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The global stem cell banking market is expected to grow exponentially in the next year. The market is expected to grow to $9.3 billion at a Compound Annual Growth Rate of 8.2% in 2023. Several factors such as increased public awareness, newer technologies, better storage and processing facilities, and a rising number of stem cell transplants are contributing to this rapid growth. The stem cell market is predicted to grow to $27.7 billion by 2026.
The key players in the global umbilical cord blood stem cell banking in 2023
The global umbilical cord blood stem cell market is dominated by some key players. It is presumed that these companies will keep dominating the market in 2023 as well. Depending on the competitive scenario, these companies will keep ruling due to their high capacity, advanced technologies, and innovative advancements. Some of these companies will expand due to mergers, acquisitions, expansion of capacity, turnaround, and investments.
The major key players in the global umbilical cord blood stem cell market in 2023 are:
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Cord Blood Registry (CBR) Systems
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Cordlife Group Limited
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Cryo-cell International Inc
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Smart Cells International ltd
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Stemcyte India Therapeutics Pvt Ltd
Causes of the market growth
Several factors are contributing to the growth of the umbilical cord blood global market. Some significant reasons are:
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Public awareness regarding the therapeutic potential of umbilical cord blood stem cells
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Development of new innovative technologies to process and store umbilical cord blood
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The proof that stem cells can treat more than 80+ diseases
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A rising number of stem cell transplantations
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An increase in the domain of stem cell research
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Clinical evidence that umbilical cord blood stem cells can cure diseases such as hematopoietic disorders, immunodeficiency diseases, metabolic disorders, cancers, and degenerative neuromuscular disorders
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Growth of disposable per capita income across developing nations is also making stem cell banking more affordable
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An expected decline in product costs with stem cell banking will also aid the market growth
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Adoption of stem cell therapies
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Sophisticated and user-friendly cord blood banking
Global leaders in stem cell cord blood banking
Since 2017, three companies have dominated the global stem cell cord blood market. They are predicted to rule the market between 2023 and 2026 as well. The three global leaders are:
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Cordlife secured the second position in the global market. The company is the leader in Asia and operates in 8 countries. To maintain its leading position in Asia, Cordlife signed an agreement with IPS trading and Service Joint Stock Company in Vietnam to provide non-invasive screening and umbilical cord blood banking services in Vietnam. Similarly, in Myanmar, they collaborated with Bio Secure Company Limited to provide umbilical cord blood services.
The market looks promising for global umbilical cord blood banking in 2023 and onwards.
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| Author: |
| Prapti Chauhan |
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