Increasing awareness among expectant parents about the potential benefits of cord blood banking, such as stem cell therapies, is driving the demand for these services in the North America Region!

• Vikas Kumar
• November 27, 2023
• HEALTHCARE, NEWS
• Cord Blood Banking Services, Cord Blood Banking Services Market, Cord Blood Banking Services Market forecast, Cord Blood Banking Services Market share, Cord Blood Banking Services Market trends
• 0 Comments

Cord blood banking services are growing in North America due to several factors such as the increasing number of cord blood transplants being performed. Cord blood transplants are used to treat a range of blood disorders, such as leukemia and lymphoma, and are an alternative to bone marrow transplants. The number of cord blood transplants has been increasing over the years, and this trend is expected to continue in the future. Furthermore, the increasing awareness of the benefits of cord blood banking in the region is also contributing to the growth of the cord blood banking services market. Cord blood stem cells have the potential to treat over 80 different diseases, including cancer, genetic disorders, and immune system disorders. As more people become aware of these benefits, the demand for cord blood banking services is expected to increase. Moreover, advancements in cord blood storage and processing technologies, government initiatives, and funding for stem cell research are also contributing to the growth of cord blood banking services in North America. For example, in the United States, the Stem Cell Therapeutic and Research Act of 2005 provides funding for stem cell research and the development of new treatments.

Further, the North American cord blood banking services market is expected to grow at a strong CAGR of 11% during the forecast period (2022-2030) owing to the growing number of private cord blood banking to secure personalized stem cell reserves for potential future use is fueling the market growth.

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Based on application, the cord blood banking services market has been classified into cancer, blood disorders, metabolic disorders, osteoporosis, immunodeficiency disorders, and bone marrow failure syndrome. The military and defense category are to witness higher adoption of cord blood banking services during the forecast period. This is mainly due to the prevalence of blood disorders, such as leukemia, sickle cell anemia, and thalassemia, among others, is a significant driver for the growth of the cord blood banking services market. Also, the potential of cord blood stem cells to treat these disorders and the improved transplant outcomes in recent years have garnered the attention of healthcare providers and patients alike. As the awareness of cord blood’s therapeutic benefits for blood disorders increases, the demand for cord blood banking services rises, leading to market expansion.

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Based on end-user, the cord blood banking services market has been classified into hospitals, research institutes, specialty clinics, and others. The research institutes category is to witness higher adoption of cord blood banking services during the forecast period. Collaborations with research institutes and academic centers play a crucial role in the growth of the cord blood banking services market. These partnerships facilitate ongoing research into the therapeutic applications of cord blood stem cells and cord tissue. As more research studies demonstrate the effectiveness of stem cell therapies for previously untreatable diseases, the demand for cord blood banking services is likely to increase. Research institutes contribute to the development of innovative stem cell therapies and clinical protocols, providing new opportunities for cord blood banks to expand their service offerings.

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 Insights, by Component

• Cord Blood
• Cord Tissue
• Placenta
• Others

Market Insights, by Application

• Cancer
• Blood Disorders
• Metabolic Disorders
• Osteoporosis
• Immunodeficiency Disorders
• Bone Marrow Failure Syndrome

Market Insights, by End-User

• Hospitals
• Research Institutes
• Specialty Clinics
• Others

Market Insight, by Region

• North America
  •  U.S.
  •  Canada
  •  Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• APAC
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Rest of the World

Top Company Profiles

• CBR Systems Inc.
• China Cord Blood Corporation
• Americord Registry LLC
• Cordlife Sciences India Pvt. Ltd.
• Cryo-Cell International Inc.
• CSG-BIO
• Vita 34, Inc.
• CordVida
• ViaCord Inc.
• Virgin Health Bank