The report categorizes the global stem cell banking market by cell type, including adult stem cells, umbilical cord blood stem cells, and embryonic stem cell. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing prevalence of cancer
Abnormal gene function which involves mutations in the genes and additions or deletions of genetic materials that regulate gene activity, results in cancer. Gene expression is affected by alterations in the chemical mechanisms responsible for the production of gene proteins, in cancer cells. If these changes alter expression of other genes, secondary effects on the overall gene expression can be observed, which will lead to improper functioning of cellular components and signals leading to malignancy.
According to a senior analyst at Technavio for men’s health, women’s health, and genitourinary research, “The prevalence of cancer across the globe have increased due to the rise in urbanization, sedentary lifestyle, and unbalanced diet. High body mass index, improper diet, lack of physical activity, and excess intake of alcohol and tobacco are the leading causes of cancer-related deaths.”
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Market trend: rising demand for personalized medicines
The rising demand for personalized medicines is high in the market. Personalized medicines offer treatments based on individual characteristics, needs, and preferences. People are increasingly storing their stem cells for future treatments. To develop personalized medicines, research organizations are exploring stem cells. Owing to the benefits such as low risks of immune rejection and GvHD, no requirement of stem cell donors, and limited need for anti-rejection drugs, research organizations have explored ways to develop personalized medicines through the use of MSCs. Personalized medicines help in the effective treatment of various diseases such as diabetes and cancer.
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Some of the contributors in the market
- AMAG Pharmaceuticals
- Cyro-Cell International
With the presence of several vendors and expertise in the collection and storage of stem cells, the global stem cell banking market is highly competitive. Global vendors dominate the market through cross-country collaborations with the regional vendors. The collaborations mainly focus on local distributors that assist in increasing the regional sales of products and services. To expand their customer base, vendors entering the market offer innovative technologies and rely on digital media. In terms of product quality, features, and patent restriction, these vendors find it difficult to compete with established vendors.
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