The globalstem cell banking marketsize is expected to reach USD 14.48 Billion by 2028 at a CAGR of 8.7%, according to the latest report by Reports and Data. Rising number of hematopoietic stem cell transplantations, increasing application of stem cells in development of efficient therapeutics, and growing health burden of chronic and life-threatening illnesses are key factors expected to drive market revenue growth over the forecast period. Technological developments in stem cell preservation and collection techniques and increasing investment to accelerate stem cell research are also expected to drive market growth going ahead.
Stem cells are undifferentiated or partially differentiated cells that can differentiate into various types of cells in the body. Stem cells have the potential to differentiate into specific cells that can develop into tissues for use in transplant and regenerative medicine. Stem cell studies have helped researchers and doctors understand the etiology of diseases and chronic illnesses. Stem cell banking involves processes related to collection, preservation, and storage of stem cells that can be used in therapies and regenerative medicine in the future. Stem cell banking offers a cost-effective and efficient way to cryopreserve stem cells so that they can be ready to use in the future or as and when required. Stem cells remain viable for nearly 20 years when cryogenically frozen. Stem cells treat nearly 80 chronic and debilitating illnesses including thalassemia, sickle cell anemia, leukemia, and lymphomas, Alzheimers disease, Amyotrophic Lateral Sclerosis (ALS), and anemias, among others. Increasing advancements in stem cell-based research has opened up new opportunities for treatment of prevalent life-threatening and debilitating diseases for which there was no cure. This is expected to contribute significantly to revenue growth of the market over the forecast period.
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Technological advancements and rapid digitization have streamlined the daily operations of the pharmaceutical industry. Increasing spending on medicine due to growing geriatric populace, rising incidence of chronic diseases, increasing number of product launches, and growing number of R&D activities are some key factors contributing to revenue growth of the market. Increasing focus on patient engagement solutions, rising focus to cater to growing unmet clinical demand, adoption of advanced technologies to streamline workflows in healthcare sector, and availability of skilled healthcare professionals has been positively impacting the pharma & healthcare industry. The emergence of COVID-19 pandemic has further increased focus on healthcare facilities, teleconsultation and telemedicine, and increased burden on the healthcare industry compelling governments and companies to invest heavily to cater to the growing global demand.
Top Companies operating in the Market and Profiled in the Report include:
Cord Blood Registry (CBR) Systems, Cordlife Group Limited, Cryo-Cell International, ViaCord, Cryo-Save AG, LifeCell International, StemCyte, Global Cord Blood Corporation, Smart Cells International, Vita34 AG, and CryoHoldco.
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Stem Cell Banking Market Segmentation:
Source Outlook (Revenue, USD Billion; 2018-2028)
Service Type Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
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The report discusses in detail the top companies in the market along with their recent initiatives such as mergers and acquisitions, joint venture, partnerships, corporate and government deals, collaborations, and brand promotions and product launches among others. The report further discusses the companies initiatives and investments in key regions across the globe such as North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
Region analysis Covers:
In conclusion, the report offers a comprehensive analysis of the factors expected to drive the global Stem Cell Banking market growth over the forecast period of 2021-2028. The report is an all-inclusive document covering the market landscape and a futuristic perspective on its growth and progress. The report also provides an analysis of the entry-level driving and restraining factors for the new entrants contributing to the market. The report also offers strategic recommendations to the established players as well as new entrants to help them gain a strong foothold in the market.
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