The global Cord Blood Banking Services Market is estimated to be valued at US$ 33.8 Bn 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.
Market Overview:
Cord blood banking services involved storage of umbilical cord blood collected from umbilical cord vein after childbirth. The stored cord blood can act as a source of stem cells that may be used for treatment of diseases such as cancer, blood disorder and metabolic disorders. Cord blood banking services provide an advantage of preserving stem cells for future medical contingencies.
Market key trends:
One of the key trend in the cord blood banking services market is increasing adoption of cord blood stem cell therapy for treatment of different disorders. According to various studies, stem cells derived from umbilical cord blood can treat over 80 diseases including blood disorders like leukemia and lymphoma, metabolic disorders and immune-related diseases. Moreover, rising instances of chronic diseases such as cancer globally is also fuelling the growth of cord blood banking services market. Additionally, development of new therapies using cord blood stem cells and increasing success of clinical trials are some other trends supplementing the market growth over the forecast period.
Market key trends:
One of the key trends in the cord blood banking services market is the increasing number of cord blood transplants across the globe. Cord blood is being increasingly used as an alternative stem cell source for the treatment of various blood-related diseases and disorders. According to the World Marrow Donor Association (WMDA), over 40,000 cord blood transplants have been performed globally for the treatment of over 80 different diseases across nearly 70 countries. Furthermore, there is an increasing success rate of cord blood transplants for the treatment of various cancers including leukemia, lymphoma and neuroblastoma as compared to traditional bone marrow transplants. This has further fueled the growth of the cord blood banking services market.
SWOT Analysis:
Strength: Cord blood banking provides an effective alternative stem cell source for the treatment of various diseases. The stored cord blood can be used for self as well as family treatment.
Weakness: High setup and storage cost, low awareness regarding the benefits of cord blood especially in developing countries.
Opportunity: Increasing incidence of diseases such as cancers that require stem cell transplant, Growing success rate of cord blood transplants can boost the market.
Threats: Ethical issues related to cord blood, development of other alternatives for stem cell storage such as cord tissue or birth tissue banking.
Key Takeaways:
The global market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period 2023 to 2030, due to increasing incidence of blood disorders andcancers globally.
The North America region dominates the global cord blood banking services market owing to advanced healthcare infrastructure, availability of reimbursement coverage for cord blood banking in countries like U.S. and presence of major market players in the region.
Key players operating in the Cord Blood Banking Services market are 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.
Regional analysis:
– Asia Pacific region is expected to exhibit the highest growth over the forecast period owing to increasing awareness about cord blood banking, growing healthcare infrastructure, and rapidly increasing patient population.
– Several initiatives have been taken by public & private banks in India, China and Japan to promote cord blood banking and usage, further supporting the market growth.
– North America dominates the global market and is expected to hold large market share during forecast period owing to presence of major players, advanced healthcare facilities and availability of reimbursement policies.
– Europe is also expected to hold significant market share due to high healthcare spending and rising cases of diseases which require stem cell transplant.
