem cell banking services in major countries coupled with the rising number of stem cell banks across emerging countries, rising public awareness about the therapeutic applications of stem cells, 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.
North America is expected to dominate the stem cell banking market in 2018
Geographically, the stem cell banking market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest market share in 2018. The expanding network of stem cell banking services, ongoing approval of stem cell lines for various disease treatment, recent technological advancements in the field of stem cell collection and preservation techniques, rising public-private investments for stem cell researches, growing number of stem cell transplantation procedures, and increasing public preference for private stem cell banking over public stem cell banks are driving the growth of the stem cell banking market in North America.
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As of 2017, major players in the global stem cell banking 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).
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