Cord Blood Banking Services Market to Expand at a CAGR of 10.9% from 2019 to 2027 | Say’s TMR
Nov 23, 2022
Transparency Market Research (TMR) has published a new report titled, ‘Cord Blood Banking Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global cord blood banking services market was valued at US$ 25.8 Mn in 2018 and is projected to expand at a CAGR of 10.9% from 2019 to 2027.
Cord blood banking is the practice of preserving blood from the umbilical cord for future use. Such preserved cord blood is used in medical therapies in the similar fashion as that of stem cells derived from bone marrow.
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Cord blood banking is practiced for using the cord blood stem cells for the purpose or re-populating blood and treating various medical conditions. This report studies the current market condition and future potential for the cord blood banking market.
North America dominated the global cord blood banking services market in 2018 and the trend is anticipated to continue during the forecast period. Adoption of new technologies such as stem cell research, with higher awareness, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country are expected to drive the market in North America.
Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast period.
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High Incidence of genetic disorders and rise in hematopoietic stem cell transplantation rates to Drive Market
High incidence of genetic disorders is likely to drive the market. Cord blood banking services widely used in treatment genetic disorder like cancer, metabolic disorders and others. High incidence of different type cancer is likely to drive the growth of this market. According to World Health Organization, around 437,033 new leukaemia cases found in 2018 and 309.006 death occurred due to leukaemia. Increasing number of people with cancer is fuel the demand for cord blood banking services.
Rise in hematopoietic stem cell transplantation rates is also major factor for boosting the growth of the cord blood banking services market. Hematopoietic stem cell transplantation is the treatment of stem cells (multipotent hematopoietic), usually derived from peripheral blood, bone marrow, or umbilical cord blood. The transplantation is mostly performed for the treatment of bone marrow or blood cancers.
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Private Cord Blood Bank Segment to Dominate Market
Based on type, the global cord blood banking services market has been divided into private cord blood bank and public cord blood bank. The private cord blood bank segment dominated the global cord blood banking services market in 2018 and the trend is projected to continue during the forecast period due to increasing number of private cord blood banks. Private cord blood banks usually offer the choice to parents to either continue storing or discard units that do not meet the standard acceptance criteria of sterility and minimal cell count.
In addition, increasing awareness of stem cell therapy among patients and rising demand from private banks for cord blood storage in Asian countries is likely to drive the growth of this market during forecasted period.
The public cord blood banks is fastest growing segment because governments of most of the countries are promoting public cord blood banking in order to benefit the general population and increase the inventory of the cord blood samples, particularly for the mixed race population. However, adoption of private cord banks is significant in the globally.
North America to Dominate Global Market
In terms of region, the global cord blood bank services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global cord blood bank services market in 2018, followed by Europe.
North America accounted for major share of the global cord blood bank services market in 2018, owing to increase in incidence of cancer, increasing awareness about the cord blood banking and its treatment in various unmet diseases.
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The cord blood bank services market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid economic growth in developing economies such as India, China, Indonesia, and India. Increasing cancer cases in Asian countries like India and China is likely to fuel the demand for cord blood bank services.
The global cord blood bank services market is fragmented in terms of number of players. Key players in the global market include Global Cord Blood Corporation, California Cryobank Stem Cell Services LLC, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc., Virgin – Health Bank among others.
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