New York, USA, June 06, 2022 (GLOBE NEWSWIRE) -- Cord Blood Banking Services Summary:
According to a Comprehensive Research Report by Market Research Future (MRFR), "Cord Blood Banking Services Market Research Report: By Storage Services, Component, Application, End-User - Forecast Till 2030", Cord Blood Banking Services Market is expected to grow at a CAGR of approximately 13.2% during 2020 to 2030.
Market Scope:
The umbilical cord supplies the fetus with oxygen and nutrients throughout pregnancy. Typically, throughout pregnancy, the tissue is eliminated. Additionally, shortly prior to delivery, stem cells and immune cells are delivered to the infant in an effort to enhance the immune systems of both mother and child. With the knowledge that the umbilical cord is a rich source of stem cells, medical professionals have begun recommending that these cells be stored immediately after birth. The services of Cord Blood Banking encompass the collection, processing, and storage of stem cells for future use.
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Report Scope:
| Report Attribute | Details |
| Market Size | USD 4.6 Billion |
| CAGR | 13.2% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Storage Services, Component, Application, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing prevalence of cancer and other genetic diseases |
| Increasing investments in the sector. |
Cord Blood Banking Services Market Competitive Dynamics:
The Cord Blood Banking Services Market has had a tremendous and nail-biting competitive landscape, with new competitors entering the market with ease and older players investing heavily in this area. The big names from this market are:
- China Cord Blood Corporation (China)
- Cord Blood America, Inc. (U.S.)
- CBR Systems, Inc. (U.S.)
- Cordlife Group Limited (Singapore)
- Cryo-Cell International, Inc. (U.S.)
- Cryo-Save AG (Netherland)
- ViaCord, Inc. (U.S.)
- Virgin Health Bank (Qatar)
- California Cryobank Stem Cell Services LLC (U.S.)
- StemCyte, Inc. (India)
- Norton Healthcare, Inc. (U.S.)
- Lifeforce Cryobank Sciences Inc. (U.S.)
- Cordova (Brazil)
- CryoHoldco de Latinoamerica, S.A.P.I. De C.V. (Mexico)
- Vita 34 International (Germany)
- Maze Cord Blood Laboratories (U.S.)
Market Dynamics:
Market Drivers:
The increasing prevalence of autoimmune illnesses and the condition's diverse subtypes have fueled the expansion of the Cord Blood Banking Services market. The presence of Treg cells in umbilical cords, which are essential for limiting excessive immune system reactions, is the key driver of market expansion. More than 80 hereditary diseases, including cancer and diabetes, are treatable with stem cells derived from cord blood. In recent years, the increasing prevalence of cancer and other genetic diseases, such as Lymphoma, Leukemia, and Edwards syndrome, as well as disorders related to bone marrow and immune systems, such as arthritis and Wiskott-Aldrich syndrome, have propelled the growth of the Cord Blood Banking Services industry in several countries.
In recent years, some medical associations have lobbied government officials to encourage countries to implement Cord Blood Banking Services. These variables are anticipated to have a substantial impact on the expansion of the Cord Blood Banking Service sector. In addition, the expansion of medical treatments and technology, health care infrastructure, and R&D has provided enormous growth potential for the Cord Blood Banking Service business. This expansion is anticipated to be accelerated by the rising investments in the sector. These elements are the key drivers of market growth for Cord Blood Banking Services.
Market Limitations:
However, prices vary between the public and private sectors, and maintenance and storage fees must be paid in addition; these factors inhibit the expansion of the Cord Blood Banking Services market.
There are a few non-profit organizations that offer free cord blood storage; but, access to your cord blood in the future is not assured because the organization can use the cord blood for research purposes and emergency transplant patients. This lack of cheap potential centers is impeding the expansion of the Cord Blood Banking Services business as a whole.
COVID-19 Analysis:
The COVID 19 pandemic has caused a worldwide economic jolt, which has affected numerous medical services. About 20% of cord blood services and blood component providers have experienced a precipitous fall in subscriptions as a result of the pandemic. Infections connected with blood transfusions and movement restrictions have restrained the growth of the Cord Blood Banking Services market.
Additionally, the ongoing research and examination of the use of cord blood tissues in COVID 19 patients has had an impact on the expansion of the Cord Blood Banking Services business in a number of nations. The positive outcomes observed when COVID patients are treated with cord blood tissues have had a substantial impact on the expansion of the Cord Blood Banking Services market.
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Market Segmentation:
By Type of Bank
During the research period, the category of private cord blood banks held the largest market share for cord blood banking services. The segment's dominance can be due to private banks' vast customer base. The improved adoption rate is a result of their more alluring marketing strategies than those of public banks. In addition, the higher fees per cord blood unit collected and preserved are anticipated to contribute to the largest market revenue.
In contrast, the public bank segment is expected to experience the largest CAGR over the forecast period. The profitable expansion may be attributable to increased investments. The increase in demand is a result of government and healthcare authority measures to expand the number of genetically diverse units kept in public banks.
By Storage Services
Cord tissue segment generated the highest revenue and is continue to retain its steady growth over the review period.
By Application
The cancer segment is witnessing remarkable growth over the forecast period.
By End-user
The hospitals segment is expected to record the highest growth over the review period.
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Regional Analysis:
With the increased prevalence of cancer and health disorders such as leukemias and lymphomas across all age groups in North America, the region currently dominates the market forecast for Cord Blood Banking Services. In North America, the rise of the Cord Blood Banking Services business has been spurred by the expansion of service providers and non-profit organizations, as well as by rising knowledge of the long-term benefits of cord blood storage.
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The Asia-Pacific area is expected to experience a remarkable growth rate during the projected period due to the region's increased knowledge of stem cell storage and improved health care reforms. In recent years, Malaysia, India, Indonesia, and China offer the best prospects for the expansion of the Cord Blood Banking Services market. The effort to place notice boards and charts in a number of hospitals and health care facilities in these nations has improved awareness of the service.
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