Seattle, WA -- (SBWIRE) -- 10/02/2019 -- Stem cells are cells that can differentiate into other types of cells. These cells play vital role in immunity and functions of the blood. Stem cells can develop into other types of cells to repair tissues, organs, and blood vessels. Stem cells are also used in the treatment of various genetic and auto-immune diseases and disorders, owing to their regenerative ability. Cord blood stem cells are used in the treatment of over 80 diseases such as malignancies, anemia, inherited metabolic disorders, and deficiencies of the immune system. Stem cell therapy can be used in the treatment of various diseases in people of all ages in the near future, owing to developments in regenerative medicine. Increasing awareness about the therapeutic importance of stem cells, growing number of clinical trials for products that are stem cell-based, and increasing research grants and public-private funding for development of novel treatments that are stem cell-based is expected to boost growth of the stem cell banking market.
The global stem cell banking market was valued at US$ 1,634.7 million in 2016, and is expected to exhibit a robust CAGR of 18.9% over the forecast period (2017–2025).
High therapeutic potential of stem cells for the treatment of genetic diseases is expected to contribute to the market growth
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Cord blood and tissues can significantly aid in the treatment of patients with autoimmune diseases, which is expected to boost growth of the market. Although use of immunosuppressive agents such as steroids can offer temporary benefits, it can also lead to long term side effects. According to the Health Research Funding, 2015, around 28% of cord blood transplants have been used to treat genetic diseases, with the most common genetic disease treated being severe combined immune deficiency, followed by aplastic anemia. According to the National Cord Blood Program, 2015, cord blood from unrelated donors has been used as an alternative to bone marrow or mobilized stem cells, as a source of hematopoietic stem cells, with over 35,000 stem cell transplants successfully performed worldwide.
Stem cells are highly durable and can be stored indefinitely without any loss of viability. This is expected to contribute to the market growth. For instance, a study of cord blood stem cells conducted at Indiana University in 2016 demonstrated the viability of stem cells after 23.5 years of cryogenic storage. Moreover, increasing awareness about stem cell preservation and the need for finding potential therapies for life-threatening diseases is also expected to lead to high demand for stem cell collection and preservation, thereby propelling the market growth.
The market in Asia Pacific is expected to witness significant growth, due to high birth rate in the region and increasing prevalence of birth defects. Moreover, convenient payment options for stem banking such as monthly instalments has increased the access of stem cell banking in the region. For instance, according to the survey by Save the Children India, 2012, India has a booming birth rate of 26 million per year. Moreover, according to Multicenter Study, 2013, about 10,000 to 15,000 infants are diagnosed suffering from thalassemia and sickle cell anemia in India, indicating high demand for stem cells banking.
However, there are some factors that hinder the market growth such as high cost of stem cell banking and stem cell preservation services. For instance, according to Meredith Corporation, a private bank generally charges US$ 1,000 to US$ 2,000 to collect cord blood at the time of delivery, with annual storage fees of US$ 100 to US$ 300.
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Several government and organization initiatives to support stem cell research for the development of personalized medicine is expected to boost the market growth
Stem cells can be readily used when needed and close match to the bone marrow is not required. According to the Health Research Funding Organization, 2015, children who received matched cord blood had a 20% higher survival rate than those children who received matched bone marrow. Several government initiatives to support R&D related to cord blood stem cell has prompted healthcare companies to increase their focus on research and commercialization of cord blood stem cell therapies. This in turn is expected to boost growth of the stem cell banking market over the forecast period. For instance, the International Stem Cell Forum (ISCF) was launched to encourage international collaboration and provide funding for stem cell research. The ISCF is focused on promoting global good practice and accelerate progress in the area of stem cell research. Moreover, the UK Stem Cell Bank (UKSCB) supplies human stem cell lines for the purpose of research and development of stem cell lines. It also has an active program for R&D in collaboration with academic institutions.
Major players operating in the global stem cell banking market are Allergan, Plc., Galderma S.A., Integra LifeSciences Corporation, Merz Pharma GmbH & Co. KGaA., Sanofi S.A., SciVision Biotech Inc., Sinclair Pharma Plc., Suneva Medical, Valeant Pharmaceuticals International, Inc., and Anika Therapeutics, Inc.
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