Cord Blood Banking Services Market 2022
A number of factors such as the increasing prevalence of chronic diseases, growing awareness about cord blood banking, advancement in therapeutic application, huge research funding in R&D, unmet medical needs, increasing competition among market players, and increasing government assistance are a few factors propelling the growth of the global Cord Blood Banking Services Market.
Cord blood is the blood that remains in the umbilical cord and placenta, post-delivery. Cord blood contains an abundance of stem cells and immune system cells and the medical applications of these cells have been expanding at a rapid pace.
However, the high cost associated with cord blood banking services and lack of healthcare insurance may hamper the growth of the market.
It is estimated that the Cord Blood Banking Services Market is expected to grow at a CAGR 11.4% during the forecast period.
The global Cord Blood Banking Services Market has been segmented on the basis of storage service, component, application, and end-user.
On the basis of storage service, the global Cord Blood Banking Services Market can be segmented into public cord blood banks, private cord blood banks, and hybrid cord blood banks.
On the basis of component, the global Cord Blood Banking Services Market can be segmented into cord blood, cord tissue, placenta, and others.
On the basis of application, the global Cord Blood Banking Services Market can be segmented into cancers, blood disorders, metabolic disorders, immune disorders, and osteoporosis.
On the basis of end-user, the global Cord Blood Banking Services Market is segmented into hospitals (medical applications), pharmaceutical research (drug discovery), research institutes (scientific research), and others
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Major Key Players:
Some of the key players in the global cord blood banking companies 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.), CordVida (Brazil), CryoHoldco de Latinoamerica, S.A.P.I. De C.V. (Mexico), Vita 34 International (Germany), Maze Cord Blood Laboratories (U.S.), The University of Colorado Cord Blood Bank (U.S.), CorCell (U.S.), Lifebank USA (U.S.), Cryoviva Biotech Pvt. Ltd (India), Genecord (U.S.), AlphaCord (U.S.), FamilyCord (U.S.), Cells4Life (UK), Michigan Blood (U.S.), CariCord (U.S.), LifeCell International Pvt. Ltd (India), Stem Cell Cryobank Inc. (U.S.), Viacord Processing Laboratory (VPL) (U.S.), New Jersey Cord Blood Bank (U.S.), Carter BloodCare (U.S.), Americord Registry (U.S.), and others.
The global Cord Blood Banking Services Market consists of four regions, namely, the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas region accounted for the largest market share of the global Cord Blood Banking Services Market owing to the growing number of service providers, growing investments in public banking, and reduction in the costs involved in storage.
The European Cord Blood Banking Services Market is the second largest market followed by the Asia Pacific region. The Asia Pacific region is expected to dominate the global Cord Blood Banking Services Market in terms of growth rate during the forecast period. Though the region presently grasps a minimal share in the global market, it is anticipated to exhibit an enormous growth potential owing to the increasing awareness of stem cell banking and vast improvement in health care reforms in countries such as Malaysia, India, Indonesia, and China. Besides, Asia Pacific is a relatively untapped regional market in comparison with developed regions, which is also a reason why it grants better opportunities for the growth of companies.
The Middle Eastern region is expected to grow at a steady pace owing to factors such as rising R&D activities in the healthcare sector and extensive development of the healthcare infrastructure.
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