The cord blood banking services market involves the collection, processing, testing, cryopreservation, and storage of newborn stem cells found in the umbilical cord and placental blood. Cord blood stem cells can be used to treat a variety of blood cancers and immune disorders. They have the ability to develop into many other cell types in the body. Banking cord blood allows families to store these cells for potential future use by the donor child or family member. The Global cord blood banking services market is estimated to be valued at US$ 14.8 billion in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024-2031.
Key Takeaways
Key players operating in the cord blood banking services market are Cord Blood America, Cordlife Group Ltd, Cryo-Cell International Inc., EncrypGen Inc., Americord Registry LLC, Chinese Stem Cell Holdings Limited, Future Health Technologies Pvt Ltd. The two key players Cord Blood America and Cordlife Group Ltd together hold around 60% of the market share in the cord blood banking services industry.
The Cord Blood Banking Services Market Trends is growing rapidly across regions due to the increased acceptance of its therapeutic applications. surrogacy and IVF treatments have also fueled the demand for cord blood banking globally. Furthermore, the rising prevalence of life-threatening diseases such as cancer is driving patients and their families to opt for cord blood storage as a preventive measure.
Technological advancements in cord blood processing and storage techniques have enabled higher viability and proliferation of cord blood stem cells. Companies are increasingly focusing on R&D to discover more therapeutic applications of cord blood stem cells in the treatment of chronic diseases. This is expected to support the market growth over the coming years.
Market Trends
The trend of public cord blood banking is gaining traction owing to increasing awareness about the therapeutic benefits of cord blood stem cells. Although private cord banks store more units, public banks provide the advantage of availability of a matched cord blood unit for patients in need of transplantation who are not related to the donor.
Cord blood banks are investing in automation and digitization to streamline their storage, processing, and retrieval operations. This helps improve efficiency, reduce costs, and enhance the customer experience. Technologies such as artificial intelligence and blockchain are being explored to optimize various processes in cord blood banking.
Market Opportunities
Stem cell therapy is witnessing growing interest from the healthcare industry and R&D in this field is expected to open up new avenues for application of cord blood in the treatment of diseases previously considered incurable such as diabetes, cerebral palsy, and autism.
The Asia Pacific region presents lucrative opportunities for players in the cord blood banking market. With improving healthcare infrastructure and rising medical tourism, more people are becoming aware of the benefits of cord blood storage in this region.
During the initial phase of the pandemic, new customer enrollments and cord blood collections declined sharply as anticipated parents postponed their decisions to bank cord blood due to uncertainty around the spread of the virus. Healthcare facilities also enforced restrictions on non-essential medical services including cord blood collection to limit exposure and prevent overburdening of resources.
This renewed the interest of expectant families in banking cord blood of their newborns for future medical contingencies. Several cord blood banks also initiated awareness drives highlighting the critical role of privately banked cord blood in developing potential treatments for coronavirus. They reassured safety protocols for collection to encourage sign ups.
With vaccination drives in progress, the fear around virus transmission at healthcare facilities has reduced. Cord blood banking is regaining lost momentum as the focus shifts from immediate pandemic management to longer term preparedness. Looking ahead, advanced R&D in cell and gene therapies using cord blood is expected to further catalyse market growth in the coming years.
Geographical Regions with High Cord Blood Banking Services Market Value
North America represents the region with the highest market value for cord blood banking services, primarily driven by the United States. Strong parental awareness regarding the medical advantages of privately banked cord blood and the high disposable income of families enable the US to account for over half the total market value.
Asia Pacific is fast emerging as another lucrative region with China and India at the forefront. Increasing healthcare expenditures, rising middle-class populations and governments promoting R&D in regenerative medicines using cord blood are factors contributing to APAC's rapid growth in the cord blood banking industry.
Fastest Growing Region for Cord Blood Banking Services Market
Asia Pacific is currently the fastest growing regional market for cord blood banking services globally. The growth rate in APAC is outpacing other regions at an annual rate of over 8%.
China with its large population base and growing investments in biotechnology sector spearheads APAC's expansion. India is another key market displaying double digit growth annually led by strong GDP increases, favourable insurance policies and low banking charges attracting significant customer additions.
The combination of improved economic conditions, supportive regulatory frameworks and increasing healthcare access across developing nations makes APAC an attractive investment destination for major global players looking to strengthen their foothold.
Get More Insights On- Cord Blood Banking Services Market
Get this Report in Japanese Language:
Get this Report in Korean Language:
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
