The global Cord Blood Banking Services Market is estimated to be valued at US$ 33.8 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cord blood contains hematopoietic stem cells that can be used to treat diseases like leukemia, lymphoma and other blood-related diseases. The cord blood banking services offer storage of cord blood in certified blood banks, with an aim to use them when required for treatment or future purposes.
Market key trends:
Rising awareness about cord blood banking and its therapeutic benefits is one of the major trends positively impacting market growth. The therapeutic properties of stem cells obtained from cord blood make them an alternative source for various treatments. Growing incidences of genetic diseases and the increase in success rates of transplant therapies are further propelling the demand in the market. Advancements in stem cell biobanking technologies have enabled longer storage of cord blood stem cells for future use. This has improved treatment outcomes and expanded applications in regenerative therapies. Moreover, ongoing R&D for developing novel treatment applications of cord blood stem cells are expected to open new markets for cord blood banking services during the forecast period.
Segment Analysis
The global cord blood banking services market is segmented by type of bank into private cord blood banks and public cord blood banks. The private cord blood banks segment dominates the market and accounts for around 85% of the total market share. Private banks store cord blood for personal use by the donated family which makes them the preferred choice for customers. The rising awareness about the therapeutic applications of cord blood and the perceived benefits of private banking over public banking are driving the growth of private cord blood banks segment.
Key Takeaways
The global cord blood banking services market is expected to witness high growth, exhibiting a CAGR of 6.1% over the forecast period, due to increasing awareness about stem cell therapy and therapeutic benefits of cord blood stem cells.
Regional analysis:
North America dominates the global cord blood banking services market growth with over 35% share due to favorable regulatory framework and increasing adoption of cord blood banking in the region. Asia Pacific exhibits the fastest growth rate during the forecast period owing to rising healthcare expenditure and increasing awareness in developing countries like China and India.
Key players:
Key players operating in the cord blood banking services market are China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc. China Cord Blood Corporation is the largest player with strong presence across Asia. Cord Blood America and CBR Systems dominate the North American market.
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