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 after delivery is called cord blood. During labor, maternal–fetal blood transfer with abundant stem cells increases their immunity. Cord blood has been approved by the FDA for the treatment of diseases such as leukemia, anemia, metabolic disorders, cancer, bone marrow failure, etc. Complications in stem cell transplantation are addressed through cord blood and related immune and stem cell research. Cord blood is being thoroughly studied by researchers around the globe in order to develop it as a regenerative medicine.
The type segment is currently dominated by private cord blood banking service providers. Proactive marketing strategies and enhanced health insurance benefits provided by private companies have been effective in attracting potential customers. The key advantage associated with private banking service providers is the one-time processing charge for free cord blood storage for 20 years. Greater chances of blood matching for the donor family with the feasibility of cord blood collection and storage almost anywhere in the world are driving market growth for private banks. Public cord blood banking service providers will be the trendsetter for the forecast period due to regulatory approval in developed regions such as North America and Europe. Government health agencies are investing huge funds in the establishment of community banks in developing countries due to the involvement of large potential donors.
In the current scenario, North America is leading the regional segment of the market for cord blood services. The key parameters responsible for North America’s dominance are increasing parents ‘ awareness of the benefits of cord blood and increasing health care spending. Public service agencies are responsible for collecting and processing potential donors in the United States. In Europe, the market is driven by factors such as a growing number of health insurance companies offering cord blood banking services and increased funding for research and development to study the therapeutic efficacy of cord blood. Asia Pacific will appreciate excellent growth as a result of strategic collaboration between market leaders and regional blood banks and an increase in per capita income to support the growth of the 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.
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.