Dublin, 16 Dec. 2021 (GLOBE NEWSWIRE) — The “Global Cord Blood Banking Market – Forecast 2021 to 2026” report has been added to from ResearchAndMarkets.com offer.
The global cord blood banking market is estimated at USD 2.921 billion in 2019 and is projected to reach USD 6.629 billion by 2026 at a CAGR of 12.42% during the forecast period.
Umbilical cord blood contains a lot of stem cells, more than eighty genetic diseases can be treated by it. Stem cells have the ability to fight chronic diseases such as diabetes, immune diseases, cancer and blood disorders. Locations of cord blood bank area units wherever people will store blood from the funicular for future use and area unit equipped with the latest technologies regarding the preservation and storage of medical data. Cord blood banks are public or personal units and generally charge an annual associate degree fee for storage and maintenance.
These cells are collected from hospitals and nursing homes and stored in cord blood banks for future use and can be stored for an average of 20 to 25 years. Government authorities have supported cord blood stem cell research and clinical trials, increasing the interest of healthcare companies to take a stand in the research and commercialization of cord blood somatic cell therapies. However, the increase in healthcare expenditure and the growing demand for advanced healthcare facilities, as well as bar and treatment. Common major applications for cord blood services include encephalopathy, leukemia, hypochromic anemia, anemia, autism, diabetes, and others.
Several driving factors such as rising birth rate, higher prevalence of various diseases, increased income and better R&D in stem cell medical aid expand the application potential for the treatment of various diseases. Attention to cord blood banking is also growing due to growing awareness among the population which is mainly driven by sales activities conducted by personal vendors. However, the high competition coupled with the high maintenance value is expected to hamper the expansion of the cord blood cooking services market. Furthermore, one of the biggest challenges for the global cable banking services market is the lack of normal emancipation across the business.
Increase in cases of cancer patients
The prevalence of cancer has been increasing across the globe, which is one of the major factors expected to drive the cord blood banking market growth. Myeloma and leukemia are some of the types of cancer that are commonly treated with somatic cell transplants.
According to the Cancer Statistics Center, American Cancer Society, male leukemia incidence rates in the United States have fallen from nearly 10.4 per 100,000 population in 2007 to around 11.75 in 2017. For women , the rate fell from nearly 18.0 per 100,000 population. in 2007 to about 19.85 in 2017. CSC estimates that new cases of leukemia in 2021 will be 61,090 in the United States. Likewise, the incidence of myeloma has increased over the years. This is expected to increase the demand for cord blood banking services in the coming years and is expected to support the growth of the market over the forecast period.
Lack of awareness, especially among pregnant women, can be a major barrier to the stem cell/cord blood banking market. This is often mainly because a majority of pregnant women are unaware of how public cord blood banks work. Therefore, this feature is not fully explored despite the benefits of somatic cell transplantation in the treatment of cancer.
Impact of COVID-19
COVID-19 is an international public health emergency that has affected nearly every business, so the long-term effects are expected to impact business growth throughout the assessment period. The fulminating event of the COVID-19 pandemic has catalyzed the global cord blood banking market as many healthcare providers are using stem cells to manage severe symptoms. As businesses resume operations and adjust to the new normal, the market is expected to gradually recover.
Cryo-Cell International, AlphaCord LLC, CBR Systems, Inc., Cordlife Group Limited, LifeCell, Stemcyte, California Cryobank Stem Cell Services LLC, Smart Cells International Ltd, PerkinElmer Inc. (ViaCord LLC), Cordvida were covered with cord blood banking services market report. According to LifeCell, Cord Blood Banking has grown in quality over the past few years with its ability to treat cancers like lymphoma and leukemia, genetic disorders, metabolic and immune disorders. It is highly recommended by doctors all over the world to undertake ductal blood banking at the time of birth.
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Market opportunities
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining power of suppliers
4.4.2. The bargaining power of buyers
4.4.3. The threat of new entrants
4.4.4. The threat of substitutes
4.4.5. Competitive rivalry in the industry
4.4.6. Industry Value Chain Analysis
5. Cord Blood Banking Market, By Bank Type
5.2. Public cord blood banks
5.3. Private cord blood banks
6. Cord Blood Banking Market, By Service Type
6.2. Collection and transportation
6.4. To analyse
6.5. Storage room
7. Global Cord Blood Banking Market, By Geography
8. Competitive environment and analysis
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. Company Profiles
9.1. CBR Systems, Inc.
9.4. Cryo-Save SA
9.5. life cell
9.8. Smart Cells International Ltd
9.9. Cryoviv India
For more information on this report, visit https://www.researchandmarkets.com/r/3uhnba