Industry Outlook
The cord blood banking services market is set to reach US$ 8,996.7 Mn by 2026 from US$ 2,924.4 Mn in 2017 highlighting convenient growth at a compounded annual growth rate (CAGR) of 13.4% during the forecast period from 2018 to 2026. In the last 2 decades tremendous research activities have been conducted in understanding the therapeutic efficacy of stem cells. Umbilical cord is a rich source of hematopoietic stem cells which is 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 cord blood banking services market are ethical issues, stringent regulations sanctioned by healthcare agencies and ambiguity created while opting private or public service providers for cord blood collection & storage.
Market Synopsis
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"One time processing fee and cord blood collection being virtually possible anywhere drives the private cord blood banking services market"
In the current scenario private cord blood banking services is dominating the type segment. The key parameters responsible for its growth are the capability of collecting cord blood anywhere throughout the globe with good collection and storage features. One time processing fee with additional health insurance benefits provided with the cord blood banking services has led to its popularity among expecting parents. Private services have gained prominence as it has a 1 in 4 chances of match if the donor’s sibling needs access to stem cells for therapeutic purposes. Researchers throughout the globe are availing the 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 service is that as the donors 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 nascent stage due to limited number of donors. Search and matching process takes weeks to several months eventually losing out on possible stem cell match. As time lapses retrieving donated stem cells for family members diminishes drastically, thereby hampering its market growth.
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"Domicile of key players and high public awareness regarding cord blood banking services determine the market growth in North America"
North America is the clear leader in the regional segment for cord blood banking services market with 39% share. The factors responsible for the positive growth in North America are presence of key players such as Cord Blood America, Inc. and StemCyte to cater the cord blood banking services requirement of expected parents. Moreover the proactive marketing strategies and awareness campaign adopted by service providers & healthcare insurance companies, and increasing public awareness regarding the benefits of cord blood banking further bolster the market growth in North America. In Europe the cord blood banking services market is determined by the increased healthcare expenditure and ongoing research activities in determining the therapeutic efficacy of cord blood in autologous transplantation. In France and Italy the government has sanctioned restrictions to the growth of private banks. Asia Pacific is set to register excellent growth during the forecast period on account of key factors such as increasing number of expected parents’ population and 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.
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Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments are calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Market assessment for the report cord blood banking services market was conducted to determine market estimation and compounded annual growth rate (CAGR). The segmentation comprises of by type and regional segment.
| ATTRIBUTE |
DETAILS |
| Research Period |
2016-2026 |
| Base Year |
2017 |
| Forecast Period |
2018-2026 |
| Historical Year |
2016 |
| Unit |
USD Million |
| Segmentation |
By Type (2016–2026; US$ Mn)
• Private
• Public
|
|
Geography Segment (2016–2026; US$ Mn)
• North America (United States and Canada)
• Europe (U.K., Germany, Rest of Europe)
• Asia Pacific (China, Japan, Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East and Africa (GCC, Rest of MEA)
|
Inorganic and organic market growth strategies were studied to determine the market assessment and current trends prevalent in the cord blood banking services market. In depth analysis of the marketing and awareness campaign regarding the benefits of cord blood banking in the treatment of chronic diseases are mentioned briefly in the report. The strategic collaboration between blood banking services segment and healthcare insurance players are briefly covered in the scope of the report. The ace players providing cord blood banking services 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 answered in this report
- What are the current trends prevalent in the cord blood banking services market?
- What is the compounded annual growth rate and market estimation for cord blood banking services market?
- What is the competitive scenario and market participants behavior?
- Which is the leading and fastest growing type segment in the cord blood banking services market?
- Which is the leading and fastest growing regional segment in the cord blood banking services market?
