Stem Cell Banking Market Growing Rapidly with Latest Trend and Future scope with Top Key Players and Forecast 2027
Market Research Reports, Business Consulting Services & Analytics
The Use Of Stem Cell Therapy or Regenerative Medicines Has Readily Aided Market Growth Stem Cell Banking Market
HYDERABAD , TELANGANA , INDIA, November 23, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that the Stem Cell Banking Market size is estimated to reach $10.7 billion by 2026 and it is poised to grow at a CAGR of 8.1% over the forecast period of 2021-2026. Stem cells have been the most researched topic in the field of science. Stem cells are the body’s raw materials and possess the capability to draw themselves into specific blood cells which exhibit specialized functions. Stem cells can be recovered from various methods, such as embryonic stem cells. The advent of regenerative medicines and the use of stem cells to check quality and safety before releasing a new batch of drugs have been key factors driving the stem cell banking industry forward in the projected period of 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key Takeaways:
This IndustryARC report on the Stem Cell Banking Market highlights the following areas –
1. Geographically, North America’s stem cell banking held a dominant market share in the year 2020. It is owing to the advent of various genetic disorders and the rise in the use of regenerative medicines. Additionally, the region is seeing an inflated flow of funds for development pertaining to the pharmaceutical and biotechnology sector which has readily aided the market growth. However, Asia-Pacific is set to grow at a lucrative pace in the projected period. It is owing to the development of new-age start-ups which thereby allows for the opening of various stem cell banking systems using advanced healthcare technology such as IoT.
2. The growing awareness pertaining to the use of therapeutic potential stem cells has been a key driver for the market. However, high operational costs and maintenance fees are some of the reasons the market is facing friction and poses a challenge.
3. A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the stem cell banking market report.
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Segmental Analysis:
Stem Cell Banking Market Segmentation Analysis- By Source: The Bone marrow-derived stem cells held a dominant market share in the year 2020. It is owing to its standard use in the treatment of cancer cases such as leukemia, myeloma, and various others. Bone marrow-derived stem cells are also considered privileged immune cells, as they do not portray immunogenic properties and hence are used in patients who then do not need immunosuppression.
Stem Cell Banking Market Segmentation Analysis- By Application: Personalized banking held a dominant market share in the year 2020. It is owing to the various benefits now being co-offered with availing services. The service provider has curated various flexible payment plans to later the financial burden on the end-user. For example, Cord Blood Registry has payment plans starting from as low as $49/month. Additionally, they have started promoting themselves under “highest recovery rate- up to 99%”, which readily appeals to the public’s confidence, as recovery is often a worry in cases of stem cell banking.
Stem Cell Banking Market Segmentation Analysis- By Geography: North America’s stem cell banking held a dominant market share of 42% as compared to the other regions in 2020. It is owing to the rising cases of cancers and other neurodegenerative diseases in the region. The cells are damaged owing to chemotherapy and other forms. Along with that, the incidence of Parkinson’s disease is high in the country, and the ongoing research has helped the market of stem cell banking across various applications.
Competitive Landscape:
The top 5 players in the Stem Cell Banking industry are –
1. Cord Blood Registry
2. Americord
3. CryoCell
4. StemCyte
5. Viacord
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