Global Stem Cell Banking Market - Segmented by Type, Banking Service and Technology, Type of Banking, Application, and Geography - Growth, Trends, and Forecasts (2018 - 2023)
The global stem cell banking market is expected to register a CAGR of 20.2% during the forecast period of 2018-2023. Due to the availability of federal funding for stem cell research, North America dominates the market.
Increased Awareness about Umbilical Stem Cells
Stem cells found in umbilical cord blood have been used in treating a wide range of conditions (sickle cell disease, leukemia, multiple myeloma, lymphoproliferative disorders, SCID, Tay Sachs, etc.). Expecting couples are well aware that the birth of their child is the only chance to collect and store these valuable stem cells, which can be used to treat over 80 diseases. With over 1 million cord blood units in private storage, and continued support from the medical community and governments across the world, many researchers believe that the usage of umbilical cord cells for treatment will become a norm.
Currently, there is an increase in the number of clinical trials for testing the future treatment possibilities of cord blood. Over 200 National Institutes of Health (NIH) funded clinical trials with cord blood are currently being conducted in the United States alone. In the United Kingdom, a petition has been submitted to increase the awareness of umbilical cord cells. In the United States, CordBloodAwareness.org was created to increase the awareness about the life saving power of umbilical cord blood stem cells. Owing to rising awareness, it is expected that more families will choose to donate, such that ultimately, more patients can be treated with umbilical cord blood stem cells. At the same time, the research utilizing these cells is anticipated to progress, thus driving the stem cell market.
The other factors, such as growing patient population, increasing approval for clinical trials in stem cell research, growing demand as regenerative treatment option, and rising R&D initiatives to develop therapeutic options for chronic diseases are driving the growth of the stem cell market.
Ethical and Moral Framework
Stem cells are often considered as a hopeful alternative form of therapies. However, there has been a strong debate over the use of stem cells in the development of novel therapies, as stem cell banking raises ethical and legal issues that highlight the need for a careful regulatory framework. The increasing tensions between public and private models of banking may require the adoption of an ethical framework. Several national and international regulatory firms have addressed these issues. For instance, in Europe, the European Group on the Ethics of Science and New Technologies stated that it should be freely done and the donor does not have any payment or reward. Therefore, such ethical and moral frameworks are hindering the growth of the stem cell market. Other factors, such as expensive procedures and regulatory complications, are also hindering the growth of the market.
Additionally, stringent regulations by the government are restraining the growth of the stem cell market.
North America Dominates the Market
Due to the availability of federal funding for stem cell research and the rise in preference of private stem cell banks in the United States, North America dominates the stem cell banking market. Additionally, the FDA has also approved clinical trials that indicated the use of stem cells in treating various diseases. These factors are influencing the growth of the stem cell banking market.
Key Developments in the Market