Market Size of Cell Banking Outsourcing Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 16.90 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cell Banking Outsourcing Market Analysis
The cell banking outsourcing market is expected to register a CAGR of 16.9% over the forecast period.
COVID-19 significantly impacted the growth of the cell banking outsourcing market. The lockdown measures restricted stem cell procurement and donation across the globe. For instance, according to the study published in Bone Marrow Transplantation, October 2021, it was observed that due to the implementation of national lockdowns, international border closures, and aircraft and train circulation limitations, shutting down of cell banks made it more challenging to obtain stem cells from foreign and domestic donors. However, with the increased coronavirus cases, the use of stem cells increased during the pandemic for treating and restoring lung tissues. For instance, according to an article published in Molecular Biomedical in February 2022, it was observed that mesenchymal stem cells showed promising results in clinical trials for treating COVID-19 disease by modulating the immune system. In addition, human amniotic epithelial cells (hAECs) and human mesenchymal stromal cells (hAMSCs) were used in preclinical studies and clinical trials against respiratory diseases. They were shown to reduce the inflammatory response and restore the pulmonary tissue in lung injury in vivo models. The use of stem cells increased the demand for cell banking services. Thus, the studied market witnessed growth and is expected to gain its full potential over the forecast period.
Factors such as the growing demand for cell therapies, increasing awareness of stem cell banking, and the rising burden of chronic diseases are expected to boost market growth over the forecast period.
The increasing incidence of chronic diseases among the population raises the need for effective biotechnology-based products or regenerative medicines. It is anticipated to boost the demand for cell banking services for storing stem cells, propelling the market growth. For instance, according to the 2022 statistics published by the Alzheimer's Association, about 6.5 million people were living with Alzheimer's in America in 2022, projected to reach 13.8 million by 2060. Also, according to the BHS England Factsheet, published in January 2022, about 6.4 million people were living with cardiovascular diseases in England in 2021. According to an article published in BMJ Global Health in March 2022, spinal muscular atrophy (SMA) affects approximately 250-300 newborns annually in Brazil. Thus, the high burden of heart disease and Alzheimer's among the population is anticipated to increase the company's focus on developing advanced cell therapy, thereby bolstering market growth.
Furthermore, the increasing awareness among the population regarding the use of stem cells and the benefits of storing them for the future further propelled the demand for stem cell banking, contributing to market growth. For instance, according to an article published in the Annals of the Romanian Society of Cell Biology in May 2021, a cross-sectional questionnaire was asked to the parents on the basics of their knowledge, awareness, and acceptance regarding stem cell banking in Delhi-NCR. It was observed that 96.4% of parents were aware of stem cell banking, and 84.5% were completely familiar with the storage of umbilical cord blood. Also, about 45% of parents believe that stem cell banking is vital as it will aid in treating serious diseases in the future. In comparison, 68% of individuals were interested in stem cell banking and wanted to know more about how stem cells are used.
Moreover, the growing government initiatives to accelerate the research and development of stem cell therapy are expected to increase the demand for stem cell banking outsourcing to preserve stem cells for future use. For instance, in February 2022, the Government of India assisted in establishing state-of-the-art stem cell research facilities in 40 premier medical research and educational institutes to promote the study and development of regenerative medicine in the nation.
Therefore, owing to the factors above, the studied market is expected to grow over the forecast period. However, the high cost of therapies and legal and changing ethical issues during collection will likely impede the growth of the cell banking outsourcing market over the forecast period.
