Albany, New York, April 09, 2019 (GLOBE NEWSWIRE) -- According to a recent report by Transparency Market Research, the global umbilical cord blood banking market, is likely to expand at a steady CAGR of 11.4% within the forecast period from 2017 to 2025. In 2016, the umbilical cord blood banking market was valued around worth US$3,124.4 mn. This figure is expected to reach around worth of US$8,178.1 mn by the end of 2025.
Umbilical cord blood considered as a potential wellspring of various stem cells, especially in heterogeneous population all over the world, point to the tremendous ubiquity of their storage. The expanding use of umbilical cord blood in the treatment of lymphoma, leukemia, and sarcoma, and immunological issues is supporting the demand for their banking. The promising utilization of umbilical cord blood in cell treatment research is helping the market to grow quickly.
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Promising Scope in Cell Research Treatment to Fuel Market Demand
The market is tremendously profiting by the immense prospect of umbilical cord blood in studying new stem cell based medical procedures, both in hematological and non-hematological ailments, particularly in developed countries, for example, the U.S., the U.K., and Germany. Fast walk made in the field of cord blood stockpiling and preparing innovations looks good will make rewarding roads in the market.
Governments and a public policies in different developed and developing economies are leaving upon activities to make awareness about the advantages of umbilical cord blood banking. Generous supports pouring in various developing nations are helping in the expansion of the market in the forthcoming years.
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Lack of Standard Policies Regarding Umbilical Cord Banking to Hinder Growth
Nevertheless, the absence of standard and clear policies for the people with respect to umbilical cord blood banking in various nations across the world may limit market players to understand its maximum capacity. Moreover, community oriented efforts to build up more clear universal rules for better utilization of umbilical cord blood in cell-based research will grow the capability of the market, along with more lucrative opportunities.
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On the basis of type of storage, the global umbilical cord blood banking market is segment into private cord blood banks and public cord blood banks. Among these, in 2016, private cord blood banks segment held around 65.0% of the umbilical cord blood banking market. Private cord blood banks provide cord blood storage regarding personal usage, for example people in the family or acquaintance. Based on geography, in 2016, the North America regional market for umbilical cord blood banking is dominated the global market, accounting for over 38.2% share in the entire market. The mentioned regional market is likely to sustain its lead and growth in the coming few years as well, mainly due to surging demand for umbilical cord blood in the research for stem cell.
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Market to Witness Fragmented Vendor’s Landscape
The global umbilical cord blood banking market represents a highly fragmented competitive scenario marked by large number of companies. The collective share of three key companies in the market is just around 7% of umbilical cord blood banking market. In the past few years, the significant rise in private cord blood banking firms is estimated to surge the level of competition. However, the intense fragmentation in the market, in highly regulated by global and regional laws, both, with an intention to promote better medical usage of umbilical cord blood. The major players leading in the global umbilical cord blood banking market are LifeCell, StemCyte Inc., Vita 34 AG, Cryo-Save AG, Cordlife Group Ltd., Cryo-Cell International, Inc., China Cord Blood Corporation, ViaCord Inc., Cord Blood America, Inc., and CBR Systems, Inc.
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