The stem cell banking market involves the storage of stem cells from various sources such as cord blood, placenta, adipose tissues, and bone marrow. Stem cell banking provides an option of having stem cells available in case of need for transplantation in the future related to diseases like leukemia, lymphoma, thalassemia, diabetes, or autoimmune disorders. With growing prevalence of chronic, genetic, and life-threatening diseases, the demand for stem cell therapy and thus banking is increasing. The global stem cell banking market is estimated to be valued at US$ 534.81 billion in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of chronic diseases and increasing adoption of stem cell therapy are expected to drive the growth of the stem cell banking market over the forecast period. According to the Centers for Disease Control and Prevention (CDC), in 2020, around 6 in 10 adults in the United States had a chronic disease and 4 in 10 had two or more chronic diseases. Similarly, the World Health Organization (WHO) estimates that chronic diseases accounted for approximately 60% of all deaths globally in 2005. Furthermore, with increasing awareness regarding benefits of stem cell therapy and banking among consumers, the demand is growing at a significant rate. Additionally, expansion of stem cell therapy options for various diseases and conditions is also expected to propel the market growth during the forecast period. However, high costs associated with stem cell collection, processing, testing, cryopreservation and storage may hamper market growth.
Segment Analysis
The global Stem Cell Banking market is segmented on the basis of banking type into cord blood stem cell banking, bone marrow stem cell banking, adult stem cell banking, and peripheral blood stem cell banking. The cord blood stem cell banking segment holds the dominant market share currently and is expected to retain its position over the forecast period. This is owing to the high utilisation rate of cord blood stem cells compared to other sources as they can be collected non-invasively from the umbilical cord and have wider application in the treatment of over 80 disease conditions.
PEST Analysis
Political: Governments worldwide are supporting stem cell research by implementing supportive regulations and providing funding. However, certain restrictions apply in some countries regarding the source of stem cells.
Economic: The stem cell banking industry has been witnessing significant growth driven by rising healthcare expenditures, increasing prevalence of chronic diseases, and growing awareness about stem cell therapy.
Social: There is growing acceptance and willingness among families to store umbilical cord blood stem cells for future medical requirements due to rising health security concerns.
Technological: Continuous development of novel techniques such as induced pluripotent stem cell technology, gene editing methods, and three-dimensional organoid culture is expanding the application scope of stem cells in clinical research and practice.
Key Takeaways
The Global Stem Cell Banking Market Size is expected to witness high growth in the coming years. The North American region currently dominates the market due to supportive regulatory environment and presence of key market players in the region. Key players operating in the Stem Cell Banking market are CM Fine Chemical, Thermo Fisher Scientific, and ProVita International Medical.
Regional analysis:
North America accounts for the largest share in the global stem cell banking market currently owing to factors such as favourable regulatory guidelines, presence of major stem cell bank operators, and higher adoption rate of stem cell therapy.
Key players:
Key players operating in the Stem Cell Banking market are CM Fine Chemica, Thermo Fisher Scientific, and ProVita International Medical. CM Fine Chemica is a leading provider of stem cell sourcing and storage services globally.