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. 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.
Factors such as increasing the use of Cord Blood Banking Services Market 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. The rising government support to the cord blood banking services sector and increasing private investment in the field are also likely to be vital for the global cord blood banking services market over the forecast period. Due to the fragile and perishable nature of cord blood and stem cells, adequate storage infrastructure has to be put in place before efforts are made to retrieve and acquire stem cells from cord blood. Like regular blood, cord blood and stem cells also require significant efforts in terms of refrigeration and hygiene in order to maintain the stem cells in a viable form. The growing government support to expansion of the healthcare sector and increase in the adoption of and research into stem cells is likely to be a major driver for the global cord blood banking services market over the forecast period.
The umbilical cord blood bank remains the most effective means of acquiring, storing, and mobilizing stem cells, so the cord blood bank service market is likely to grow over the forecast period. Growing public support for the cord blood bank sector and growing private investment in the field are also likely to be crucial for the global umbilical blood bank services market during the forecast period. Owing to the adequate storage facilities and fragile nature of cord blood and stem cells must be in place before attempts are made to repair and obtain cord blood stem cells. Like normal blood, cord blood and stem cells also require significant cooling and hygiene efforts to maintain stem cells in a viable manner. Increasing government support for health care expansion and increasing acceptance and research of stem cells should be an important mechanism for the global umbilical cord blood banking market during the forecast period.
Cord Blood Banking Services Market Segmentation
- The segment assessment for the global cord blood banking services market is based on component, storage service, end-user, and application.
- The storage service-based segments of the global cord blood banking services market are private cord blood banks, public cord blood banks, and hybrid cord blood banks.
- The component-based segments of the global cord blood banking services market are placenta, cord blood, and cord tissue among others. The placenta segment can win considerable profit.
- The application-based segments of the global cord blood banking services market are metabolic disorders, cancers, blood disorders, osteoporosis, and immune disorders. The growing number of immune disorders can promote expansion of the market in the near future.
- The end-user-based segments of the global cord blood banking services market are pharmaceutical research (drug discovery), hospitals (medical applications), and research institutes (scientific research) among others.
Cord Blood Banking Services Market Regional Analysis
The America region is responsible for most of the global umbilical cord blood market due to the growing number of providers, the growing awareness of the long term benefits of cord blood storage, the increased investment in public banks, and cost reduction. involved in storage. In addition, the United States contributes to significant market share in the global umbilical cord blood banking sector. Factors such as per capita income growth, the growing number of storage service providers, and the high level of acceptance of advanced technologies attributed to increased market share. The European umbilical cord blood banking market is the second-largest market, followed by the Asia Pacific region.
The Asia Pacific region is expected to dominate the global umbilical cord blood banking market in terms of growth rates over the forecast period. Although the region currently has minimal global market share, it is expected to show tremendous growth potential due to growing stem cell bank awareness and a significant improvement in health care reforms in countries around the world such as Malaysia, India, Indonesia, and China. In addition, the Asia Pacific region is a relatively untapped regional market compared to developed regions, which also explains why it offers better opportunities for business growth.
The Middle East region is expected to grow steadily due to factors such as increased health R&D and extensive development of health infrastructure.
Cord Blood Banking Services Market Players
- China Cord Blood Corporation (China)
- Cord Blood America Inc. (U.S.)
- CBR Systems Inc. (U.S.)
- Cordlife Group Limited (Singapore)
- Cryo-Cell International Inc. (U.S.)
- Cryo-Save AG (Netherland)
- ViaCord Inc. (U.S.)
- Virgin Health Bank (Qatar)
- California Cryobank Stem Cell Services LLC (U.S.)
- StemCyte Inc. (India)
- Others
Browse Detailed TOC with COVID-19 Impact Analysis at: https://www.marketresearchfuture.com/reports/cord-blood-banking-services-market-5817
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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’.
Such preserved cord blood is used in medical therapies in the similar fashion as that of stem cells derived from bone marrow.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 in2018 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 periodRequest COVID Analysis on Cord Blood Banking Services Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1741High Incidence of genetic disorders and rise in hematopoietic stem cell transplantation rates to Drive MarketHigh incidence of genetic disorders is likely to drive the market.
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.
The transplantation is mostly performed for the treatment of bone marrow or blood cancers.Request Customization on Cord Blood Banking Services Market Report –https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1741Private Cord Blood Bank Segment to Dominate MarketBased on type, the global cord blood banking services market has been divided into private cord blood bank and public cord blood bank.
