Cord Blood Banking Services Market: Current Analysis and Forecast (2021-2027)
$4999 – $8699
Emphasis on Storage Services (Public Cord Blood Banks, Private Cord Blood Banks, Hybrid Cord Blood Banks); Components (Cord Blood, Cord Tissue, Placenta, Others); Application (Cancer, Blood Disorders, Metabolic Disorders, Osteoporosis, Immunodeficiency Disorders, Bone Marrow Failure Syndrome); End User (Hospitals, Research Institutes, Specialty Clinics, Others); Region and Country
Pages: | 154 |
---|---|
Table: | 243 |
Figure: | 89 |
Report ID: | UMEP21358 |
Geography: |
Report Description
Cord Blood Banking Services Market is expected to grow at a CAGR of 10% over the forecast period (2021-2027). Cord blood banking is the procedure of preserving blood from the umbilical cord for future use. The cord blood is a potential source of progenitor cells, which can be used for medical therapies, reconstitution of tissue, organs, and other functional areas. Cord Blood Banking Services preserves the purity and sustainability of cord blood or cord tissues while also extending their shelf life. It is usually collected after the baby is delivered and the umbilical cord is cut. Cord blood includes blood-forming stem cells, which can be used in the treatment of patients with genetic disorders, deficiency blood cancers like leukemias, and lymphomas. For instance, in February 2021, Cell therapy company ONK Therapeutics and blood cancer charity Anthony Nolan partnered to facilitate the development of the next-generation natural killer (NK) cell therapies to improve the lives of patients with hematological malignancies and solid tumors. Further, the introduction of new genetic screening tests for the preservation of cord blood for a longer time is adding pace to the growth of the cord blood banking services market.
For instance, in February 2019, Americord Registry announced offering five-compartment freezing bags for all new customers storing cord blood, as well as the highest quality guarantee in the industry. While industry-standard freezing bags typically contain two compartments, one holding eighty percent of the cord blood and a second holding twenty percent, Americord’s new freezing bags contain five compartments with twenty percent of the cord blood in each compartment. Hence, advancements in preservation products for conserving cord blood are expected to witness healthy growth in the future contributing to the growing demand in the cord blood banking services market.
Due to government-imposed lockdowns to prevent the spreading of COVID-19, the global Cord Blood Banking Services market has seen a small decline in the short term. Because of the pandemic, the worldwide supply chain stopped operating around the world and potentially reduced the cord blood banking services market growth. However, in the mid of the pandemic, there has been a rising demand for the preservation of plasmas, Cord blood, and cord tissues. Thus, resulted in the positive side for cord blood banking services. The market would remain bullish in the upcoming year. For instance, in March 2020, Columbia University Vagelos College of Physicians and Surgeons, U.S., in partnership with New York-Presbyterian Hospital, established a COVID-19 Biobank as a centralized resource to collect, store, and disseminate biological specimens and clinical data for researchers at Columbia University and elsewhere.
Value Chain Analysis of Cord Blood Banking Services Market
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 are some of the prominent players operating in the cord blood banking services market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst storage services, private cord blood banks segment holds the major share”
Based on storage services, the market is bifurcated into public cord blood banks, private cord blood banks, and hybrid cord blood banks. The private cord blood banks segment dominated the 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 across the world.
“Amongst components, cord blood segment is anticipated to grow at the highest CAGR during the analyzed period”
Based on 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 due 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.
“Amongst application, cancer segment holds the major share”
Based on application, the market is bifurcated into cancer, blood disorders, metabolic disorders, osteoporosis, immunodeficiency disorders, and bone marrow failure syndrome. The cancer segment grabbed the major market share in 2020. For instance, in March 2020, researchers from Vinmec Healthcare System, Vietnam, reported that cryo umbilical cord blood mononuclear cells source is effective in generating allogeneic dendritic cells and their exosomes can be used for vaccinating against cancer.
“Amongst end-user, research institutes segment is anticipated to grow at the highest CAGR during the analyzed period”
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.
“North America signifies one of the largest markets of cord blood banking services market”
For a better understanding of the market dynamics of the cord blood banking services market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), Rest of World. North America constitutes a major market for cord blood banking services and generated maximum revenue 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
Customization Options:
The Cord Blood Banking Services Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Research Methodology
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Cord Blood Banking Services Market were the three major steps undertaken to create and analyze the adoption of cord blood banking services in different segments across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the cord blood banking services sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the cord blood banking services market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the cord blood banking services market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are storage services, components, applications, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of the cord blood banking services market in every region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of cord blood banking services. Further, we conducted factor analysis using dependent and independent variables such as the rising prevalence of life-threatening genetic disorders and the increasing application of stem cell therapies in disease treatment across the world will upsurge the demand for cord blood banking services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the cord blood banking services industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the cord blood banking services market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (USD) and the adoption rate of cord blood banking services across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the cord blood banking services market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the cord blood banking services market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Storage services, components, application, and end-user of the cord blood banking services market.
Main Objective of the Cord Blood Banking Services Market Study
The current & future market trends of cord blood banking services were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of cord blood banking services in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of storage services, components, application, and end-user
- Define and analysis of the regulatory framework for the cord blood banking services industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the cord blood banking services market for the major region
- Major regions studied in the report include 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 the World
- Company profiles of the cord blood banking services market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive country level analysis of the industry