One of the major factors fuelling the increasing popularity of stem cell banking is the increasing prevalence of chronic diseases such as cancer across the world. As per the World Health Organization (WHO), one of the major causes of mortality and morbidity throughout the world is cancer, with almost 14 million people getting affected by the disease in 2012. Furthermore, the number of new cancer cases is predicted to increase by 70% all around the world in the next two decades.

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Stem cell therapies are being increasingly adopted in many countries, because of their huge success in treating cancer and other types of chronic diseases. Moreover, the rising awareness amongst the people about the need for preserving stem cells will further boost the demand for stem cell banking in future. Due to these factors, the global stem cell banking market is expected to register unprecedented growth during the forecast period (20202030). Stem cells are basically, used for generating new cells and tissues for the treatment of various diseases such as Parkinsons disease, Alzheimers disease, arthritis, diabetes, and heart diseases.

Stem cell banking is widely used for the treatment of leukemia, autism, diabetes, thalassemia, and cerebral palsy. Out of these, the prevalence of leukemia is rising at a rapid pace across the world, which is in turn, fuelling the progress of the stem cell banking market all over the world. As per the Leukemia and Lymphoma Society (LLS), which is a voluntary healthcare organization focussing on providing access to blood cancer patients for treatments and funding research activities regarding the same, one person is diagnosed with blood cancer in the U.S. at almost every 3 minutes.

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