The Cord Blood Banking Services Market is estimated to be valued at US$ 33.8 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Cord blood is the blood left behind in the placenta and umbilical cord after childbirth. It contains stem cells that can be used to treat diseases like blood-related cancers and genetic disorders. Cord blood banking is a type of medical banking that involves the preserving of umbilical cord blood and umbilical cord tissue.
Market Overview:
Cord blood banking services market involves collecting, processing, analyzing and storing cord blood stem cells for medical use in curing diseases like blood-related cancers, immune disorders, metabolic diseases and neurological conditions. Stem cells from cord blood can treat over 80 diseases and conditions, offering greater clinical flexibility compared to bone marrow transplants. Cord blood banking provides families with potential life-saving treatment if their child or a close relative develops a life-threatening condition in future.
Market key trends:
The increasing prevalence of blood-related cancers and genetic disorders is driving demand for cord blood banking services globally. As per the World Health Organization, cancer burden has risen to 18.1 million new cases and 9.6 million deaths in 2018. Public cord blood banking is gaining importance owing to rising need for allogeneic transplants. Growing acceptance of stem cell therapies for treatment of diseases is also fueling the demand. Moreover, increasing R&D activity in the field of regenerative medicines using stem cells is expected to open new applications for cord blood banking services over the forecast period.
Porter’s Analysis
Threat of new entrants: High initial costs and regulatory requirements acts as entry barriers. The established brands have scale advantages that deter entry of new players.
Bargaining power of buyers: Customers have low bargaining power as there are limited substitutes for cord blood banking services and switching costs are high.
Bargaining power of suppliers: Cord blood banks face moderate bargaining power of raw material suppliers as the materials used are standardized.
Threat of new substitutes: Currently, there are limited substitutes for cord blood banking as it is only source for stem cells for transplantation.
Competitive rivalry: Intense competition exists amongst existing players to gain market share through service expansions, geographic expansions, and strategic acquisitions.
SWOT Analysis
Strengths: Cord blood contains stem cells that can treat over 80 diseases. Growing awareness about benefits of cord blood stem cells banking.
Weaknesses: High cost of collection and storage acts as deterrent. Success rate of transplantation from privately banked cord blood is relatively low.
Opportunities: Increasing incidence of cancers and genetic disorders drives the growth. Expanding into new applications areas like regenerative medicines presents new opportunities.
Threats: Stringent regulatory environment. Ethical concerns regarding commercial cord blood banking. Slow adoption in developing regions.
Key Takeaways
The global Cord Blood Banking Services Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic diseases. The market size is projected to reach US$ 33.8 Bn by 2023.
North America leads the global market, with the U.S. accounting for majority share due to technological advancements and rising awareness regarding benefits of cord blood stem cells. Asia Pacific is expected to witness fastest growth owing to rising healthcare expenditure and increasing healthcare infrastructure in developing countries such as India and China.
Key players operating in the Cord Blood Banking Services market size include China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc. Major players are focused on collaborations and acquisitions to expand their network and service offerings.
The global Cord Blood Banking Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the cord blood banking market include Cordlife, Singapore Cord Blood Bank, ViaCord LLC, CBR Systems, FamiCord, Cryo-Save, Americord, LifeCell, Global Cord Blood Corporation, Jeevan Stem Cell Foundation.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cord Blood Banking Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cord-blood-banking-market/download-sampleMarket DynamicsCord blood banking is gaining robust popularity with the emergence of regenerative medicine.
Cord blood is currently approved by the FDA to treat nearly 80 diseases and is under process to support more.
Researchers are exploring cure mechanisms, which may be instrumental in treating other conditions that have been untreatable up to this point.
In-depth study of the Cord Blood Banking Services Industry that helps to provide answers and relevant questions regarding the Emerging trends and Growth opportunities.
It helps identify each of the major growth barriers aside from identifying the trends in the Cord Blood Banking Services market.Global cord blood banking services market accounted for USD 1,142 million in 2017 and is expected to grow at a CAGR of 13.9% during the forecast period 2019–2026.Get Access to Report Sample: https://straitsresearch.com/report/cord-blood-banking-services-market/request-sampleMajor Key players covered in this report:Cordlife Group Limited (Singapore), CBR Systems, Inc. (U.S.), Cryo-Cell International, Inc (U.S.)., Cryo-Save AG (Netherlands), Lifeforce Cryobanks(U.S.), National Cord Blood Program(U.S.), ViaCord, Inc.(U.S.) and Virgin Health Bank(U.K).By Bank Type, Private, Public, HybridBy Services, , Collection and Transportation, Processing, Analysis, StorageThe Cord Blood Banking Services Market report offers an in-depth analysis of the Global Market and several important aspects related to it.
It provides its readers with great knowledge about current market dynamics, current market valuation, and past statistics as well.
This helps researchers in the study of the market’s performance so far and predicting the further performance for the forecasted period.
Various major market aspects such as demand and supply, revenue growth patterns market shares, and market trends are analyzed thoroughly while the drafting of this Cord Blood Banking Services report.The report has been prepared after studying the different parameters ruling the Cord Blood Banking Services Market and the forecast period has been estimated from 2021-2026.
These factors can be projected to have their individual effects on the market, or they can have interconnected impacts.
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.
