From Setbacks to Breakthroughs: Will Stem Cell Banking Market Beat the Odds and Reach Double-Digit CAGR? – Ken Research
The Global Stem Cell Banking market has experienced a consistent upward trajectory in its market size from 2017 to 2022. However, the onset of the COVID-19 pandemic brought forth unprecedented challenges, disrupting the steady growth. The stringent restrictions, both domestic and international, along with the implementation of necessary guidelines, necessitated additional measures to ensure the secure collection of stem cells from both patients and donors. Consequently, the overall stem cell banking market witnessed a decline during this period. The question that arises now is how the table will turn for the market and whether it can sustain its growth in the future. To uncover the potential solutions and strategies that will enable the market to bounce back and thrive, delve into the complete story.
1. COVID-19 had a negative impact on the market of stem cell banking owing to worldwide lockdown and restrictions on logistics and transportation facilities
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1.1. Additionally, the Presence of unapproved stem cells, maintaining high quality, socio-ethical concerns, and dearth of skilled professionals are some other Key challenges of the market
2. However, the Application of AI, modernization in stem cell storage, increasing approvals, and rising number of start-ups have helped the sector sail through the hard times
3. Presently, increase in research and development, advancement in regenerative medicines, and rising investment are key growth drivers of the Global Stem Cell Banking market
4. Also, an increasing number of clinical trials coupled with approval of stem cell-based therapies from regulatory bodies will further help the Global Stem Cell Banking market to touch double-digit in the future
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