Cord Blood Banking Services Market Overview
Cord Blood Banking Services Market report has valued the industry at USD 1.03 billion in 2021 and is projected to grow from USD 1.22 billion in 2022 to USD 4.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2022 - 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 growing realization of the utility of stem cells in treating a number of metabolic, immune, autoimmune diseases 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.
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.
Cord blood banking companies specialize in collecting and storing umbilical cord blood and tissue for future medical use. These companies provide a valuable service, as cord blood contains stem cells that can be used to treat various medical conditions, including blood disorders and certain cancers. Parents can choose to store their baby's cord blood with these companies as a form of insurance, in case their child or a family member requires stem cell therapy in the future. These banks ensure the safe preservation of this precious resource, offering families potential life-saving options.
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.
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 is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas, followed by Europe, is expected to retain the dominant share in the global cord blood banking services market over the forecast period due to the widespread adoption of cord blood banking services in the region. Research efforts in the use of stem cells for medical purposes are also rife in the region, leading to strong growth prospects for the cord blood banking services market in the region. The increasing awareness about the utility of stem cells in treating a wide range of disorders in North America is also likely to be a major driver for the cord blood banking services market in the Americas over the forecast period. Europe is also likely to retain a significant share in the global cord blood banking services market over the forecast period due to the growing use of stem cells in medical applications and growth in the related infrastructure.
Leading players mentioned in the cord blood banking services market outlook report include China Cord Blood Corporation, CBR Systems Inc., Virgin Health Bank, Vita 34 International, Stem Cell Cryobank Inc., and Americord Registry.
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