Stem Cell Banking and Tissue Banking Market to Witness Expontential Growth in Next 5 Years
Due to the increasing awareness, stem cell banking and tissue banking business is gaining momentum across the globe. The global stem cell banking market is expected to reach above USD 3.90 Billion by 2021 from USD 1.58 Billion in 2016 at a compound growth annual rate (CAGR) of above 20.0% during the forecast period of 2017 – 2021. This is nearly a two-fold growth in just five years, which is indeed a huge achievement. Increasing awareness about storage of cord blood and stem tissue cells, the high growth potential of emerging economies and increasing use of stem cells and tissues in therapeutics have opened an array of opportunities for those who want to invest in the vertical.
As far as tissue banks are concerned, these are used for storing umbilical cord tissues and blood, as these contain different types of stem cells, each with the potential to treat various diseases and injuries. Another development that is gaining momentum in the vertical is the use of automated tissue banking which plays a vital role in blood fractionation, DNA extraction, Labelling and capping techniques. With the increase in the no. of biobanks paired with the rich R&D, the global market for stem cells & tissues banking is projected to grow at a consistent and healthy CAGR during the forecast period in the coming years.
As far as stem cell banks industry is concerned, it is anticipated to witness a huge growth in the following years. Almost every stem cell bank provides at least these six basic services ¬– viz., collection, transportation, processing, analysis, storage, and release that comprises of the entire process of cord blood & tissue is collected in various processes. These services are important as collection often determines the quality and quantity of cells collected, which in turn determines the quality of unit of stem cells that will be released in the market for transplant.
The major players that are dominating in the vertical (globally) belong to developed countries such as the U.S, U.K, Netherlands, China etc. Emerging countries like India, Brazil are lagging in the race still these are considered as a potential market for the global stem cell and tissue banking industry. Lack of awareness, high costs of treatments are some of the barriers that are hindering the growth of industry in the developing countries. Hopefully, these issues will be resolved and people will not refrain themselves from using these services in future.
Related ReportsGlobal Mesenchymal Stem Cells Market 2012- 2022 Global Mesenchymal Stem Cells Market Research Report 2011-2023 Global Stem Cell Banking Market Research Report 2011-2023
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