Cord Blood Banking Services Market Size, Developments Status, Trends and Key Players Analysis, Forecast 2028

Comments · 8 Views

Increasing application of cord blood and stem cells in genetic disease treatment is primarily driving the global cord blood banking services market towards growth.

According to the current analysis of Reports and Data, the global cord blood banking services market was valued at USD 47.39 Billion in 2020 and is expected to reach USD 111.13 Billion by year 2028, at a CAGR of 11.10%. Umbilical cord blood (UCB) was once considered a waste product and was discarded with the placenta after delivery. With advances in medicine, it was found to be a rich source of life-saving hematopoietic stem cells and has saved many lives in the recent years. Cord blood stem cell transplantation are performed at various centers all across the world for a variety of diseases including genetic, hematologic, immunologic, metabolic, and oncologic disorders. Moreover, a number of cord blood banks have been successfully established in the recent years in order to encourage parents to bank their children’s UCB for autologous use or for directed donor allogeneic use for a family member for future purposes.

 UCB can be collected from the placenta during the third stage of labor or after the delivery of placenta. This process does not pose any serious risk to the baby or mother. UCB is collected from the source umbilical vein into a sterile closed system collection bag containing an anticoagulant solution. Then the bag is transported to the cord blood bank, where it is tested, processed and cryopreserved for future purposes. The first publicly funded cord blood bank was established in New York in 1993. Cord blood units stored in public banks are available for the patients in need worldwide. A patient from any corner of the world can access the cord blood units in a public bank through search performed by various registries worldwide, if they get HLA-matched. The donors are not charged for the storage process. The recipients who will be using the cord blood units for their treatment will be charged. In a private bank, UCB is stored privately for a particular family which opts for cord blood storage, and can be utilized by the family as the need arise. As cord blood units stored in private banks are not available for the general population. Developing nations such as China and India being the second most populous country, possesses a great potential in the field of cord blood banking. Certain private cord blood banks in the United States, Belgium, Canada, etc. have adopted the adopted strategy. These adopt various policies in which both public and private banking can be incorporated. A bank might offer both public and private banking and the family are allowed to make an informed decision. Advances are being made each day in providing greater safety to the patient. New methods of separating the stem cells from all other blood components have resulted in a product that consists of only stem cells

Constant attempts are being continuously made to spread awareness of the phenomenon of umbilical blood (stem cell) banking that has created a significant sensation in the population. Another fact is the lack of awareness regarding the utility of cord stem cells and its uses among the general population as well as the medical personnel including the pediatricians and obstetricians. While on the other hand, stringent regulatory requirements, ethical issues and dilemma in choosing private or public bank are the major factors hindering the growth of the market. In addition, high cost of storage, collection and risk of non-usability of the unit stored with private bank are further limiting the growth of the global cord blood banking services market.

The report is formulated through exhaustive primary and secondary research which is verified and validated by industry experts, research analysts, and professionals. The report aims to help readers and users improve their business performances by providing insightful data about business sphere such as recent technological development, product advancements, and adoption of strategic business steps. The report also offers extensive analysis of the competitive landscape along with business overviews, expansion plans, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, product and brand promotions, government and corporate deals, and partnerships among others.

Top Companies in the Market Include:

China Cord Blood Corporation, Cord Blood America Inc., CBR Systems Inc., Cord life Group Limited, Cryo-Cell International Inc., Cryo-Save AG, Life-force Cry banks, National Cord Blood Program, via cord, Inc. And Virgin Health Bank.

Increasing focus on development of vaccines to combat COVID-19 pandemic and focus on preventive medicine to mitigate future epidemics and pandemics, rising number of product approvals for drugs and therapeutics, and rapid digital transformation in the pharmaceutical and healthcare industry are some key factors expected to drive revenue growth over the forecast period. With the social distancing norms in place and growing focus on telemedicine, digital technologies were adopted at an accelerated rate allowing healthcare professionals to efficiently manage health of the patients. One of the most crucial drivers of the pharma healthcare industry is the rapid integration of artificial intelligence in key areas such as RD, patient care, commercialization, and drug discovery and development. It has also led to a reduction in healthcare expenditure and improved efficiency of the systems which is expected to further contribute to revenue growth of the market going ahead.

Furthermore, to offer a better understanding of the competitive landscape, an extensive SWOT analysis and Porter’s Five Forces analysis are included in the report. Along with this, feasibility analysis and investment return analysis are also covered.  The report is segmented on the basis of product types offered in the market, application spectrum, and key regions of the Cord Blood Banking Services market.

 Service Type (Revenue, USD Million; 2018–2028)

  • Private
  • Public
  • Hybrid
  • Others

Application (Revenue, USD Million; 2018–2028)

  • Cord blood
  • Cord tissue
  • Placenta
  • Others

Key Regions Studied in the Report:

  • North America (U.S., Canada, Mexico)
  • Europe (U.K., Italy, Germany, France, Rest of Europe)
  • Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Rest of Latin America)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2248

Thank you for reading our report. To know more about the customization of the report or further query about the report, please get in touch with us. Our team will ensure the report is well suited to your requirements. 

Read More Reports:

Genomics Market Synopsis 2022-2030

Genomics Market Size 2022-2030

Genomics Market Analysis 2022-2030

Genomics Market Synopsis 2022-2030

Genomics Market Size 2022-2030

Genomics Market Analysis 2022-2030

Genomics Market Synopsis 2022-2030

About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

Comments