Cord Blood Banking Services Market Demand Trends, Explosive Growth 2027
Cord Blood Banking Services Market Overview
According to Market Research Future (MRFR), the global market for cord blood banking services is projected to expand at 11.4% CAGR from 2017 to 2023 (forecast period).
Umbilical cord blood is an abundant source of stem cells capable of treating more than 80 genetic diseases. Stem cells can also combat long-lasting illnesses such as diabetes, cancer, immune diseases, and blood disorders. Although a small amount of cord blood can be obtained from a single umbilical cord, it contains a large number of stem cells that can be developed and stored for future use. After delivery, these cells are collected from hospitals and nursing homes and deposited in cord blood banks (average 20–25 years) for potential use. Now, companies are seeking to raise awareness of the benefits of cord blood storage. For example, in 2014, the Center for Transfusion Medicine and the Cord Blood Registry combined their resources to initiate a multi-year campaign to raise awareness of cord blood cells.
Cord Blood Banking Services Market Dynamics
Factors such as increasing the use of cord blood in the treatment of chronic diseases, raising the focus of federal agencies on setting up public banking units, raising awareness of this treatment line, and increasing number of facilities across the region are accelerating market growth.
However, strict regulatory standards, ethical concerns, and the dilemma of choosing private or public banks are vital factors that impede the growth of the market. In addition, the high cost of storage, collection, and risk of unusability of a private bank-stored unit further reduces the growth of the global market for cord blood banking services.
Cord Blood Banking Services Market Segmentation
Cord Blood Banking Services Market Demand services has been segmented based on storage service, component, application, and end-user.
Based on storage service, the global market for cord blood banking services has been segmented into hybrid cord blood banks, private cord blood banks, and public cord blood banks.
Based on components, the global market for cord blood banking services has been segmented into cord blood, cord tissue, placenta, and others.
Based on the application, the global market for cord blood banking services has been segmented into cancers, immune disorders, blood disorders, metabolic disorders, and osteoporosis.
Based on end-user, the global market for cord blood banking services has been segmented into hospitals (medical applications), research institutes (scientific research), pharmaceutical research (drug discovery), and others.
Cord Blood Banking Services Market Regional Analysis
The global cord blood banking services market consists of four regions: the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas region held the largest market share of the global market for cord blood banking services due to the increasing number of service providers, increasing awareness of the long-term benefits of cord blood storage, increasing investment in public banking, and reduction in storage costs. In addition, the U.S. is contributing to a significant market share for the global cord blood banking industry. Factors include a rise in per capita income, an increase in the number of storage service providers, and a high acceptance rate for new technology attributed to the largest market share.
The European cord blood banking market is the second-largest market, followed by the Asia Pacific region.
The Asia Pacific region is projected to dominate the global market for cord blood banking services in terms of growth in the forecast period. Although the region currently has a small share of the global market, it is projected to have enormous growth potential as a result of increasing awareness of stem cell banking and significant improvements in health care reforms in countries such as Malaysia, India, Indonesia, and China. Moreover, Asia Pacific is a mostly unexplored regional market compared to developed regions, which is why it provides better opportunities for business growth.
The Middle East region is anticipated to expand at a steady pace due to growing R&D activities in the healthcare sector and the overall growth of healthcare infrastructure.
Cord Blood Banking Services Market Key Players
Some of the leading participants in the global cord blood banking services market are Cordlife Group Limited (Singapore), China Cord Blood Corporation (China), Cord Blood America, Inc. (U.S.), Cryo-Cell International, Inc. (U.S.), CBR Systems, Inc. (U.S.), Cryo-Save AG (Netherland), Lifeforce Cryobank Sciences Inc. (U.S.), California Cryobank Stem Cell Services LLC (U.S.), Virgin Health Bank (Qatar), StemCyte, Inc. (India), ViaCord, Inc. (U.S.), Norton Healthcare, Inc. (U.S.), CordVida (Brazil), CryoHoldco de Latinoamerica, S.A.P.I. De C.V. (Mexico), The University of Colorado Cord Blood Bank (U.S.), Vita 34 International (Germany), Maze Cord Blood Laboratories (U.S.), Lifebank USA (U.S.), Cryoviva Biotech Pvt. Ltd (India), CariCord (U.S.), Genecord (U.S.), AlphaCord (U.S.), Cells4Life (UK), Carter BloodCare (U.S.), Michigan Blood (U.S.), Viacord Processing Laboratory (VPL) (U.S.), LifeCell International Pvt. Ltd (India), FamilyCord (U.S.), Stem Cell Cryobank Inc. (U.S.), New Jersey Cord Blood Bank (U.S.), Americord Registry (U.S.), CorCell (U.S.), and others.
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