Stratview Research has published a new report titled “Cord Blood Banking Services Market” which is segmented by Component (Cord Blood, Cord Tissue), by Service Type (Public, Private), by Application (Cancer, Blood Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome, Others), by End User (Hospitals, Pharmaceutical Research, Specialty Clinics, Others), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
As per the study, the market is expected to grow at a CAGR of 15.35% during the forecast period of 2022-2028 to reach US$ ~15.56 Bn in 2028 from US$ 4.81 Bn in 2021.
The services offered by cord blood banks include gathering, processing, and storing stem cells for future use. The market for cord blood banking services has grown as a result of increased autoimmune disease prevalence and its many subtypes.
The main driver of market expansion is the existence of Treg cells in the umbilical cords, which are essential in limiting the overreactions of immune systems. Over 80 hereditary illnesses, including cancer and diabetes, can be treated using the stem cells found in cord blood. Over 7000 hereditary disorders can be screened for using the recently developed genomic profiling assays conducted using next-generation sequencing technology.
The outcomes aid in ensuring the patients' security prior to the transplant. The AXP II system offers total automation of the process, from isolation to collection and storage. The process may be conducted within the regulatory system thanks to the system's adaptable user interface and adaptability, which also helps to reduce volume and offer consistent buffy coat volume.
This report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can affect the market dynamics of the industry. It provides a thorough analysis of the market segments which include products, applications, and competitor analysis.
The market is bifurcated into various segments. Below given is the segment-wise analysis -
By Service Type
The cord blood banking services market is divided into public and private. Due to the significant expense charged for the collection and storage of CB units, private banks received the greatest income share.
Furthermore, compared to state banks, the customer bases of private players are growing as a result of their marketing strategies. When all the aforementioned elements were taken into account, the private banking service segment dominated the global market.
By Application Type
The market is segmented into cancer, blood disorders, metabolic disorders, bone marrow failure syndrome, and others. The demand for these services is being fueled by consumers' rising purchasing power and the appropriate payment options that market participants are providing.
The number of individuals needing bone marrow transplants is also projected to rise as the incidence of cancer and other genetically based fatal diseases rises.
For instance, Hodgkin's or non-Hodgkin' lymphoma, another cancer that is commonly treated with stem cell therapy, affects roughly 761,659 people in the United States alone, according to the Leukemia Research Foundation.
As a result, it is anticipated that in the near future, demand for suitable CB units will increase quickly, leading to a major increase in the demand for public banking.
Which Region is expected to remain the largest market?
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America currently holds a dominant position in the market outlook due to the region's increasing incidence of cancer and other diseases including leukemias and lymphomas across all age groups.
The general expansion of the Cord Blood Banking Services business in North America has been driven by booming service providers, non-profit organisations, and growing public knowledge of the long-term advantages of keeping cord blood.
Who are the Key Players in the Market?
This report provides market intelligence most comprehensively. It also provides critical insights into the key players active in the market, which will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key players active in the Cord Blood Banking Services Market:
- BrainStorm Cell Limited
- Caladrius Biosciences, Inc.
- Celgene Corporation
- Cord Blood Registry (CBR) Systems
- Cordlife Group Limited
- Cryo-Cell International
- China Cord Blood Corporation
- Cord Blood America Inc.
- Virgin Health Bank
- California Cryobank Stem Cell Services LLC
- Global Cord Blood Corporation
- LifeCell International
- Regrow Biosciences Pvt. Ltd.
- Smart Cells International
- Vita34 AG
Key questions answered by the report.
- What is the projected CAGR for revenue from the Cord Blood Banking Services Market during the forecast period?
- What would the market be valued at by 2028?
- What is a major driving factor for the growth of the market?
- Which region accounted for the largest revenue share in the Cord Blood Banking Services Market?
- Which are the major market players?
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