Stem cell banking offers the advantage that it can be readily used, whenever the need for arises, and does not need to be closely matched as bone marrow. According to the Health Research Funding Organization, 2015, children, who received matched cord blood had a 20% higher survival rate than those children who received matched bone marrow. Government organizations are offering support to conduct research and clinical trials for cord blood stem cell. Therefore, healthcare companies are increasing focusing on investing in research and commercialization of cord blood stem cell therapies thus, augmenting growth of stem cell banking market in the near future.
For instance, the International Stem Cell Forum (ISCF) was launched to encourage international collaboration and provide funding for stem cell research. The aim of ISCF was to promote global good practice and accelerate progress in the area of stem cell research. Moreover, the UK Stem Cell Bank (UKSCB) provides an international resource for stem cell research by supplying human stem cell lines for the purpose of research and development of stem cell lines for clinical purpose. It also has an active program for research in collaboration with academic institutions.
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Major players operating in the global stem cell banking market are Allergan, Plc., Galderma S.A., Integra LifeSciences Corporation, Merz Pharma GmbH & Co. KGaA., Sanofi S.A., SciVision Biotech Inc., Sinclair Pharma Plc., Suneva Medical, Valeant Pharmaceuticals International, Inc., and Anika Therapeutics, Inc.
High potential of cord blood and tissues for the treatment of patients with autoimmune diseases is expected to propel the market growth. Moreover, currently available immunosuppressive agents such as steroids, induce long term side effects despite temporary improvements. According to the Health Research Funding, 2015, around 28% of cord blood transplants have been used to treat genetic diseases, with the most common genetic disease treated being severe combined immune deficiency, followed by aplastic anemia. According to the National Cord Blood Program, 2015, cord blood from unrelated donors has been used as an alternative to bone marrow or mobilized stem cells, as a source of hematopoietic stem cells, with over 35,000 stem cell transplants successfully performed worldwide.
Stem cells can be stored indefinitely and can easily retain viability even after a decade of storage and this is a major factor driving growth of the market. A study of cord blood stem cells conducted at Indiana University in 2016 demonstrated its viability after 23.5 years of cryogenic storage. Moreover, increasing awareness about stem cell preservation and significance in treating life-threatening diseases has led to increasing demand for of stem cell collection and preservation techniques, thus bolstering the market growth.
However, high cost of stem cell banking is a major hindrance for growth of the market. Stem cell preservation services are expensive and everyone cannot afford it. For instance, according to Meredith Corporation, a private bank generally charges US$ 1,000 to US$ 2,000 to collect cord blood at the time of delivery, with annual storage fees of US$ 100 to US$ 300 each year.
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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, blood vessels, and are used in treatment of various disease. The ability of stem cells to regenerate has led to 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.
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