DUBLIN, June 20, 2023 /PRNewswire/ — The “Cell Banking Outsourcing Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027” report has been added to ResearchAndMarkets.com’s offering.
The global cell banking outsourcing market is anticipated to observe impressive growth during the forecast period 2023-2027
The major factors include the increase in chronic diseases, rising awareness among the parental population, and the rise in the geriatric population, which are propelling the growth of the market. Cell banking outsourcing is an ability that stores cells of a particular genome for future purposes. Cell banking outsourcing can be used to produce complete characterizations of cell lines and can also help to reduce the cross-contamination of a cell line.
The other factors supporting the market’s growth are extensive investments in research and development (R&D) activities, expanding the number of clinical trials, rising demand for stem cell therapies and gene therapies, rise in research activities related to stem cell applications, increasing demand for biologic products, development of advanced preservation techniques, a large number of clinical trials, and expansion of healthcare industry are bolstering the growth of the market.
Also, the growing adoption of collaboration and acquisition strategies by the market players is supporting the growth of the market.
Rising Prevalence of Chronic Diseases and Increasing Geriatric Population
The increasing occurrence of chronic diseases, such as diabetes, cardiovascular diseases, and others, across the globe is strengthening the growth of the market. According to the WHO, Cardiovascular diseases (CVDs) are the leading cause of death worldwide, taking approximately 17.9 million lives each year.
Stem cells are used to treat various chronic diseases as these diseases cannot be treated with traditional methods due to their adverse effect. Therefore, the use of stem cell therapy for the treatment act as a healing agent, which helps to reduce the risk or damage caused by the treatment.
Owing to the continuous rise in the number of people suffering from these fatal diseases, the demand for stem cell therapies and gene therapies is rising, which is driving the growth of the market.
Increasing Geriatric Population Supports the Market
The rise in the geriatric population base across the world is surging the demand for stem cell therapy, which is impelling the growth of the market.
According to the World Health Organization (WHO) data, the number and proportion of the elderly population, meaning people with age 60 years and above in the population is increasing. In 2019, the number of people aged 60 years and above was 1 billion. This number is likely to rise to 1.4 billion by 2030 and 2.1 billion by 2050.
Growing Awareness About Stem Cell Banking
Growing awareness about stem cell banking across various emerging countries is augmenting the growth of the market. Nowadays, people are becoming more aware of the benefits of stem cell banking for future purposes. Parental as well as expectant populations are becoming more aware as health specialists are starting to educate them about the significance and advantages of storing stem cells which are fueling the growth of the market globally.
For instance, in the United States, the donor registry contains above 9 million potential donors. In addition, the donor registry includes 266,000 cord blood units, of which 115,000 units are from the National Cord Blood Inventory (NCBI), with over 4000 NCBI units added in 2021.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Cell Banking Outsourcing Market
- Cryo-Cell International, Inc
- Charles River Laboratories International, Inc.
- Goodwin Biotechnology Inc.
- Lonza Group AG
- SGS Life Sciences (SGS SA)
- Global Stem Inc.
- BSL Bioservice Scientific Laboratories GmbH
- BioReliance Corporation
Report Scope:
Cell Banking Outsourcing Market, By type:
- Master Cell Banking
- Working Cell Banking
- Viral Cell Banking
Cell Banking Outsourcing Market, By Cell Type:
- Stem Cell
- Non-Stem Cell
- Cord Blood Banking, By Phase:
- Bank Storage
- Bank Characterization & Testing
- Bank Preparation
Cell Banking Outsourcing Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/cz9v6h
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