Stem Cell Banking Market Expected To Reach $16.55 Billion by 2030 | CAGR of 15.6%

According to a new report published by Allied Market Research, titled, “Stem Cell Banking Market by Age Group and Type: Global Opportunity Analysis and Industry Forecast, 2021–2030", the global stem cell banking market size was valued at $4,298.5 million in 2020, and is projected to reach $16,558.4 million by 2030, registering a CAGR of 15.6% from 2021 to 2030.

Stem cells are used to repair and self-renew damaged cells. It is also used to treat various medical conditions such as leukemia, lymphoma, neuroblastoma, and multiple myeloma. These cells are stored in stem cell banks, as they have the potential for usage in the treatment of any medical conditions. The collected stem cells are cryopreserved and stored for decades, which can be later used to treat large number of chronic diseases such as leukemia, thalassemia, and diabetes.

Factors that drive the growth of the stem cell banking market include the rise in number of stem cell banks and increase in prevalence of fatal disorders. In addition, rise in incidence of congenital diseases drives the growth of market.  For instance, according to World Health Organization (WHO), in December 2020, it was reported that around 295,000 newborns die within 28 days of birth every year, worldwide due to congenital anomalies. Furthermore, increase in R&D activity in stem cell development and large number of clinical trials for stem cell application in various diseases contributes in the growth of the stem cell banking market.

The stem cell banking market is segmented on the basis of service type, utilization, cell type, bank type, and region.

On the basis of service type, the market is categorized into collection & transportation, processing, analysis, and storage. The storage segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of stem cell banks.

By utilization, the market is divided into used and unused. The used segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the increase in clinical trials for stem cell applications.

On the basis of cell type, the market is categorized into umbilical cord stem cell, cord blood, cord tissue, placenta, adult stem cell, and embryonic stem cell. The umbilical cord stem cell segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to the application to treat multiple medical conditions and can be easily collected without any risk for the mother and baby.

Depending on bank type, the market is divided into public and private. The public segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to low cost of stem cell therapy at public banks.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the stem cell banking market. The spread of COVID-19 led to a major public health issue. Most of the stem cell collection procedures were slowed down to avoid spread of COVID-19 virus. However, clinical trials for application of stem cells for COVID-19 treatment, may contribute to the market growth post pandemic.

Key Findings Of Study

• On the basis of service type, the storage segment was the highest contributor to the market in 2020.
• Depending on utilization, the used segment was the highest contributor to the stem cell banking market in 2020.
• Based on of cell type, the umbilical cord stem cell segment was the highest contributor to the market in 2020.
• On the basis of bank type, the public segment was the highest contributor to the market in 2020.
• On the basis of region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

North America garnered the major share in the stem cell banking Market in 2020, and is expected to dominate the global market during the forecast period, owing to rise in prevalence of chronic diseases, presence of key players for development of stem cells storage, and well-established healthcare infrastructure in the region. However, Asia-Pacific is expected to register the highest CAGR of 16.5% from 2021 to 2030, owing to increase in the number of hospitals, surge in demand for early diagnosis, rise in prevalence of cancer, cardiac disease, and growth in number of geriatric population.