The latest report by IMARC Group, the global stem cell banking market size reached US$ 8.1 Billion in 2018. Stem cell banking refers to the collection and preservation of stems cells to utilize them for future use. Placenta, umbilical cord, amniotic fluid, bone marrow and adipose tissue are a few of the common sources of stem cells. These cells can be frozen for decades and used to produce platelets, red blood cells (RBCs) and white blood cells (WBCs). A stem cell transplant takes place by injecting healthy stem cells to the damaged, diseased or malfunctioning cells or tissues present in the body. They are extensively used to treat various life-threatening diseases and genetic disorders including thalassemia, sickle cell anemia, leukemia, sarcoma, diabetes and lymphoma.

Global Stem Cell Banking Market Trends:

Owing to hectic lifestyles, changing dietary preferences and negligible physical activities, there has been a significant increase in the prevalence of chronic and lifestyle diseases across the globe. This, coupled with the growing geriatric population, is significantly contributing to the demand for stem cell banking. Apart from this, several organizations are taking initiatives to educate people about the benefits associated with this procedure and encouraging them to donate stem cells for future use. For instance, in the UK, the International Stem Cell Banking Initiative (ISCBI) is actively engaged in establishing an ethical framework for international stem cell banking and research while assisting the development of new banks across numerous countries. Inflating income levels and rising fertility rates are some of the other factors that are providing a thrust to the market growth. On account of the aforementioned factors, the market is expected to reach a value of US$ 17.3 Billion by 2024, expanding at a CAGR of 13.5% during 2019-2024.

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/stem-cell-banking-market