Stem Cell Banking Market, by Source Type (Cord Blood and Cord Tissue), by Service Type (Collection and Transportation, Processing, Analysis, and Storage), by Application (Leukemia, Diabetes, Lymphoma, Cerebral Palsy, Thalassemia, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2028
Stem cells are building blocks of the immune system and blood, and they have the ability to develop into other cell types, in order to help in repairing tissues, organs, and blood vessels. They are also used in the treatment of various disease. The ability of stem cells to regenerate has led to the development of various treatments with it, to cure various genetic and auto-immune diseases and disorders. Cord blood stem cells have been used to treat nearly 80 diseases including numerous types of malignancies, anemia, inherited metabolic disorders, and deficiencies of the immune system. Moreover, with the advancement in regenerative medicine, individuals of all ages can benefit from stem cell therapy in the near future. This is expected to augment the market growth. Stem cell banking market is expected to gain significant traction, owing to factors such as rising 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 the development of novel treatments that are stem cell-based.
Market Dynamics
Supportive products for stem cell research initiatives are being launched in order to introduce personalized therapy and prevent stem cell transplant side effects. This is expected to accelerate the market growth. For instance, on July 21, 2021, Kadmon Pharmaceuticals, LLC, a biopharmaceutical company has received approval from the U.S. Food and Drug administration (FDA) for Rezurock (belumosudil), a treatment indicated for chronic graft-versus-host disease (cGVHD), a condition caused due to allogeneic stem cell transplantation in adults and children older than 12 years. This acquisition is expected to increase the use of stem cell processing for medical purposes.
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