The global stem cell banking market is expected to register a CAGR of 20.2% during the forecast period of 2018-2023. Due to the availability of federal funding for stem cell research, North America dominates the market.
Increased Awareness about Umbilical Stem Cells
Stem cells found in umbilical cord blood have been used in treating a wide range of conditions (sickle cell disease, leukemia, multiple myeloma, lymphoproliferative disorders, SCID, Tay Sachs, etc.). Expecting couples are well aware that the birth of their child is the only chance to collect and store these valuable stem cells, which can be used to treat over 80 diseases. With over 1 million cord blood units in private storage, and continued support from the medical community and governments across the world, many researchers believe that the usage of umbilical cord cells for treatment will become a norm.
Currently, there is an increase in the number of clinical trials for testing the future treatment possibilities of cord blood. Over 200 National Institutes of Health (NIH) funded clinical trials with cord blood are currently being conducted in the United States alone. In the United Kingdom, a petition has been submitted to increase the awareness of umbilical cord cells. In the United States, CordBloodAwareness.org was created to increase the awareness about the life saving power of umbilical cord blood stem cells. Owing to rising awareness, it is expected that more families will choose to donate, such that ultimately, more patients can be treated with umbilical cord blood stem cells. At the same time, the research utilizing these cells is anticipated to progress, thus driving the stem cell market.
The other factors, such as growing patient population, increasing approval for clinical trials in stem cell research, growing demand as regenerative treatment option, and rising R&D initiatives to develop therapeutic options for chronic diseases are driving the growth of the stem cell market.
Ethical and Moral Framework
Stem cells are often considered as a hopeful alternative form of therapies. However, there has been a strong debate over the use of stem cells in the development of novel therapies, as stem cell banking raises ethical and legal issues that highlight the need for a careful regulatory framework. The increasing tensions between public and private models of banking may require the adoption of an ethical framework. Several national and international regulatory firms have addressed these issues. For instance, in Europe, the European Group on the Ethics of Science and New Technologies stated that it should be freely done and the donor does not have any payment or reward. Therefore, such ethical and moral frameworks are hindering the growth of the stem cell market. Other factors, such as expensive procedures and regulatory complications, are also hindering the growth of the market.
Additionally, stringent regulations by the government are restraining the growth of the stem cell market.
North America Dominates the Market
Due to the availability of federal funding for stem cell research and the rise in preference of private stem cell banks in the United States, North America dominates the stem cell banking market. Additionally, the FDA has also approved clinical trials that indicated the use of stem cells in treating various diseases. These factors are influencing the growth of the stem cell banking market.
Key Developments in the Market
- December 2017: Cordlife launched NICE, a clinically approved non-invasive prenatal test in Indonesia and the Philippines.
Major Players: CBR Systems Inc., Cordlife, Cryo-Cell, Cryo-Save AG (A Group of Esperite), Lifecell, Viacord, Smart Cells International Ltd, Cryoviva India, Cordvida, and China Cord Blood Corporation, among others.
Reasons to Purchase This Report
- Market analysis for the stem cell banking market, with region-specific assessments and competition analysis on global and regional scales.
- Analyzing various perspectives of the industry, with the help of Porter’s five forces analysis.
- The treatment type that is expected to dominate the market.
- The regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3 months analyst support along with the Market Estimate sheet (in excel).
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Increasing Awareness about Umbilical Stem Cells
6.1.2 Growing Patient Population
6.1.3 Increasing Approval for Clinical Trials in Stem Cell Research
6.1.4 Growing Demand as a Regenerative Treatment Option
6.1.5 Rising R&D Initiatives to Develop Therapeutic Options for Chronic Diseases
6.2 Market Restraints
6.2.1 Expensive Procedures
6.2.2 Regulatory Complications
6.2.3 Ethical and Moral Framework
6.4 Key Challenges
7. Market Segmentation
7.1 By Type
7.2 By Banking Service and Technology
7.2.1 Stem Cell Acquisition and Testing
7.2.2 Cell Production
7.3 By Type of Banking
7.4 By Application
7.4.1 Cerebral Palsy
7.4.6 Other Applications
7.5 By Geography
7.5.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Australia & New Zealand
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
7.5.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
7.5.5 South America
18.104.22.168 Rest of South America
8. Competitive Landscape
8.1 Merger & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 CBR Systems Inc.
9.2 China Cord Blood Corporation
9.6 Cryo-Save AG (A Group of Esperite)
9.7 Cryoviva India
9.9 Smart Cells International Ltd
*List Not Exhaustive
10. Future of the Market