Stem Cell Banking Market to Surpass Value of USD 18.65 Billion By 2031 | SkyQuest Technology
SkyQuest Technology Consulting Pvt. Ltd.
6 min read
SkyQuest Technology Consulting Pvt. Ltd.
The stem cell banking market is growing due to advancements in cryopreservation, cell bank prep, monoclonal antibodies, and the rising adoption of stem cell therapy.
Westford, USA, Dec. 15, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global stem cell banking market share will reach a value of USD 18.65 Billion by 2031, with a CAGR of 18.30% during the forecast period (2024-2031). As cryopreservation and cell bank preparation techniques are getting advanced, the stem cell banking market is expanding rapidly. Besides, the market is growing due to the increased application of stem cell treatment and the trend of monoclonal antibodies with effective biopharmaceuticals. Furthermore, with the fact that more couples are opting for children at a later stage in life, late parenting is on the rise, and it has generated interest in cord blood banking. Biological insurance makes parents realize that their babies' cord blood stem cells need to be protected. Thus, the global stem cell banking market growth is boosting.
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Adipose Tissue-Derived Stem Cells Supporting Growth with Higher Availability and Minimal Invasiveness
Based on the 2023 stem cell banking market analysis, adipose tissue-derived stem cells, or ADSCs, providing more production and greater availability, are anticipated to emerge as one of the major segments in the market. Compared to other stem cell sources, such as bone marrow or embryos, these cells are more patient friendly since they would be collected by minimal effort on minimally invasive means. The promise that ADSCs must regenerate with respect to wound healing, tissue regeneration, and clinical cosmetic applications has motivated the increased number of research and positioned them first among the current choices of stem cell therapy.
Sample Preservation and Storage Supporting Growth with Advancements in Cryopreservation and Personalized Medicine
As per the stem cell banking market forecast, the sample preservation & storage segment is expected to grow significantly. Survival of the cells over long periods of time becomes essential with increased demand for stem cell-based treatments. Developments in cryopreservation and freezing technology guarantee stem cells to stay alive and be safely kept for future use. In addition, increased knowledge of stem cell treatments coupled with the thrust for personalized medicine is aggravating the need for safe, reliable sample preservation and storage solutions.
North America Leading Stem Cell Banking Growth with Rising Chronic Diseases and Growing Awareness
North America led the stem cell banking industry with the largest market share. The North American market, particularly the US and Canadian sectors, provides large shares of its total contribution towards the medical and biotechnology sectors. Increasing prevalence of chronic diseases, combined with advancing knowledge regarding potential positive influences of treatments by use of stem cells, fuel demand for stem cell banking products. Many families are trying to collect stem cells from the umbilical cord blood and tissues at birth because they offer a type of biological insurance. Future medical breakthroughs will be useful to their children and siblings.
Analysis of key drivers (rising awareness of stem cell therapy, growing healthcare investments), restraints (high storage costs, lack of standardized protocols) opportunities (personalized medicine trends), and challenges (ethical & legal concerns) influencing the growth of the stem cell banking market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the stem cell banking market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the stem cell banking market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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