Stem Cell UCB Market Size to Grow by USD 1.47 Bn, North America to be Largest Contributor to Market Growth – Technavio – QNT Press Release

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NEW YORK, Oct. 9, 2022 /PRNewswire/ — The stem cell umbilical cord blood (UCB) market has been segmented by end-user (pharmaceutical, research institutes, hospitals, and biobanks) and geography (North America, Asia, Europeand Rest of World (ROW)). North America will account for 42% of the market’s growth during the forecast period. This growth is attributed to factors such as the increasing presence of established vendors. The US is the key country for the stem cell umbilical cord blood (UCB) market in North America. Moreover, market growth in this region will be faster than the growth of the market in other regions.

The stem cell umbilical cord blood (UCB) market size is estimated to grow by USD 1.47 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 16.87% during the forecast period, according to Technavio.

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The pharmaceuticals segment will be the largest contributor to the growth of the stem cell umbilical cord blood (UCB) Market during the forecast period. Pharmaceutical companies are providing biotechnology solutions such as stem cell UCB to establish themselves in the global stem cell UCB market owing to the presence of a well-developed healthcare system.

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The rising prevalence of several chronic disorders is driving the market growth. Chronic diseases are one of the leading causes of disability and death across the world. Cardiovascular disease (CVD), chronic obstructive pulmonary disease, cancer, and type 2 diabetes are some of the major chronic diseases. High blood pressure , obesity, high blood cholesterol, unhealthy diet, physical inactivity, and use of tobacco are some of the main causes of these diseases. The prevalence rates of these diseases are increasing among all socioeconomic classes due to changing lifestyles increase. Some diseases such as heart disease, asthma, cancers, and diabetes are difficult to cure but can be prevented with the help of improved diet, exercise, and early detection. These factors, in turn, will fuel the growth of the global stem cell UCB market during the forecast period .

Increasing awareness, associated research, and potential clinical applications for stem cells are the trends in the market. Key players in the iPSC generation industry are engaging in M&A to increase their market share. For instance, in March 2021Axol Biosciences signed a merger agreement with Censo Biotechnology. In addition, the rising awareness about stem cells and associated research, potential clinical applications, and the increasing financial assistance by governments and private vendors are expected to support the growth of the global stem cell UCB market during the forecast period.

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Full story available on Benzinga.com

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