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07 Mar, 2022, 13:30 GMT
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Rise in R&D activities and surge in application of stem cells for treatment of fatal chronic diseases drive the growth of the global stem cell banking market.
PORTLAND, Ore., March 7, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, "Stem Cell Banking Market by Service Type (Collection & Transportation, Processing, Analysis, and Storage), Utilization (Used and Unused), Cell Type (Umbilical Cord Stem Cell, Cord Blood, Cord Tissue, Placenta, Adult Stem Cell, and Embryonic Stem Cell), and Bank Type (Public and Private): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global stem cell banking industry generated $4.29 billion in 2020, and is estimated to reach $16.55 billion by 2030, witnessing a CAGR of 15.6% from 2021 to 2030.
Drivers, Restraints, and Opportunities
Rise in R&D activities and surge in application of stem cells for treatment of fatal chronic diseases drive the growth of the global stem cell banking market. On the other hand, high cost associated with stem cell transplantation restrains the market growth. Contrarily, increased birthrate across the world presents opportunities in the coming years.
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Impact of Covid-19 Pandemic on Stem Cell Banking Market-
Get detailed COVID-19 impact analysis on the Stem Cell Banking Market- https://www.alliedmarketresearch.com/request-for-customization/4614?reqfor=covid
The umbilical cord stem cell segment to maintain its leadership status by 2030
Based on cell type, the umbilical cord stem cell segment accounted for the highest share in 2020, contributing to nearly two-thirds of the global stem cell banking market, and is expected to maintain its leadership status by 2030. This is attributed to surge in number of stem cell banks and advancements in umbilical cord stem cells. However, the adult stem cell segment is projected to witness the largest CAGR of 16.7% from 2021 to 2030, owing to rise in clinical trials for adult stem cells.
The private segment to maintain its dominance in terms of revenue throughout the forecast period
Based on bank type, the private segment accounted for the highest market share in 2020, contributing to nearly 90% of the global stem cell banking market, and is expected to maintain its dominance in terms of revenue throughout the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 15.7% from 2021 to 2030. This is attributed to increase in number of stem cell banks. The research also analyzes the public segment.
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North America to continue its lead position by 2030
Based on region, North America contributed to the highest market share in terms of revenue in 2020, accounting for more than two-fifths of the global stem cell banking market, and is projected to continue its lead position by 2030. This is attributed to presence of key players for stem cell banking services and rise in number of hospitals in the region. However, Asia-Pacific is estimated to register the fastest CAGR of 16.5% during the forecast period. This is due to rise in demand for advanced therapy for disease and increase in the healthcare expenditure of patients.
Major Market Players
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