SEATTLE, July 18, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global stem cell banking market is estimated to be valued at US$ 4,483.31 million in 2022 and is expected to exhibit a CAGR of 18.9% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Stem Cell Banking Market:
Increasing product approval by regulatory authorities is expected to drive the global stem cell banking market growth over the forecast period. For instance, on April 12, 2022, BioCardia, Inc., a developer of cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases, had announced that the U.S. Food and Drug Administration (FDA) had approved the company's Investigational New Drug (IND) application for BCDA-04, a proprietary allogeneic mesenchyme cell (MSC) population that is Neurokinin-1 receptor-positive (NK1R+). This allows BioCardia to initiate its First-in-Human Phase I/II trial in adult patients recovering from acute respiratory distress syndrome (ARDS) due to the COVID-19, with trial initiation.
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Key Market Takeaways:
The global stem cell banking market is expected to exhibit a CAGR of 18.9% during the forecast period due to the increasing adoption of inorganic growth strategies such as agreements and collaboration by the key players in the market. For instance, on September 1, 2021, STEMCELL Technologies, a biotechnology company has announced the launch of human pluripotent stem cell (hPSC) characterization and banking services in partnership with WiCell, a nonprofit organization of advance stem cell technologies. These services, offered through STEMCELL's Contract Assay Services division, will provide researchers with comprehensive cell quality assessments and enable them to generate cell banks using standardized practices.
Among Source type, Cord Blood holds a dominant position, owing to increasing research and development for treating COVID-19 infection. For instance, in May 2022, Cells4Life Group LLP, an umbilical cord blood bank, published a study that was released to assess the safety of umbilical cord blood stem cells as a COVID-19 treatment, critically sick patients who had an umbilical cord blood stem cell infusion had a 91% survival rate. The use of mesenchyme stem cells was reported to have no side effects, and the procedure generally seemed secure.
Key players operating in the global stem cell banking market include Stem Cyte, Inc., CRYO-CELL INTERNATIONAL, INC., ViaCord, Cord Blood Registry, SmartCells, Inc., LifeCell International Pvt. Ltd., Cryoviva Biotech Pvt. Ltd., Cryo Stemcell, Reliance Life Sciences, and Transcell Biolife Pvt. Ltd.
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Detailed Segmentation:
Global Stem Cell Banking Market, By Source Type:
- Cord Blood
- Cord Tissue
Global Stem Cell Banking Market, By Service Type:
- Collection and Transportation
- Processing
- Analysis
- Storage
Global Stem Cell Banking Market, By Application:
- Leukemia
- Diabetes
- Lymphoma
- Cerebral Palsy
- Thalassemia
- Others
Global Stem Cell Banking Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- Europe
- By Country:
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- By Country:
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- By Country:
- GCC Countries
- Israel
- South Africa
- Rest of Middle East & Africa
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