Increasing applications of cord blood in the treatment of chronic conditions will boost the Cord Blood Bank Services Market. North America to witness the highest growth
Global Cord Blood Bank Services Market is expected to witness significant growth by 2027 expanding at a CAGR of XX% during the forecast period (2021-2027). Increasing demand for cord blood in cancer treatment and the growing death rate associated with complications during childbirth has stimulated the demand for the cord blood banking services market globally. Further, awareness created by key players about the availability of cord blood bank services and their benefits has also rapidly boosted the cord blood banking services market. Additionally, technological advancements in the products to conserve cord blood for a longer shelf life would further uplift the growth of the cord blood banking services market during the forecast period.
Factors driving the cord blood banking services market include the rising prevalence of life-threatening genetic disorders and the increasing application of stem cell therapies for disease treatments such as diabetes, cancer, immunodeficiency diseases, degenerative conditions affecting nerves, bones, and joints will upsurge the demand for the cord blood banking services market. Further, the introduction of new genetic screening tests by key players in the market is also anticipated to drive the market. For instance, in November 2019, CBR Systems, Inc. in collaboration with Sema4, a health intelligence company, launched “ReadyGen”, a genetic screening test that analyzes a child’s DNA for more than 200 conditions that can affect children before the age of 10.
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The Covid-19 pandemic has led to various challenges across the globe and impacted almost every industry. During this time the cord blood banks service providers have played a key role in the fight against Covid-19 by allowing researchers to access the samples they needed to study the disease across the world. For instance, CellTrials.org has found that worldwide registrations of new trials in advanced cell therapy were up nearly 30% for the first quarter of 2020. Most of the increase can be attributed to cell therapy efforts to treat Covid-19, and over half of those Covid-19 trials employ umbilical cord MSC. Hence, the pandemic has created a new market for companies that manufacture MSC products from donated birth tissues. Many of these companies have applied for Covid-19 Emergency Use Authorizations from the FDA and are partnering with local hospitals to treat COVID-19 patients.
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- Based on storage services, the market is bifurcated into public, private, and hybrid cord blood banks. The private cord blood banks segment grabbed the major market in 2020 due to the high cost of collection, processing, and storage along with the maximum awareness created by marketing actions and strategies accomplished by the key companies lead to huge revenue share of private banks.
- components, the market is bifurcated into cord blood, cord tissue, placenta, and others. The cord blood segment ruled the market and accounted for the maximum share in 2020, owing to the augmenting awareness of people about conserving cord blood stem cells of newborns to treat chronic diseases like cancer, diabetes, immunodeficiency disorders, genetic disorders, and others.
- according to the American Cancer Society, in 2019, about 606,880 deaths were caused in the USA due to the incidence of cancer which can be treated by transplanting the stem cells.
- Based on end-user, the market is bifurcated into hospitals, research institutes, specialty clinics, and others. The research institutes segment ruled the market and accounted for the maximum share in 2020 due to the increasing research and development in the field of cord blood for treating neurodegenerative disorders and other chronic diseases.
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Additionally, the report provides detailed initiatives that are being taken in the field of cord blood banking services. The market is classified into distinct regions North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World. North America constitutes a major market for cord blood banking services in 2020 owing to the high government funding, robust personal healthcare spending, developed awareness programs, rapid acceptance of new analytical techniques, and the presence of skilled professionals and physicians. Some of the major players operating in the market include CBR Systems Inc., China Cord Blood Corporation, Americord, Cordlife Group Limited, Cryo-Cell International Inc., Cryo-Save AG, Vita34, CordVida, ViaCord Inc., Virgin Health Bank, etc. Several M&As along with partnerships have been undertaken by these players to develop cord blood banking services in the market.
Global Cord Blood Banking Services Market Segmentation
Market Insight, by Storage Services
- Public Cord Blood Banks
- Private Cord Blood Banks
- Hybrid Cord Blood Banks
Market Insight, by Component
- Cord Blood
- Cord Tissue
Market Insight, by Application
- Blood Disorders
- Metabolic Disorders
- Immunodeficiency Disorders
- Bone Marrow Failure Syndrome
Market Insight, by End-User
- Research Institutes
- Specialty Clinics
Market Insight, by Region
- North America Cord Blood Banking Services Market
- United States
- Rest of North America
- Europe Cord Blood Banking Services Market
- Rest of Europe
- Asia-Pacific Cord Blood Banking Services Market
- Rest of Asia-Pacific
- Rest of World Cord Blood Banking Services Market
Top Company Profiles
- CBR Systems Inc.
- China Cord Blood Corporation
- Cordlife Group Limited
- Cryo-Cell International Inc.
- Cryo-Save AG
- ViaCord Inc.
- Virgin Health Bank