The latest market report published by Credence Research, Inc. “Global Cord Blood Banking Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global cord blood banking services market was valued at US$ 2,924.4 Mn in 2017, and is expected to reach US$ 8,996.7 Mn by 2026, expanding at a CAGR of 13.4% from 2018 to 2026.
The blood remaining in the umbilical cord post-delivery is called as cord blood. During labor there is maternal–fetal blood transfer containing abundant stem cells to boost their immunity. Cord blood has been approved by FDA for the treatment of diseases such as leukemia, anemia, metabolic diseases, cancer, bone marrow failure etc. The complications occurring in stem cells transplants are being addressed by cord blood and related immune and stem cell research. Cord blood is being thoroughly studied by researchers throughout the globe in order to develop them as regenerative medicine.
Currently private cord blood banking service providers are dominating the type segment. Proactive marketing policies and additional health insurance benefits provided by private players has been successful in attracting potential customer base. The key advantage associated with private banking service providers is the one time processing fee with free cord blood storage for 20 years. Greater chances of blood matching for the donors family with feasibility of cord blood collection and storage almost anywhere in the world propel the market growth for private banks. Public cord blood banking service providers will be a trendsetter during the forecast period due to regulatory approval in developed regions such as North America and Europe. Government healthcare agencies are investing huge funds in establishing public banks in developing nations due to presence of large potential donors.
In the present scenario North America is leading the regional segment for cord blood banking services market. The key parameters responsible for the dominance of North America are the rising awareness of benefits of cord blood in expecting parents and increasing healthcare expenditure. Public service providers cater to the collection and storage requirement of potential donors in United States. In Europe the market is driven by factors such as increasing number of healthcare insurance companies providing cord blood banking services and enhanced funding in the research and development segment to study the therapeutic efficacy of cord blood. Asia Pacific will be registering excellent growth due to strategic collaboration between market leaders and regional blood banks and rise in per capita income promoting growth of cord blood banking market.
The ace players providing cord blood banking services market are Cord Blood America, Inc., Cryo-Save AG, ViaCord, Inc., China Cord Blood Corporation, Cordlife India Limited, CBR Systems, Inc., StemCyte, Cryo-Cell International, Inc., CryoHoldco, and Vita34 AG.
Browse the full report Cord Blood Banking Services Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/cord-blood-banking-services-market
Key Market Movements:
- Increasing public awareness regarding benefits of stem cells in treating genetic and chronic ailments
- Rise in the number of service providers offering additional health insurance benefits with free cord blood storage for 20 years
- Researchers are widely employing stem cells isolated from cord blood in clinical trials studies to treat heart conditions, diabetes, autism, cerebral palsy etc.