Stem cells are the cells that have the potential to differentiate into various types of cells in the body. Embryonic stem cells and adult stem cells are the two main types of stem cells. Stem cells could possibly be used to generate cells and tissues for therapy of a variety of diseases including Alzheimer's disease, Parkinson's disease, heart disease, spinal cord injury, diabetes, and arthritis. The global stem cell banking market is expected to grow due to the increasing prevalence of such diseases and increasing awareness among people about the need to preserve stem cells. The umbilical cord blood of the newborn is an abundant source of stem cells. However, some tissues and organs within body, skin, blood, and the lining of intestine are also key source of tissue-specific stem cells. The stem cells are separated from the blood or tissue, processed, tested and preserved in a stem cell bank.
Stem cell banking has application in the treatment of cerebral palsy, thalassemia, leukemia, diabetes, autism, and others. In particular, the prevalence of diseases such as leukemia is increasing on a tremendous rate, thereby leading to an increase in the demand for stem cell banking. According to Leukemia and Lymphoma Society (LLS), a voluntary health organization engaged in funding research and ensuring access to treatments for blood cancer patients, approximately every 3 minutes one person in the U.S. is diagnosed with a blood cancer. An estimated combined total of 172,910 people in the U.S. are expected to be diagnosed with leukemia, lymphoma or myeloma in 2017, also new cases of leukemia, lymphoma and myeloma are expected to account for 10.2% of the estimated 1,688,780 new cancer cases diagnosed in the U.S., in 2017.
The stem cell banking involves high operating cost for the umbilical cord processing and storage. Many people do not opt for stem cell banking due to lack of awareness and high cost of stem cell therapy. Also, frequent changes in legal regulations related to stem cell banking hinder the growth of the global stem cell banking market.
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North America holds the largest share in the global stem cell banking market since the majority of stem cell banking players are based in the region. The growth in the North American stem cell banking industry is mainly due to the increase in awareness among people regarding stem cell banks.
Some of the major players operating in the stem cell banking market include Cordlife Group Ltd, Cryocell International, Inc., Lifecell International Pvt. Ltd., PerkinElmer, Inc. (Viacord), StemCyte Inc., CryoSave AG, China Cord Blood Corporation, Cord Blood America, Inc., Caladrius Biosciences Inc., CBR Systems, Inc., Cordvida, Cordviva India.