The high operational costs associated with stem cell banking and stringent regulatory frameworks are expected to restrain market growth to a certain extent.
Northrook, IL -- (SBWIRE) -- 11/15/2019 -- The Global Stem Cell Banking Market is projected to reach USD 9,415.4 million by 2023 from USD 6,290.6 million in 2018, at a CAGR of 8.4% from 2018 to 2023.
Factors such as the growing awareness on the therapeutic potential of stem cells; development of novel technologies for stem cell preservation, processing and storage; increase in hematopoietic stem cell transplantation (HSCT) procedures; and increasing investments in stem cell-based research are driving the growth of the stem cell banking market.
What are the opportunities in emerging countries?
Developing countries are expected to offer significant growth opportunities for major players operating in the stem cell banking services market. This is mainly due to the growing per capita healthcare expenditure & disposable income, rising awareness regarding the clinical potential of stem cells, and supportive government regulations related to stem cell banking. In addition, the ongoing expansion and modernization of healthcare infrastructure, growing healthcare expenditure, and government initiatives to ensure the affordability and availability of healthcare services have made these countries attractive markets for companies specializing in stem cell banking.
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Governments across emerging countries are also increasingly supporting their domestic stem cell industry with favorable regulatory reforms in stem cell research, manufacturing, and banking services. Therefore, emerging countries are expected to offer significant growth opportunities to market stakeholders in the stem cell banking industry.
What challenges do socio-ethical concerns related to embryonic stem cells pose?
Stem cell products/therapies use human or animal-derived living cells. However, the use of allogeneic stem cells for human clinical applications is associated with several biosafety concerns, as these cells are derived from an unrelated source. Additionally, human embryonic stem cells are generated from destroying preimplantation-stage human embryos. Many religions strictly prohibit the destruction of human embryos for research purposes; hence, it is considered to be unethical.
Such concerns related to the use of allogeneic and embryonic stem cells have a major impact on their harvesting and preservation in stem cell banks. This factor is one of the major challenges for players in the global stem cell banking market
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