LONDON, Aug. 15, 2016 /PRNewswire/ -- The global stem cell banking market is expected to reach USD 3.96 billion by 2021 from USD 1.58 billion in 2016, at a CAGR of 20.2% from 2016 to 2021. The storage services segment is expected to contribute the maximum share to the overall market in 2016. Advancements in cord blood preservation and research in the field of stem cells for use as therapeutics are major factors fueling the growth of this market.
"Processing services to contribute largest share in the stem cell biobanking market"
The processing services segment is estimated dominate the market, by service type, in 2016 and the forecast period. North America is the major market for this segment. The large share of the storage services segment can be attributed to the high cost of the technology and equipment required for the processing of cord blood and cord tissue, in turn increasing the per-year cost of maintenance of the sample units.
Earlier, semi-automated centrifuges, such as AXP AutoXpress from Thermogenesis and Compomat from Fresenius Kabi (India) were used to separate blood components. However, companies are now focusing on updating technology to deliver high-quality products. For instance, Cordlife (Singapore) used Sepax, a fully automated closed system, in 2013, which has now become an industry standard followed by companies globally. In all the cases, the buffy coat is stored in single compartment cryobags.
"North America is the largest contributor to the global stem cell banking market, while Asia-Pacific is the fastest-growing market segment"
The U.S. is the largest segment of the North American market. This market is witnessing a shift in the preference from public to private banks. Parents are increasingly looking to storing their children's cord blood and tissue in private banks because of the possibility that samples in public banks may be given to other people for transplants or to research organizations. In the Asia-Pacific, market growth will be driven by the rising number of newborns and the low prices of storage services.
The stem cell biobanking market includes over 500 companies and banks across the globe; this also serves to aid market growth. These players include StemCyte (U.S.), Cryo-Cell International (U.S.), ViaCord (U.S.), Cord Blood Registry (U.S.), Smart Cells (U.K.), Cryo-Save (Netherlands), Cryoviva (India), LifeCell (India), Cordlife (Singapore), Cordvida (Brazil), and China Cord Blood Corporation (China).
Reasons to Buy This Report:
From an insight perspective, this research report has focused on various levels of analysis—industry analysis (industry trends), market share analysis of top players, supply chain analysis, and company profiles, which together comprise and discuss basic views on the competitive landscape; emerging and high-growth segments of the stem cell biobanking market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on umbilical cord blood and tissue processing and storage offered by top players in the global stem cell biobanking market.
- Product Development/Innovation: Detailed insights on the processing and storage of cord blood and cord tissue, and new developments in the stem cell biobanking market.
- Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for stem cell biobanking across regions.
- Market Diversification: Exhaustive information about services offered by banking companies, untapped geographies, recent developments, and applications of the global stem cell biobanking market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the global stem cell biobanking market.
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