PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490082
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1490082
Global stem cell banking market is estimated to be valued at USD 5.67 Bn in 2024 and is expected to reach USD 14.64 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 14.5% from 2024 to 2031.
Report Coverage | Report Details | ||
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Base Year: | 2023 | Market Size in 2024: | US$ 5.67 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 To 2031 |
Forecast Period 2024 to 2031 CAGR: | 14.50% | 2031 Value Projection: | US$ 14.64 Bn |
Stem cells are undifferentiated biological cells that are capable of differentiating into specialized cell types in the body. Banking these stem cells facilitates their storage and preservation for future therapeutic use, when required by the donor or related family members. Growing awareness about stem cell therapies for treating chronic conditions such as cancer and blood disorders has boosted demand for stem cell banking. Increasing focus on women's health and rising public interest in stem cell research are expected to drive the market growth. However, high costs associated with stem cell collection and storage procedures may hamper the market growth. Scientific and technological advancements are expected to drive more innovation in stem cell banking in the near future.
Global stem cell banking market growth is primarily driven by rising prevalence of life-threatening chronic diseases like cancer and blood disorders. Stem cell therapies offer potential treatment alternatives for such conditions. Increasing public-private investments to encourage stem cell research activities around the world also drives the market growth. Growing women's health concerns regarding fertility preservation and rising success rates of stem cell transplants boosts adoption of stem cell banking. However, high costs of collection, processing, storage, and transportation procedures can hamper the market growth. Rising awareness campaigns by government and private agencies to promote cord blood banking at childbirth also presents new opportunities for market growth. Market players are investing in R&D to develop improved stem cell processing and storage technologies.
Detailed Segmentation-