Stem cell practices are witnessing an increase, actively contributing to the development of novel solutions for a variety of diseases. Over the past decade, significant progress has been accomplished in regenerative medicine through the application of stem cell technology. Subsequently, it has emerged as a crucial method of treating diseases such as cancer, diabetes, Alzheimer's, and rare genetic disorders. To avail of the benefits of established therapies, biobanks store umbilical cord cells and several other types of stem cells.
The Hasting Center, a non-profit organization states that around the United States, 300 million bio-specimens are presently preserved around different public and private biobanks. The rising awareness of stem cell therapies has led to an increased number of parents opting for umbilical cord banks for their children. Biobanks not only facilitate therapies for genetic syndromes but also play an important role in medical research connected to rare genetic disorders. In addition, the North America biobanks market growth & size are predicted to be propelled by factors such as the growing burden of chronic diseases and the rise in healthcare expenditure in the forecast period.
The North America biobank market demand is witnessing substantial growth primarily due to increased financial assistance from both governmental and commercial organizations dedicated to biobanking initiatives. The development of application areas for bio-banked samples is another North America biobank market driving factor. In addition, the prevalence of chronic diseases, specifically cancer, plays an important role in fostering the market as bio banked specimens are instrumental in the treatment of such conditions.
The growing interest in genomic research constitutes a noteworthy factor contributing to the complete growth of the market. In addition, government backing for regenerative medicine research, evident through different initiatives, is predicted to further propel the development of the market. This confluence of factors underscores the dynamic and promising growth of the biobank market in the North America region.
Moreover, biobank materials play an important role in the treatment of different chronic diseases, encompassing cancer, neurological disorders, unconventional metabolic diseases, cardiovascular diseases, immunological disorders, and others. In instances where standard therapies lead to adverse side effects or prove ineffective, biobank materials become indispensable. Stem cell therapy, operating as a healing agent to mitigate the damage caused by treatment dosages, presents viable options when combined with these therapies, thereby decreasing the risk of undesirable side effects.
The amalgamation of stem cell therapy with conventional treatments proved specifically beneficial in the field of oncology. The growing prevalence of life-threatening diseases like cancer amplifies the importance of these combination therapies. For instance, statistics from the National Cancer Institute reveal that nearly 1.8 million individuals are diagnosed with cancer annually around the United States, a number predicted to reach 19 million by 2024. Chronic conditions such as asthma, affecting both children and adults, further contribute to the need for biobanks. World Health Organization stated that a predicted 262 million people globally were diagnosed with asthma, leading to 461,000 deaths. This growing need for biobanks for therapeutic purposes is predicted to propel significant growth in North America biobanks market trend.
North America biobanks market segmentation
The market segmentation based on equipment includes alarm monitoring systems, cryogenic storage systems, and many other equipment. Stem cell banking stands out as a highly promising and emerging field within this market. In the domain of cryogenic storage systems, which encompass refrigerators, freezers, and many more storage devices within biobanks, the need for continuous monitoring of multiple procedures is paramount. An integral component facilitating this monitoring is the alarm monitoring system.
The alarm monitoring system plays an important role in confirming the seamless operation of cryogenic storage systems. It is employed at different stages, varying from the initial filling of storage units to the continuous monitoring of temperature levels. As technology improves and automated storage systems become more prevalent, there is a noticeable increase in the requirement for automated alarm monitoring devices. This increased demand is predicted to be a significant key driver for the growth of the market, underscoring the significance of efficient and automated monitoring solutions in the evolving landscape of stem cell banking.
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