Stem Cell Banking Market Drivers, Restraints, Opportunities and Challenges

Stem cells are the cells that have the potential to differentiate into various types of cells in the body. 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. However, some tissues and organs within body, skin, blood, and the lining of intestine are also key source of tissue-specific stem cells. The stem cells are separated from the blood or tissue, processed, tested and preserved in a stem cell bank.

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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.

The rising awareness about potential use of cord tissue, collaborations of cord blood banks to gain a larger market share and the with the introduction of various automated procedures being developed in the field of science are expected to provide abundant opportunities to the manufacturers in the global stem cell banking market. In June 2017, Americord started a social media campaign for National Cord Blood Awareness Month to create awareness about various diseases currently being treated with cord blood stem cells.

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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.