A new born baby could provide a cure for several life-threatening diseases. Yes, a simple reason to that is because the blood is highly rich in stem cells. These are used for transplantations such as replacement of bone marrow. Banking of these stem cells is useful for several other applications in real life situations. Read through to get more insights!!
Stem Cells are unspecialized cells which have a remarkable property of developing into different kind of cell types during its early life and growth period inside the human body. When they divide, each cell has a potential to remain either the same or change into specific cell type. So, under a certain physiologic or experimental condition, it can be induced to become tissue-specific or organ-specific with special functions such as in gut or bone marrow they are used to replace the damaged tissues. Many private and public sector banks collect and store the blood from umbilical cord at much below zero temperature known as cryopreservation, to retain stem cells for long period and they are funded through government bodies such as National Health Service. For patients, the stem cell products are being transported around the world as life-saving therapies.
Stem cell banking is a newly emerging approach to collect stem cells at the time of birth during delivery and transported for storage. The cord blood is so useful that it can provide treatment for almost 80 life-threatening diseases by rebuilding the immune system. There are new diversifications in extracting the stem cells from such as placental stem cells, amniotic stem cells, menstrual stem cells, adipose tissue and more.
In the US, almost 19 banks have witnessed a successful blood collection and an amount of USD 60 to 70 million is spent on maintaining the cord blood program by government health agency. There are several regulatory laws being prepared and updated for proper storage of stem cells. However, many times, these banks go through financial crises due to lack of proper legislation. In Chile, around nine stem cell banks which served 45000 clients were in a similar situation and demanded high supervision.
How Successful Stem Cell Banking Could be for fulfilling future demands???
A report by market intelligence firm estimates a double-digit growth for the global stem cell banking market and predicted the market to be worth of USD 3.85 billion by 2022. This industry has witnessed a steady growth over a decade are the innovation of new technologies for storage of cells. Also, a rising number of newborns in developed and developing countries with rising awareness among parent especially in metropolitan cities drive this market. With companies pushing themselves for easy extraction methods, there is a new possibility of treatment for more and more diseases.
In emerging countries, the developing economies are investing in large amounts in medical research and healthcare facilities for treatment of chronic diseases.
The major hurdles with stem cell banking market are irregular and complex regulatory pathways globally. There are many clinical trials done by a huge number of companies to enter this market but few get approval for the use in the market. The private and public sector banks have a high operating cost which restrains the growth of this market.