According to SPER Market Research, the Stem Cell Banking Market is estimated to reach USD 24.27 billion by 2032 with a CAGR of 15.82%. The process of removing priceless stem cells from the body, processing them, and storing them in preparation for potential use in stem cell therapies is known as stem cell banking. Low temperatures are used in stem cell banks to retain the biological qualities of the stem cells and guard against degeneration and contamination. Any stem cell bank that intends to keep cells for longer periods of time without losing their quality must adhere to standardised, quality-controlled preservation procedures.
The market is growing as a result of rising birth-rates worldwide, stem cell application R&D initiatives, and an increase in the prevalence of fatal chronic diseases. In addition, stem cells have the potential to treat a variety of blood-related illnesses and malignancies. The demand for novel treatments to treat critical disorders is another factor driving market expansion. Market Growth is influenced by both an increase in consumer health spending and the growth of stem cell banks.
Stem Cell Banking Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 15.82%
- Forecast Market Size (2032): 24.27 billion
The COVID-19 pandemic is predicted to have a negative impact on the market for stem cell banking. The outbreak of COVID-19 resulted in a serious public health issue. Most methods for obtaining stem cells were slowed down in order to stop the COVID-19 virus from spreading. Clinical research for the use of stem cells to treat COVID-19, however, might have an impact on how the industry grows after the pandemic. On the plus side, COVID-19 stem cell treatments being tested in clinical settings may hasten the industry’s recovery from the pandemic. The market will grow successfully as the number of clinical trials utilising stem cells is continuously raised.
Impact of COVID-19 on the Stem Cell Banking Market
On the market for stem cell banking, the COVID-19 epidemic is expected to have a detrimental effect. A significant public health problem was caused by the COVID-19 outbreak. To prevent the spread of the COVID-19 virus, the majority of stem cell collecting techniques were slowed down. However, the market expansion following the pandemic may be influenced by clinical trials for the use of stem cells for COVID-19 treatment. On the plus side, stem cell treatments for COVID-19 in clinical studies may help the industry recover quickly from the epidemic. The market will expand profitably as clinical trials including the use of stem cells are gradually increased.
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Stem Cell Banking Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Service Type:
- Collection & Transportation
By Cell Type:
- Adult Stem Cell
- Cord Blood
- Cord Tissue
- Embryonic Stem Cell
- Umbilical Cord Stem Cell
By Bank Type:
- Middle East and Africa
- North America
- Latin America
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Stem Cell Banking Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; American CryoStem Corporation, Americord Registry LLC, Cordlife Group Limited, Cryo Cell International Inc., Cryoholdco De LatinoAmerica, S.A.P.I. DE C.V., StemCyte Cord Blood Bank, Covis Pharma, Global Cord Blood Corporation, Smart cells.
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