Cord Blood Banking Services Market Overview
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 global cord blood banking services market is expected to exhibit a robust 13.2% CAGR over the forecast period from 2022 to 2030, according to a new report from Market Research Future (MRFR). The global cord blood baking services market is likely to be driven by the growing research into the medical utility of stem cells and cord blood, and the growing establishment of the infrastructure required to create a strong cord blood banking services network. . The emerging cord blood transplant trend is identified as a robust cause that can underpin the market rise. The extensive cord blood banking practice future application and increase in demand for preserved cord blood solutions for medical therapies can favor expansion of the market. The growing cases of genetic disorders creating the need for hematopoietic stem cell transplantation can drive the market in the near future. The increase in preference for stem cells derived from bone marrow-based treatment can promote expansion of the market in the study period. The cord blood banking market condition is assessed for its future potential and detailed in the report.
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The growing realization of the utility of stem cells in treating a number of metabolic, immune, and blood disorders is likely to be a major driver for the global Cord Blood Banking Services Market over the forecast period. Stem cells retain the basic genetic structure of an individual in the form of pluripotent cells that can be turned into a wide variety of cell types within the human body. This has made them highly important in the research field of diseases such as blood-related diseases, immune system diseases, cancers, and metabolic disorders. Cord blood banking remains the most effective way of acquiring, storing, and harnessing stem cells, making the cord blood banking services market likely to grow over the forecast period.
Cord Blood Banking Services Market Regional Analysis
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.
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.
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Cord Blood Banking Services Market Segmentation
- On the basis of end user, the global cord blood banking services market is segmented into hospitals, pharmaceutical research, research institutes, and others.
- The global cord blood banking services market has been segmented on the basis of storage service, component, application, end user, and region.
- On the basis of storage service, the global cord blood banking services market is segmented into public cord blood banks, private cord blood banks, and hybrid cord blood banks.
- On the basis of component, the global cord blood banking services market is segmented into cord blood, cord tissue, placenta, and others.
- On the basis of application, the global cord blood banking services market is segmented into cancers, blood disorders, metabolic disorders, immune disorders, and osteoporosis.
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
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