The latest research study “Cord Blood Banking Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global cord blood banking services market reached a value of US$ 1.48 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.83 Billion by 2027, exhibiting a CAGR of 11.20% during 2022-2027.
Industry Definition and Application:
Cord blood banking is the procedure of collecting and storing life-saving stem cells from the placenta and umbilical cord for future use. It utilizes hematopoietic stem cells that are present in the body of the baby to develop it into red blood cells (RBCs), platelets, and white blood cells (WBCs). Cord blood banking services aid in the treatment of blood diseases, cancer, and immune system disorders as these procedures are less painful, complicated, and risky for the donor as compared to the collection of stem cells from bone marrow. As a result, these processes find widespread applications in hospitals, research institutes, and specialty clinics.
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What are the major drivers for the cord blood banking market?
The escalating prevalence of various cancers, such as leukemia and lymphoma, owing to the stressful lives, longer working hours, and excessive smoking and alcohol consumption is among the primary factors driving the cord blood banking services market. Besides this, the rising utilization of these procedures for the treatment of immunodeficiency disorders across the globe and the increasing awareness in individuals towards the several benefits of these processes are further augmenting the market growth.
Moreover, the growing popularity of diagnostic screening of cord blood in private centers is also catalyzing the global market. Apart from this, the launch of favorable policies by the government bodies to facilitate extensive research and development (R&D) activities for the development of clinical trials for stem cells is expected to bolster the cord blood banking services market in the coming years.
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Report Segmentation:
The report has segmented the market on the basis of region, component, storage services and application.
Breakup by Component:
• Cord Blood
• Cord Tissue
Breakup by Storage Services:
• Public Cord Blood Banks
• Private Cord Blood Banks
Breakup by Application:
• Cancer Disease
• Diabetes
• Blood Disease
• Immune Disorders
• Metabolic Disorders
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
List of Major Key Players:
• Alphacord LLC
• Americord Registry LLC
• ATCC
• California Cryobank
• Cordlife Group Limited
• Cryo-Cell International Inc.
• Global Cord Blood Corporation
• LifeBank
• LifeCell International Pvt. Ltd.
• National Cord Blood Program
• Norton Healthcare Inc.
• Perkinelmer Inc.
• StemCyte India Therapeutics Pvt. Ltd.
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