The cord blood banking services market is expected to reach US$ 8,996.7 million by 2026, up from US$ 2,924.4 million in 2017, with a compounded annual growth rate (CAGR) of 13.4% from 2018 to 2026. Huge amounts of research have been conducted over the last two decades to better understand the therapeutic efficacy of stem cells. The umbilical cord is a rich source of hematopoietic stem cells, which are relatively easy to collect without any risk to the mother or child.
The key factors associated with the market growth of cord blood banking services are rising public awareness regarding the benefits of stem cells in treating chronic ailments and various service providers offering health insurance benefits. The parameters that hamper the growth of the market for cord blood banking services are ethical issues, stringent regulations sanctioned by healthcare agencies, and ambiguity created when opting for private or public service providers for cord blood collection and storage.
Market Synopsis
The private cord blood banking services market is driven by one-time processing fees and the availability of cord blood collection virtually anywhere.
In the current scenario, private cord blood banking services are dominating the type segment. The ability to collect cord blood anywhere in the world with good collection and storage features is one of the key parameters driving its growth. The one-time processing fee and additional health insurance benefits provided with cord blood banking services have led to its popularity among expecting parents.
Private services have gained prominence as they have a 1 in 4 chance of matching if the donor's sibling needs access to stem cells for therapeutic purposes. Researchers throughout the globe are availing themselves of private cord blood banking samples for clinical trial studies to potentially treat heart conditions, diabetes, autism, and cerebral palsy. The limitations associated with private cord blood banking services are that, as the donor's stem cells will always be a perfect match, there will be no incidence of graft versus host disease, which can prove fatal.
Public cord blood banking services are still in a nascent stage due to the limited number of donors. The search and matching process takes weeks to several months, eventually leading to the loss of a possible stem cell match. The likelihood of retrieving donated stem cells for family members diminishes dramatically over time, stifling market growth.
The domicile of key players and high public awareness regarding cord blood banking services determine the market's growth in North America.
With 39% of the market, North America is clearly the regional leader in cord blood banking services. The factors responsible for the positive growth in North America are the presence of key players such as Cord Blood America, Inc., and StemCyte, which cater to the cord blood banking services requirements of expectant parents. Moreover, the proactive marketing strategies and awareness campaigns adopted by service providers and healthcare insurance companies, as well as the increased public awareness regarding the benefits of cord blood banking, further bolster the market's growth in North America.
In Europe, the market for cord blood banking services is driven by rising healthcare costs and ongoing research into the therapeutic efficacy of cord blood in autologous transplantation. In France and Italy, the government has sanctioned restrictions on the growth of private banks. Asia Pacific is set to register excellent growth during the forecast period on account of key factors such as an increasing number of expected parents' population and a rise in per capita income. Ace players have been proactive in establishing satellite cord blood banks in the region to save time and money related to the shipment of cord blood during medical emergencies.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026,considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
A market assessment for the report on the cord blood banking services market was conducted to determine market estimation and the compounded annual growth rate (CAGR). A type segment and a regional segment are included in the segmentation.
Inorganic and organic market growth strategies were studied to determine the market assessment and current trends prevalent in the cord blood banking services market. An in-depth analysis of the marketing and awareness campaign regarding the benefits of cord blood banking in the treatment of chronic diseases is mentioned briefly in the report.
The strategic collaboration between the blood banking services segment and healthcare insurance players is briefly covered in the scope of the report. The ace players providing cord blood banking services in the market are Cord Blood America, Inc., Cryo-Save AG, ViaCord, Inc., China Cord Blood Corporation, Cordlife India Limited, CBR Systems, Inc., StemCyte, Cryo-Cell International, Inc., CryoHoldco, and Vita34 AG.
Key questions are answered in this report.
What are the current trends prevalent in the cord blood banking services market?
What are the compounded annual growth rate and market estimation for the cord blood banking services market?
What are the competitive scenario and market participants' behavior?
Which is the leading and fastest-growing type of segment in the cord blood banking services market?
Which is the leading and fastest-growing regional segment in the cord blood banking services market?
Frequently Asked Question:
The market for Cord Blood Banking Services Market is expected to reach USD$ 8,996.7 Mn in 2026.
The Cord Blood Banking Services Market is expected to see significant CAGR growth over the coming years, at 13.4%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Cord Blood America, Inc., Cryo-Save AG, ViaCord, Inc., China Cord Blood Corporation, Cordlife India Limited, CBR Systems. are some of the major players in the global market.
