Stem Cell Banking Market 2018, Top Companies, Application, Trends, Growth Factors, and Development Forecast to 2024
The stem cell banking market is driven by the factors such as growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in stem cell research, increase in hematopoietic stem cell transplantation procedures, development of novel technologies for stem cell preservation, storage and processing, and increasing investment in stem cell-based research are the primary growth drivers for stem cell banking industry.
Stem cell banking is the method of accumulating cord blood, extorting and cryogenically freezing its stem cells for forthcoming use. Cord blood stem cells are used for treating blood diseases such as sickle cell disease, leukemia, and thalassemia. Initiates are taken by various companies and organizations to broaden awareness regarding stem cells.
North America accounted for the major share in the stem cell banking industry in 2017, globally due to the extensive network of stem cell banking services, technological advancement in the field of stem cell preservation and collection technique, availability of federal funding for research, and ongoing approval of stem cell lines for various disease treatments.
Asia-Pacific is observed to witness the fastest growth in the stem cell banking market, as the region comprises of largest population and the awareness for stem cell banking is increasing rapidly among them.
Cord Blood Registry Systems, Cordlife Group Limited, Cryo-Cell International, Cryo-Save AG, LifeCell International, StemCyte, ViaCord, Global Cord Blood, Smart Cells International, Vita34, and CryoHoldco are some of the key players offering products. In May 2018, Cordlife launched PlumCare DNA Advisor, to detect and manage genetic mutations associated with hereditary conditions in the Philippines. In addition, in December 2017, Cordlife had partnered with Eone-Diagnomics Genome Center (EDGC), a certified laboratory in South Korea, to offer non-invasive prenatal testing in Indonesia and the Philippines.
