Cord Blood Banking Services Market is Booming and Predicted to Hit $4.5 Billion by 2030, and 13.3% CAGR Forecasted for 2023-2030

What are the benefits of cord blood? Cord blood is an important alternative to bone marrow for transplantation because it contains all the natural elements of blood and is rich in blood-forming stem cells, which are similar to those found in bone marrow but do not require as close a match between the donor and recipient. According to the report published by Allied Market Research, the global Cord Blood Banking Services Market generated $1.3 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.

Key Takeaways:

• Stem Cell Potential: Cord blood contains valuable hematopoietic stem cells that can be used to treat a variety of diseases, including blood disorders, immune system disorders, and certain types of cancers. These stem cells have the ability to differentiate into various types of blood and immune cells, making them valuable for transplant purposes.
• Public vs. Private Banking: There are two main types of cord blood banks: public and private. Public cord blood banks store donated cord blood units for use by anyone in need of a transplant, while private cord blood banks store cord blood specifically for the family of the newborn. Public banking promotes altruism and access to treatments for a wider population, whereas private banking offers families a potential source of stem cells for their own use, though the likelihood of using them is relatively low.
• Market Growth: The cord blood banking market has experienced significant growth due to increasing awareness among expectant parents about the potential benefits of cord blood stem cells. The market is driven by advancements in stem cell research, rising prevalence of diseases that can be treated with stem cells, and growing healthcare expenditure.
• Regulations and Guidelines: Cord blood banking is subject to regulatory standards and guidelines to ensure the safety and quality of stored samples. These regulations vary by country and region, but they generally aim to maintain high standards for collection, processing, storage, and transportation of cord blood.

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Market Drivers:

• Medical Advancements: Ongoing medical research and advancements in stem cell therapies were a significant driver of the cord blood banking market. Researchers were exploring new ways to use cord blood stem cells for the treatment of various diseases, including blood disorders, immune deficiencies, and genetic disorders.
• Increased Awareness: Growing awareness among expectant parents about the potential benefits of cord blood stem cells played a crucial role in driving the demand for cord blood banking services. As more people understood the therapeutic potential of these cells, the demand for banking them for future use increased.

COVID-19 Scenario

• The outbreak of COVID-19 has had a negative impact on the growth of the global cord blood banking services market, owing to the occurrence of lockdowns in various counties across the globe.
• Lockdowns halted the business operations of various companies in the market due to the prevalence of stringent restrictions that were imposed by the government during the pandemic.
• In addition, lockdowns resulted in delay in collection and supplying of cord blood used to treat various harmful diseases.
• However, the market is projected to recoup soon.

Market Segmentation:

Type of Service Provider:

• • Public Cord Blood Banks: Public banks collect and store donated cord blood units for public use. These units are made available to patients in need of a stem cell transplant and are typically matched based on compatibility. Public banks promote the altruistic use of cord blood for a wider population.
  • Private Cord Blood Banks: Private banks store cord blood specifically for the family of the newborn. Families pay for the collection, processing, and storage of the cord blood with the intention of having a personalized source of stem cells available for potential future medical needs within the family.

End-User:

• • Hospitals and Clinics: Hospitals and clinics play a crucial role in cord blood collection and storage. They collaborate with cord blood banks to facilitate the collection process and ensure proper preservation of the cord blood units.
  • Research Institutions: Cord blood banking services also support research institutions engaged in stem cell research, regenerative medicine, and clinical trials. Researchers use these stored samples to study potential therapies and medical applications.

Geography:

• • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, Italy, France, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest Of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)

Application:

• • Transplant Medicine: Cord blood stem cells are used for transplant purposes to treat various hematopoietic and immune-related disorders, such as leukemia, lymphoma, and immune deficiencies.
  • Regenerative Medicine and Research: Cord blood stem cells are explored for their regenerative potential in treating conditions like spinal cord injuries, neurodegenerative diseases, and other degenerative disorders.

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Regional Growth Dynamics:

Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the total market. The LAMEA, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.

Competitive Landscape:

The key players of the market analyzed in the global cord blood banking services market report include Cord for Life, National Cord Blood Program, Cordvida, Perkinelmer Inc., Americord Registry LLC, China Cord Blood Corporation, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., and Lifecell international Pvt. Ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.