Global Cord Blood Banking Services Market Growing at 13.3% CAGR, Set to Reach USD 4.5 Billion By 2030, Exclusive Report
PORTLAND, OREGON, UNITED STATES, August 8, 2023/EINPresswire.com/ — The global Cord Blood Banking Services Market generated $1.3 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030.
Rising Demand: There is a growing demand for cord blood banking services from parents who wish to preserve their newborn’s cord blood as a potential source of stem cells for therapeutic purposes. The increasing use of cord blood in treating various diseases, including cancer, blood disorders, and immune system disorders, has fueled this demand.
Market Growth: The cord blood banking services market has experienced significant growth in recent years. Factors such as increasing awareness about the potential benefits of cord blood, advancements in stem cell therapies, and the rising prevalence of chronic diseases have contributed to the market’s expansion.
Public Cord Blood Banks: Public cord blood banks collect and store cord blood units donated by individuals for public use. These banks make the stored units available for patients in need of stem cell transplantation who do not have a suitable family match. Public banking contributes to the availability of a diverse range of cord blood units for transplantation and promotes the concept of altruistic donation.
Technological Advancements: The cord blood banking industry has witnessed advancements in processing and storage techniques. Innovations such as automated cord blood processing systems, cryopreservation techniques, and sophisticated storage facilities have improved the quality and viability of stored cord blood units.
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Increasing Awareness: Growing awareness among parents and expectant families about the potential benefits of cord blood banking is a significant driver. Increased access to information through various channels, including healthcare professionals, media, and online resources, has helped educate the public about the value of cord blood as a source of stem cells for potential future medical use.
Advancements in Stem Cell Therapies: Significant advancements in stem cell research and therapies have fueled the demand for cord blood banking services. Stem cells derived from cord blood have been successfully used in the treatment of various diseases, including leukemia, lymphoma, and immune system disorders. Ongoing research and clinical trials exploring the potential of stem cells for regenerative medicine continue to drive interest in cord blood banking.
Service Type: a. Cord Blood Banking: This includes the collection, processing, and long-term storage of cord blood units for potential future medical use. b. Cord Blood Donation: Public cord blood banks collect donated cord blood units from individuals for general use, making them available for patients in need of stem cell transplantation.
End Users: a. Parents/Families: Private cord blood banking services cater to parents who wish to store their child’s cord blood for potential family use. b. Hospitals and Clinics: Medical institutions may establish partnerships with cord blood banks to offer cord blood collection services to expectant parents.
Storage Type: a. Private Cord Blood Banks: Families who opt for private cord blood banking have exclusive access to their stored cord blood units. b. Public Cord Blood Banks: Cord blood units donated to public banks are available for general use, primarily for patients in need of stem cell transplantation.
Region: The cord blood banking services market can be segmented based on geographic regions, such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region may have its own regulatory framework, market dynamics, and demand for cord blood banking services.
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Regional Growth Dynamics:
Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the total market. The LAMEA, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
CBR Systems, Inc. (Cord Blood Registry)
ViaCord (A subsidiary of PerkinElmer)
Cryo-Cell International, Inc.
China Cord Blood Corporation
Cordlife Group Limited
Cryo-Save AG (A subsidiary of Esperite N.V.)
Americord Registry LLC
Vita 34 AG
LifeCell International Pvt. Ltd.
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