Stem cell banking involves the process of collecting and storing of stem cells from umbilical cord blood and tissues for future therapeutic use. Stem cells have the potential to treat diseases like cancer, blood disorders, immune disorders and genetic diseases. To harvest the benefits of stem cells’ therapeutic potential, families often opt for private or public cord blood banking. The global stem cell banking market encompasses private and public banks that collect, process, test and store stem cells. Private banks store stem cells for personal use whereas public banks store donated cord blood for use by anyone in need of treatment. An increasing number of parents are now banking cord stem cells of their newborns to access potential cures in future.
Key Takeaways
The Global Stem Cell Banking Market Size is expected to witness high growth owing to rising chronic diseases, successful therapeutic applications, and technological advancements. The global stem cell banking market is estimated to be valued at US$ 534.81 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
North America dominates the market currently due to supportive regulatory environment, focus on R&D, and presence of key industry players in the US and Canada. Factors such as increased success of therapies and high proliferation of private and family banks are boosting the regional market.
Key players operating in the stem cell banking market are Cord Blood Registry (CBR), Cordlife Group Limited, Cryo-Cell International, ViaCord, Cryo-Save, LifeCell International, StemCyte India Therapeutics, Global Cord Blood, Smart Cells International, and Vita 34.
Market Dynamics
Rising investments in regenerative medicine present a huge opportunity for growth of the stem cell banking market over the coming years. Regenerative medicine is an interdisciplinary field that applies life science technologies and engineering principles for replacement or regeneration of cells, tissues or organs to restore normal function. Stem cell therapy has emerged as a promising field in regenerative medicine for treating chronic and degenerative conditions. According to data by National Institutes of Health (NIH), annual global spending on regenerative medicine was over US$ 50 Bn in 2021. The increasing healthcare burden due to rising chronic diseases is prompting more research investments in stem cell-based solutions, thus driving demand for well-established stem cell banking facilities.
The popularity of stem cell banking is also growing due to rising success rates of stem cell transplantation therapies. Repeated updates by stem cell registries such as National Marrow Donor Program (NMDP) regarding successful outcomes of stem cell transplants instill confidence among families regarding future usability of stored stem cells. Parents are hopeful that their children may get access to life-saving stem cell treatment options in adulthood, thus fuelling adoption of cord blood and tissue banking services.
Segment Analysis
The global Stem Cell Banking Market is dominated by the cord blood segment. This is because umbilical cord blood is rich in stem cells and considered the most viable source for collection and storage. Cord blood stem cells have further clinical applications in treating various blood, immune, and metabolic disorders. The private stem cell banking sub-segment dominates as more parents are opting for family banking of cord blood for future therapeutic use by a child or other family members.
PEST Analysis
Political: Governments across major countries support stem cell research for medical applications. However, various religious and ethical issues related to embryo destruction are still debated.
Economic: The stem cell banking market is poised to grow significantly with rising healthcare expenditure on advanced treatment procedures. Furthermore, increasing investment in stem cell research is fueling market growth.
Social: Higher awareness about potential medical uses of one’s own stem cells for treating incurable diseases is driving individuals to opt for family banking. However, religious restrictions in some regions hamper market prospects.
Technological: Significant innovations to improve stem cell viability and develop novel Non-controversial sources like adipose tissue, placenta are expanding applications. New techniques to culture stem cells have increased success rates of stem cell therapy.
