NEW DELHI - Almost non-existent a few years ago in India, stem cell banking is now a flourishing business with more and more people wishing to store their baby’s cord blood as a form of bio-insurance, even though it comes at a heavy price.

Cord blood storage is fast gaining momentum as a less traumatic alternative to treat neurological illnesses, and as a guarantee for the family against a host of diseases.

Stem cell treatment is a therapy in which new cells are injected into damaged tissues and banks generally charge anything between Rs 60,000 and Rs 80,000 to harvest the cord blood for private use.

Increased awareness about the benefits of stem cell therapies has led to mushrooming of several firms providing treatment and blood storing services in less than six years.

According to Stem Cell Global Foundation (SCGF), a Delhi-based organization promoting research, stem cell banking is a Rs 100 crore business in India and at an annual growth of over 35%, it is expected to touch Rs 140 crore by 2010.

The overall market for stem cell research is also growing very fast and it could reach Rs 2,200 crore by next year, said Karan Goel, chairman and founder of the foundation.

“The reason behind the exceptional growth is because therapies using stem cells are giving hopes to millions of patients afflicted with chronic diseases and not responding to conventional treatment,” Goel said.

According to Goel, “Market growth estimates for other Asian countries, except China, are less than that for India.” While there are currently seven institutes which provide the cord blood storing facilities, over 15 institutes are involved in research and therapy. (PTI)