Cord Blood Banking Services Market to Reach US$ 64.7 Mn by 2027, observes TMR Study
Transparency Market Research's most recent study on the worldwide cord blood banking services market, covering the years 2017 to 2018 for historical data and forecasting from 2019 to 2027, indicates that the market is poised for growth. Factors such as a significant prevalence of genetic disorders and increased governmental support are expected to fuel this growth. The report reveals that the market reached a value of US$ 25.8 billion in 2018 and is projected to grow at a compound annual growth rate (CAGR) of 10.9% to reach US$ 64.7 Mn from 2019 to 2027.
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The cord blood banking services market is poised for significant growth during the forecast period, driven by increasing awareness of the therapeutic potential of cord blood, coupled with advancements in medical research and technology. Cord blood, rich in stem cells, holds promise for treating a spectrum of diseases, from leukemia to immune disorders.
Key Drivers:
The utilization of cord blood banking services primarily revolves around treating genetic disorders, such as cancer, among other ailments. The prevalence of various types of cancer is anticipated to propel the expansion of the cord blood banking services market. Recent years have witnessed a rise in the number of patients diagnosed with lymphoma, leukemia, immune conditions, and sarcoma in countries like the U.S., China, India, and European nations. According to the World Health Organization, approximately 509,590 new cases of Non-Hodgkin lymphoma were reported in 2018, resulting in 248,724 deaths. This surge in cancer cases is driving the demand for cord blood banking services.
Government funding is another significant catalyst for the growth of the cord blood banking market during the forecast period. In 2019, the National Institutes of Health allocated a fund of $38 million for research on umbilical cord blood cells.
Leading players:
Global Cord Blood Corporation,California Cryobank Stem Cell Services LLC, Inc.,CBR Systems, Inc.,Cordlife Group Limited,Cryo-Cell International, Inc,Cryo-Save AG,Lifeforce Cryobanks,National Cord Blood Program,ViaCord, Inc.,Virgin Health Bank
Global Cord Blood Banking Services Market - Segmentation
Type
Private Cord Blood Bank
Public Cord Blood Bank
Key Developments:
In June 2020, Cryo-Cell International, Inc. entered into a patent option agreement with Duke University for to develop novel cord blood and birthing tissue based cellular therapeutics.
In May 2018, California Cryobank Stem Cell Services LLC acquires Cord Blood America Inc. for business expansion
In 2017, the Cord Blood Registry (CBR) Systems collaborated with the New York Stem Cell Foundation (US) to develop induced pluripotent stem cells from umbilical cords.
Market Drivers and Challenges:
Drivers: Growing prevalence of genetic disorders and cancer cases, rising healthcare expenditure, advancements in stem cell research, and supportive government policies.
Challenges: High costs associated with cord blood banking, ethical concerns, and regulatory complexities.
Market Trends:
Increasing focus on expanding the scope of cord blood banking beyond hematopoietic stem cell transplantation.
Adoption of novel technologies for efficient processing and storage of cord blood units.
Rising investments in research and development to explore new therapeutic applications of cord blood stem cells.
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Regions Covered:
North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)
Key Market Study Points:
Understanding the demand for different service types and applications.
Analyzing the competitive landscape and identifying key market players.
Assessing regulatory frameworks and their impact on market dynamics.
Monitoring regional variations in market trends and consumer preferences.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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