GMP CELL BANKING SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

Global GMP Cell Banking Services Market – Driver

Increasing inorganic growth strategies such as collaboration

The Increasing organic growth strategies such as product launch, inorganic growth strategies such as acquisition, collaboration, and increasing prevalence of cancer are act as an driver for the GMP cell service market. The increasing inorganic growth strategies such as collaboration by key market players to expand product portfolio is expected to drive the market growth over the forecast period. For instance, in June 2021, Heartseed Inc., a life science company, announced a collaboration with Novo Nordisk A/S, a healthcare company, for the development, manufacturing, and commercialization of Heartseed’s lead asset HS-001. HS-001 is an investigational stem cell therapy using purified cardiomyocytes derived from induced pluripotent stem cells (iPSC), which is currently under development by Heartseed for the treatment of heart failure.

Increasing prevalence of cancer

The increasing prevalence of cancer is expected to drive the market growth over the forecast period. For instance, in January 2022, according to data provided by American Cancer Society, a total of 1.9 million new cancer cases and 609,360 deaths from cancer are expected to occur in the U.S. in 2022, which is about 1,670 deaths a day. The four most common types of cancer worldwide are lung, prostate, bowel, and female breast cancer, accounting for 43% of all new cancer cases. Therefore, the rise in the cancer incidence rate globally is anticipated to boost the demand for cell banking which is expected to drive the market growth

Global GMP Banking Services Market: Restraint

High cost of cell banking services

The high costs of cell banking services, lack of skilled professionals, and stringent rules and regulations for the cell banking process are the major factors that can hamper the growth of the global GMP cell banking services market over the forecast period. For instance, in November 2022, according to the data provided by LifeCell International Pvt. Ltd., a stem cell bank, the annual average cost of stem cell banking was US$ 22.4 Mn to US$ 35 Mn. Thus high cost of cell banking service can hamper the growth of the market over the forecast period

Global GMP Cell Banking Services Market: Restraints & Challenges:

• High costs of cell banking service
• Lack of skilled professionals
• Stringent rules and regulations for cell banking process