Global Stem Cell Banking Market – Analysis and Forecast (2018-2024)
The global stem cell banking market is growing at a CAGR of 9.1% during the forecast period reaching USD 10.5 billion by 2024, due to the development of novel technologies of storage, preservation and processing. Stem cell banking is the method of accumulating cord blood, extorting and cryogenically freezing its stem cells for forthcoming use. Cord blood stem cells are used for treating blood diseases such as sickle cell disease, leukemia, and thalassemia. The global stem cell banking market is growing at a significant rate due to the development of novel technologies of storage, preservation and processing. The market has witnessed a high demand for placenta stem cells over the last few years, due to the increasing public awareness regarding the therapeutic prospective of stem cells. Download Free Report Sample At: https://www.vynzresearch.com/healthcare/stem-cell-banking-market/request-sample The growing awareness on the therapeutic potential of stem cells, increasing approval of clinical trials in stem cell research, increase in hematopoietic stem cell transplantation procedures, development of novel technologies for stem cell preservation, storage and processing, and increasing investment in stem cell based research are the primary growth drivers for stem cell banking industry. Initiates are taken by various companies and organizations to broaden awareness regarding stem cells. For instance, in the U.S. CordBloodAwareness.org was formed to increase the awareness about the umbilical cord blood stem cells. Growing global burden of major disease, increasing healthcare expenditure and public awareness related to the therapeutic potential of stem cells are also fueling the growth of the stem cell banking market. Moreover, it has gained immense popularity in emerging economies. Geographically, North America is the largest stem cell banking market. Some of the other factors leading to the growth of the North American market are expanding network of stem cell banking services, technological advancement in the field of stem cell preservation and collection technique, availability of federal funding for research, and ongoing approval of stem cell lines for various disease treatments. Moreover, growing number of stem cell transplantation procedure and growing public-private investments for stem cell researches, and increasing public preference for private stem cell banks over public stem cell banks are also driving the growth of the North American stem cell banking market. Asia-Pacific is observed to witness the fastest growth in the market. As the region comprises of largest population and the awareness for stem cell banking is increasing rapidly among them. In addition, increasing awareness on the therapeutic potential of stem cells, improving healthcare infrastructure are also creating a positive impact on the stem cell banking market growth in the region. Read More: https://www.vynzresearch.com/healthcare/stem-cell-banking-market Key players in the stem cell banking industry are investing in the development of innovative and advance products, which is strengthening their position in the market. In May 2018, Cordlife launched PlumCare DNA Advisor, to detect and manage genetic mutations associated with hereditary conditions in the Philippines. In addition, in December 2017, Cordlife had partnered with Eone-Diagnomics Genome Center (EDGC), a certified laboratory in South Korea, to offer non-invasive prenatal testing in Indonesia and the Philippines. Cord Blood Registry Systems, Cordlife Group Limited, Cryo-Cell International, Cryo-Save AG, LifeCell International, StemCyte, ViaCord, Global Cord Blood, Smart Cells International, Vita34, and CryoHoldco are some of the key players offering products. Audio Source: www.bensound.com About VynZ Research VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies. Contact Manager: Client Care Toll-Free: 18882533960 Email: kundan@vynzresearch.com Website: www.vynzresearch.com
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