Quick Summary:
In the rapidly advancing field of healthcare, the global cord blood banking market is emerging as a key arena of growth and opportunity. With an uptick in cases of genetic diseases and a greater understanding within the parental population, cord blood stem cells have been recognized as an effective treatment for invasive conditions like leukemia, anemia, and blood cancer. Simultaneously, their application in addressing immunodeficiency disorders has been on the rise, spurring the expansion of cord blood banking services. This growth is fueled by widespread awareness about the advantages of cord blood banking and the wide pool of potential donors.
The rise in hematological disorders has increased the relevance of cord blood stem cells, which can treat conditions like leukemia, thalassemia, and lymphoma. Growing incidences of these and other chronic diseases highlight the importance of cord blood banking. Investments in research and development by governments globally are further boosting the growth of the market, alongside the global escalation in awareness about the therapeutic potential of stem cells.
With awareness rising among expectant parents and health professionals about the importance of storing cord blood, the future of the global cord blood banking market appears robust. The market's growth is set to be fueled by not only an increased understanding of the therapeutic potential of stem cells but also by government support for R&D, technological advancements, and growing healthcare infrastructure.
The market's major growth factors include the increase in genetic diseases and the growing awareness among parental population
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Increasing Prevalence of Hematological Disorders
Nowadays, more and more people are suffering from various hematological disorders and chronic diseases due to which storing of cord blood stem cells is very crucial. Cord blood holds a rich source of stem cells, which can cure hematological disorders such as leukemia, thalassemia, hemophilia, sickle cell anemia, lymphoma, and others. The growing occurrence of different cancers, such as leukemia and lymphoma, due to longer working hours, hectic lives, and excessive smoking and alcohol intake signifies one of the key factors driving the cord blood banking market. Cord blood stem cells can cure chronic diseases such as cancer, blood diseases, diabetes, and immune diseases due to which an increase in the utilization of cord blood banking services for the treatment of these diseases is becoming more common. For instance, in 2020, CIBMTR reported 4,864 unrelated and 4,160 related bone marrow and cord blood transplants which were performed in the United States.Growing Awareness regarding the Therapeutic Potential of Stem cells
Stem cells have been proven to treat over 80 genetic diseases and other chronic diseases due to which people are becoming more aware regarding the therapeutic potential of stem cells across the globe. Parental as well as expectant populations are becoming more aware as health professionals are starting to educate them about the importance and benefits of storing cord blood stem cells which is driving the growth of the market, globally. Additionally, increase in awareness among the public regarding the massive availability of service providers is likely to propel the growth of cord blood banking market. For instance, in the United States, the donor registry contains more than 9 million potential donors. Also, the donor registry includes 266,000 cord blood units from which 115,000 units are from National Cord Blood Inventory (NCBI), with over 4000 NCBI units added in 2021.Increasing Investments for Cord Blood Banking Sector
Increase in fundings and initiatives by government for R&D, technological advancements and expansion of healthcare infrastructure is propelling the growth of the cord blood banking market, globally. Increasing investments in research and development for treating life threatening diseases and clinical trials for cord blood stem cells are expected to drive the market.Market Segmentation
The global cord blood banking market is segmented into service, component, application, sector, and company. Based on service, the market is divided into sample preservation & storage, sample analysis, sample processing, and sample collection & transportation. Based on component, the market is divided into cord blood and cord tissue. Based on application, the market is divided into cancer disease, diabetes, blood disease, immune disorders, metabolic disorders, and others. Based on sector, the market is divided into public cord blood banks and private cord blood banks. In terms of country, the United States is expected to be a lucrative market in the forecast period due to growing prevalence of hematological disorders and increasing R&D activities in the country.Market Players
Americord Registry LLC, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., FamiCord Group, Cordvida, Perkinelmer Inc., Lifecell International Pvt. Ltd., ViaCord LLC, Global Cord Blood Corporation, and StemCyte Inc. are some of the leading companies operating in the market.Report Scope
In this report, global cord blood banking market has been segmented into following categories, in addition to the industry trends which have also been detailed below:Cord Blood Banking Market, by Service:
- Sample Preservation & Storage
- Sample Analysis
- Sample Processing
- Sample Collection & Transportation
Cord Blood Banking Market, by Component:
- Cord Blood
- Cord Tissue
Cord Blood Banking, by Application:
- Cancer Disease
- Diabetes
- Blood Disease
- Immune Disorders
- Metabolic Disorders
- Others
Cord Blood Banking Market, by Sector:
- Public Cord Blood Banks
- Private Cord Blood Banks
Cord Blood Banking Market, by Region:
- North America
- Asia-Pacific
- Europe & CIS
- South America
- Middle East & Africa
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Cord Blood Banking MarketAvailable Customizations
With the given market data, customizations are offered according to specific needs. The following customization options are available for the report:- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
- Americord Registry LLC
- Covis Group
- Cordlife Group Limited
- Cryo-Cell International, Inc.
- FamiCord Group
- Cordvida, Perkinelmer Inc.
- Lifecell International Pvt. Ltd.
- ViaCord LLC
- Global Cord Blood Corporation
- StemCyte, Inc.