Stem cells are the cells that have the potential to differentiate into various types of cells in the body. Research details developments in the Size, Share, Development, Growth and Demand Forecast to 2023
Embryonic stem cells and adult stem cells are the two main types of stem cells. Stem cells could possibly be used to generate cells and tissues for therapy of a variety of diseases including Alzheimer's disease, Parkinson's disease, heart disease, spinal cord injury, diabetes, and arthritis.
The global stem cell banking market is expected to grow due to the increasing prevalence of such diseases and increasing awareness among people about the need to preserve stem cells. The umbilical cord blood of the newborn is an abundant source of stem cells.
The global stem cell banking market is segmented based on bank type, service and application. Based on bank type, the global stem cell banking market is segmented into cord blood and cord tissue.
Based on service the stem cell banking market is segmented into storage, collection & transportation, processing and analysis the storage services segment is expected to hold the largest share during the forecast period (2017 – 2023).
The stem cell market is expected to grow during the forecast period mainly due to the easy extraction methods used and increasing awareness about stem cell therapeutics and their potential in treating various diseases. According to World Health Organization (WHO), cancer is one of the leading causes of morbidity and mortality worldwide, with approximately 14 million new cases in 2012 and the number of new cases are expected to rise by about 70% over the next two decades.
With promising results with stem cell therapies in treating such disorders, the increased incidence of these disease is expected to act as a driving factor for the growth of the global stem cell banking market.
In July 2014, Cordlife Group Limited and China Cord Blood Corporation announced that the two companies collaborated in order to assist patients across the China, Singapore, Hong Kong, Indonesia, India, the Philippines and Malaysia to identify suitable cord blood matching units for stem cell therapy.
Some of the major players operating in the stem cell banking market include Cordlife Group Ltd, Cryocell International, Inc., Lifecell International Pvt. Ltd., PerkinElmer, Inc. (Viacord), StemCyte Inc., CryoSave AG, China Cord Blood Corporation, Cord Blood America, Inc., Caladrius Biosciences Inc., CBR Systems, Inc., Cordvida, Cordviva India.
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