by The global stem cell banking market is a highly specialized field involving the collection, processing, testing, analysis, cryopreservation, and storage of stem cells for future use. Stem cells are master cells with the ability to differentiate into various cell types forming tissues and organs. They offer promising potential for repairing damaged tissues and treating chronic ailments including heart diseases, neurological disorders, diabetes, and autoimmune diseases. The increasing utilization of stem cells and cell therapy procedures across the healthcare sector to develop effective treatment options for various diseases is a major driver for the market growth.
The global stem cell banking market is estimated to be valued at US$ 534.81 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the stem cell banking market is the increasing preference for family cord blood banking over public banking. Cord blood is emerging as a rich source of stem cells which can be utilized to treat many life-threatening diseases. Family cord blood banking offers private storage of cord blood collected from an individual child with full rights of use for direct family members if needed in future. This has instilled greater confidence among customers in comparison to public banking. Moreover, rapid rise of regenerative medicine sector, growing research activity, and advancement of therapies utilizing adult stem cells from different sources including bone marrow are also propelling the market growth. Another trend is shifting focus of key players towards development of novel technologies and infrastructure for improved stem cell collection, processing, and long term cryopreservation. This will enable wider accessibility and enhanced clinical applications over the coming years.
Porter’s Analysis
Threat of new entrants: Medium. High capital requirement and stringent regulations create barriers for new companies. However, growing demand provides opportunities.
Bargaining power of buyers: High. Large buyers can negotiate on price and demand customized solutions. Industry is moving towards price transparency.
Bargaining power of suppliers: Medium. Limited number of specialty biorepositories and technical expertise required provide suppliers bargaining power. However, partnerships with pharma companies reduce dependencies.
Threat of new substitutes: Low. No close substitute exists for stem cell banking currently. Continued research may lead to new alternatives.
Competitive rivalry: High. Intense competition exists among established players. Companies differentiate based on processing technologies, storage methods, and value-added services.
Key Takeaways
The Global Stem Cell Banking Market Size is expected to witness high growth. The global stem cell banking market is estimated to be valued at US$ 534.81 billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.
The Asia Pacific region is anticipated to witness the fastest growth during the forecast period. China, India, and South Korea are major stem cell collection and storage markets in the region. Increasing funding for stem cell research in the Asia Pacific aids market growth. South Korea, China and India are major markets driving growth in the region. Growth is attributed to rising disposable income, increasing healthcare expenditure and government initiatives to promote stem cell research.
Key players operating in the stem cell banking market are Cord Blood Registry, ViaCord, Cryo-Cell International, China Cord Blood Corporation, Americord Registry, CordVida, CryoSave AG, LifeCell International, and Stemade Biotech. These companies focus on expanding their geographic reach and enlarging customer base globally through acquisitions and collaborations.
