Stem Cell Banking Market - Future Growth Trends Across Geographies
Global Industry Growth Boosting Factors:
# Growing Awareness on the Therapeutic Potential of Stem Cells
# Development of Novel Technologies for Stem Cell Preservation, Processing, and Storage
# Increase in HematopOIEtic Stem Cell Transplantation Procedures
# Increasing Investments in Stem Cell-Based Research
Restraint: High operational costs of stem cell banking
Cell banks, tissue banks, and biobanks incur significant expenditure during the sample processing, quality testing, and sample preservation and storage processes. This does not include spending on the purchase and maintenance of premium-priced instruments, reagents, and consumables. This results in high operational costs for service providers. Moreover, increasingly stringent and mandatory regulatory requirements related to stem cell preservation and banking—as well as the costly licensing/approval process for the establishment of stem cell banks in developed nations—are expected to further contribute to the overall operational costs for stem cell banking service providers.
Key Questions Addressed by the Report:
# What are the growth opportunities related to stem cell banking market across major regions in the future?
# Emerging countries have immense opportunities for the growth and adoption of stem cell banking. Will this scenario continue in the next five years?
# What are the various types of stem cell banking services and their market share in the overall market?
# What are the new trends and advancements in the applications segment?
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Expected Growth Rate:
The global stem cell banking market is projected to be growing at a healthy rate of 8.4% during the forecast period.
Key Market Players:
As of 2017, the global stem cell banking market was dominated by Cord Blood Registry (CBR) Systems (US), Cordlife Group Limited (Singapore), Cryo-Cell International (US), and ViaCord (US). Other key players in the stem cell banking market included Cryo-Save AG (Netherlands), LifeCell International (India), StemCyte (US), Global Cord Blood Corporation (China), Smart Cells International (UK), Vita34 AG (Germany), and CryoHoldco (Mexico), among others.
Cord Blood Registry (CBR) Systems held the leading position in the global stem cell banking market in 2017. The company has a widespread presence and large customer base in the US. The company primarily focuses on advancing its umbilical cord preservation services through the adoption of inorganic growth strategies such as collaborations and partnerships. In regard to this, in 2017, the company collaborated with the New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords.
Cordlife secured the second position in the global stem cell banking market in 2017. The company is a leading player in the Asian stem cell banking market with its robust presence across eight countries and high-quality services. To sustain its leading position in the Asian region, the company mainly focuses on increasing its customer base through agreements. For instance, in 2017, the company entered into an agreement with IPS Trading and Service Joint Stock Company (Vietnam) to offer umbilical cord banking services and non-invasive metabolic newborn screening in Vietnam.
Cryo-Cell International held the third position in the stem cell banking market in 2017. The company is one of the key private stem cell banking providers in the global market. The company’s key strengths are its significant geographic presence and unique state-of-the-art technology for banking operations. The company mainly focuses on acquiring patents for the collection, testing, processing, and preservation of umbilical cord blood and tissues.
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Geographical Growth Dynamics:
North America is expected to dominate the stem cell banking market in 2019
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share in 2019. The expanding network of stem cell banking services across the region, ongoing approval of stem cell lines for disease treatment (especially for hematopoietic & autoimmune disorders), recent technological advancements in the field of stem cell collection and preservation techniques, and rising public-private investments for stem cell researches are driving the growth of the stem cell banking market in North America.
Key Developments, Globally:
# In 2017, Life Cell International (India), launched upgraded and enhanced its umbilical cord collection kit.
# In 2017, Vita34 AG (Germany) acquired Seracell Pharma AG (Germany) to strengthen its position in the German stem cell banking market.
# In 2016, StemCyte India Therapeutics Pvt. Ltd. (India), a subsidiary of StemCyte (US) received accreditation from The Foundation for the Accreditation of Cellular Therapy (FACT) for both public and private stem cell banking services.
# In 2015, Cord Blood Registry (CBR) Systems (US) entered into a collaboration agreement with New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords.
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