The global cord blood banking services market has witnessed considerable growth in recent times owing to the rising birth rate worldwide. Cord blood banking involves the collection and storage of cord blood after childbirth. Cord blood contains hematopoietic stem cells that can be used for stem cell transplantation to treat various blood cancers and immune disorders. The process of cord blood banking involves collecting blood remaining in the umbilical cord and placenta from newborn babies and storing it in cord blood banks for future use in case of diseases that require stem cell transplants such as leukemia, lymphoma or genetic diseases. Cord blood banking allows parents to bank their newborn's cord blood stem cells for potential future therapeutic use or for other family members if need arises.
The cord blood banking services market is estimated to be valued at US$ 14.1 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period.
Key Takeaways
Key players operating in the cord blood banking services market are Cord Blood America Inc., Cordlife Group Limited, Cryo-Cell International Inc., Global Cord Blood Corporation, Lifeforce Cryobanks, StemCyte Inc., California Cryobank Stem Cell Services LLC., CryoHoldco, National Cord Blood Program, Vita 34 AG.
The emerging trend of genetic testing and increasing prevalence of genetic diseases are expected to drive growth in the Cord Blood Banking Services Market Trends. Rising awareness about the therapeutic potential of stem cells is also likely to fuel demand.
North America dominates the global cord blood banking market owing to favorable government policies, reimbursement coverage for newborn stem cell banking, and rising adoption of cord blood therapies. Asia Pacific is anticipated to witness fastest growth on account of rapid economic development, rising healthcare expenditure, and increasing birth rates.
Market Drivers
Increasing healthcare expenditure and rising disposable incomes are key growth drivers for the global cord blood banking services market. Rising prevalence of chronic illnesses has boosted demand for alternative treatment methods using stem cell therapies. Extensive R&D in the field of regenerative medicine is also driving adoption of cord blood banking services globally.
Market Restraints
High operational costs associated with collection, processing, testing, and storage of cord blood units is a major challenge for market players. Stringent regulatory framework and ethical issues related to cord blood banking may also limit market expansion potential to some extent.
Segment Analysis
The cord blood banking services market is segmented into private cord blood banking and public cord blood banking. Private cord blood banking dominates the market as it gives parents storage of their child's cord blood for personal use in case of medical emergencies in future. Most parents opt for private cord blood banking to be prepared for any health complications that may require stem cells from the stored cord blood. However, public cord blood banking is gaining traction as it allows donated units of cord blood to be stored in a national database for use by anyone who needs it.
Global Analysis
North America dominates the cord blood banking services market owing to rising healthcare expenditures and increasing popularity of private cord blood banking in the region. Increased awareness about stem cell therapy and growing prevalence of diseases like cancer also support market growth in North America. Asia Pacific is slated to be the fastest growing market in the coming years as countries like China, Japan and India are investing heavily in building public cord banks. Rising healthcare infrastructure and disposable incomes in Asia Pacific are fueling the adoption of cord blood banking services. European countries are also adopting cord blood banking at a significant rate due to growing disease burden and improving reimbursement policies for stem cell therapy.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
