New York, U.S., June 6, 2022 (GLOBE NEWSWIRE) — Summary of cord blood bank services:
According to a comprehensive research report by Market Research Future (MRFR), “Cord Blood Banking Market Research Report: By Storage Services, Component, Application, End User – Forecast to 2030“, the cord blood banking market is expected to grow at a CAGR of approximately 13.2% between 2020 and 2030.
The umbilical cord provides the fetus with oxygen and nutrients throughout pregnancy. Typically, throughout pregnancy, the tissue is shed. In addition, shortly before delivery, stem cells and immune cells are administered to the infant with the aim of strengthening the immune system of the mother and child. Knowing that the umbilical cord is a rich source of stem cells, medical professionals began recommending that these cells be stored immediately after birth. Cord Blood Banking services encompass the collection, processing and storage of stem cells for future use.
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|Market size||$4.6 billion|
|Year of reference||2021|
|Forecast units||Value (USD billion)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By storage services, component, application, end user|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increased prevalence of cancer and other genetic diseases|
|Increase investment in the sector.|
Cord Blood Banking Market Competitive Dynamics:
The cord blood banking market has had a huge and biting competitive landscape, with new competitors easily entering the market and older players investing heavily in this field. The big names in this market are:
- Chinese Cord Blood Society (China)
- Cord Blood America, Inc. (USA)
- CBR Systems, Inc. (USA)
- Cordlife Group Limited (Singapore)
- Cryo-Cell International, Inc. (USA)
- Cryo-Save AG (Netherlands)
- ViaCord, Inc. (USA)
- Virgin Health Bank (Qatar)
- California Cryobank Stem Cell Services LLC (USA)
- StemCyte, Inc. (India)
- Norton Healthcare, Inc. (USA)
- Lifeforce Cryobank Sciences Inc. (USA)
- Cordoba (Brazil)
- CryoHoldco de Latinoamerica, SAPI De CV (Mexico)
- Vita 34 International (Germany)
- Maze Cord Blood Laboratories (USA)
The growing prevalence of autoimmune diseases and various subtypes of the disease have fueled the expansion of the cord blood banking market. The presence of Treg cells in the umbilical cords, essential for limiting overreactions of the immune system, is the main driver for the expansion of the market. More than 80 hereditary diseases, including cancer and diabetes, can be treated with stem cells derived from cord blood. In recent years, the increasing prevalence of cancer and other genetic diseases, such as lymphoma, leukemia and Edwards syndrome, as well as disorders related to the bone marrow and immune system, such as arthritis and Wiskott-Aldrich syndrome, have propelled the growth of the cord blood banking industry in several countries.
In recent years, some medical associations have lobbied government officials to encourage countries to establish cord blood banking services. These variables are expected to have a substantial impact on the expansion of the Cord Blood Banking Services industry. Additionally, the expansion of medical treatment and technology, healthcare infrastructure and R&D has provided enormous growth potential for the cord blood banking business. This expansion is expected to be accelerated by increased investment in the sector. These are the major drivers for the cord blood banking market growth.
However, prices vary between the public and private sectors, and maintenance and storage costs must be paid in addition; These factors are inhibiting the expansion of the Cord Blood Banking Services market.
There are a few non-profit organizations that offer free cord blood storage; however, access to your cord blood in the future is not assured as the organization may use cord blood for research purposes and for emergency transplant patients. This lack of inexpensive potential centers hampers the expansion of the cord blood banking business as a whole.
The COVID 19 pandemic has caused a global economic shock, which has affected many medical services. About 20% of cord blood services and blood component providers have experienced a sharp drop in subscriptions as a result of the pandemic. Infections related to blood transfusions and movement restrictions have been restraining the Cord Blood Banking Services market growth.
Additionally, ongoing research and review of the use of cord blood tissue in patients with COVID 19 has impacted the expansion of cord blood banking business in a certain number of countries. The positive outcomes seen when COVID patients are treated with cord blood tissue has had a substantial impact on the expansion of the Cord Blood Banking Services market.
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Market segmentation :
By type of bank
During the research period, the private cord blood banking category held the largest market share for cord blood banking services. The dominance of the segment may be due to the large customer base of private banks. The improvement in the adoption rate is the result of their marketing strategies which are more attractive than those of public banks. Also, the higher fees per unit of cord blood collected and stored are expected to contribute to the higher market revenue.
On the other hand, the public bank segment is expected to witness the highest CAGR during the forecast period. Profitable expansion can be attributed to increased investment. The increase in demand is the result of measures taken by the government and health authorities to increase the number of genetically diverse units kept in public banks.
By storage services
The cord tissue segment generated the highest revenue and continues to maintain its steady growth during the reporting period.
The cancer segment is witnessing remarkable growth during the forecast period.
Per end user
The hospital segment is expected to register the highest growth during the forecast period.
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With the increased prevalence of cancer and health disorders such as leukemias and lymphomas across all age groups in North America, the region is currently dominating the cord blood banking market forecast. In North America, the boom in the cord blood banking business has been spurred by the expansion of service providers and not-for-profit organizations, as well as increased awareness of the long-term benefits of cord blood storage.
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The Asia-Pacific region is expected to witness a remarkable growth rate over the projected period owing to the region’s increased knowledge of stem cell storage and improved healthcare reforms. In recent years, Malaysia, India, Indonesia, and China offer the best prospects for cord blood banking market expansion. The effort to place billboards and graphics in a number of hospitals and health care facilities in these countries has improved awareness of the service.
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