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Emerging Markets Offer High Growth Opportunities for Players in the Stem Cell Banking market
The global stem cell banking market is projected to reach USD 9.30 billion by 2023 from 6.28 billion in 2018, at a CAGR of 8.2%.
The stem cell banking market growth is mainly driven by factors such as growing public awareness related to the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing, and storage; rising number of hematopoietic stem cell transplantations (HSCTs); and increasing number of stem cell-based research.
Based on source, the stem cell banking market is segmented into placental, bone marrow-derived, adipose tissue-derived, human embryo-derived, dental pulp, and other stem cell sources. The placental stem cells segment is projected to grow at the highest rate during the forecast period; owing to the global rise in the number of placental and cord banks (especially in the US and Europe) coupled with growing public awareness about the therapeutic potential of stem cells.
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By application, the stem cell banking market is segmented into personalized banking, clinical, and research applications. The personalized banking applications segment is poised to be the fastest-growing segment due to the premium pricing of service plans charged by service providers and specific advantages offered by personalized banking over community & public banking, growing adoption of precision medicine across developed countries, rising prevalence of blood and immune system-related disorders among newborns and children, and increasing public concerns regarding the clinical abuse of stored stem cell samples.
On the basis of service type, the stem cell banking market is segmented into sample collection & transportation, sample processing, sample analysis, and sample preservation & storage. The sample preservation & storage segment is expected to be the fastest growing segment during the forecast period owing to the growing adoption of stem cell banking services in major countries coupled with the rising number of stem cell banks across emerging countries, rising public awareness about the therapeutic applications of stem cells, increasing number of hematopoietic stem cell transplantations, increasing stem cell-based researches, and high market penetration of stem cell banking services in major healthcare markets.
Asia Pacific region is expected to emerge as the new revenue-generating pocket for prominent stem cell banking market players during the forecast period. Significant growth potential offered by this region can be attributed to the growing number of stored units with public & private stem cell banks; supportive regulatory framework for stem cell collection, processing, and preservation across major Asian countries; increased collaborations & partnerships between stem cell banking service providers to expand their networks across emerging countries; rising public awareness about the clinical benefits of stem cell therapies; and ongoing expansion & modernization of healthcare infrastructure.
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