Stem cell banking has been getting immensely popular in various economies including India. The radical innovation in this industry makes stem cell banking one of the major disruptors in the healthcare industry.
As per the current statistics, there are over 200 stem cell banking industries all across the globe. Other countries, apart from India, such as Korea, Singapore, Taiwan, and others, have already incorporated a large count of stem cell banks. Some countries such as India, the US, and China are still progressing to make use of the business opportunities originating from the market of stem cells.
A peek into the global industry
There is an ocean of benefits that can be extracted with the help of stem cell banking in India. The industry got a major boost when the former US president, Barrack Obama, started government funding once again for embryonic stem cell research and stated it as an effective business opportunity.
Many reputed international stem cell banks are shining way above the regional ones and in other words are dominating the stem cell market. The reason behind this is the high-end infrastructure, good funding, brand recognition, and the Research & Development facilities accessible to them. Some of the leading international Stem cell banking industry names are Cordlife, AMAG Pharmaceuticals, Esperite, and Cryo-Cell International.
In India, the count of a newborn every year is around 26 million, and therefore the country is on the path to becoming the largest hub of storing stem cells from the umbilical cord. It is a great opportunity for the leading industries planning to invest in stem cell banking in India. Many companies in India are getting foreign investors and funding to start the process and set up stem cell banks. As per the experts, in the next five years, more than a million dollars will be invested for the successful set up of stem cell banks in India.
The government initiatives in the country are giving a boost to this idea of stem cell banking in India. India is the most-preferable geographical location for medical-tourism which makes it a liable country for becoming the next largest hub for stem cell banking in India.
Many of the private stem cell banking organizations of India, are promoting and adapting this upcoming business opportunity in India. These organizations are also making EMI payments available for the clients and patients to avail of the stem cell facilities at ease which is further boosting the industry.
The future impact of Stem Cell banking on Indian economy
According to a recent report, over 30,000 stem cell transplants have been recorded in the last 25 years that state the efficacy of stem cell banking in India. Stem Cells are found effective in curing more than 80 types of serious medical conditions. The scientists are exploring new measures to extract more and more treatment benefits of several health disorders. The count of targeted customers is high which will definitely enhance the business opportunity in India and also show a hike in the national economy.