Cord Blood Banking Market size to exceed $23 bn by 2025
Cord Blood Banking Market size is set to exceed USD 23.0 billion by 2025; according to a new research study published by Global Market Insights, Inc. Rising government initiatives and funding programs for development and establishment of cord blood banks will favor business growth.
For instance, the U.S. government passed the Stem Cell Research Act and created a unified National Cord Blood Stem Cell Banking program for making stem cells accessible to U.S. population at affordable prices.
Such government initiatives should propel cord blood banking market growth across the forecast timeframe.
Increasing research pertaining to application of cord blood for treatment of genetic and idiopathic disorders will boost cord blood banking market growth. In 2005, cord blood stem cells were used for treatment of about 40 diseases and the number have doubled currently.
Growing demand for innovative and regenerative medicine for treatment of life-threatening genetic diseases will foster industry growth in the future.
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Public cord blood bank market is expected to reach USD 3,931.1 million by 2025. High growth rate is attributable to increasing government initiatives and funding program for supporting development of public cord blood banks.
For instance, countries such as France and Italy do not permit establishment of private cord blood banks. Similarly, increasing funding program by National Health Services UK for development of public cord blood banks will boost industry growth.
Storage services accounted for 18.8% share of the cord blood banking market in 2018. Private cord blood banks offer various packages and discounts to the parents for long-term storage of cord blood.
Few private cord blood banks offer storage of cord blood cells for more than 25 years. With increasing awareness regarding the benefits of long-term storage of cord blood cells, the market is expected to witness significant growth in the future
Blood disorders segment is expected to grow at 5.0% across the forecast timeframe. Increasing prevalence of beta-thalassemia and other blood-related disorders will significantly drive cord blood banking market growth.
As per the study published in Journal of Hematology in 2016, about 250 million people are estimated to carry a potentially pathological hemoglobinopathy gene. Increasing application of cord blood cells in treatment of blood disorders will spur market growth across the forecast timeframe.
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Hospitals market dominated the cord blood banking industry in 2018 and similar trend is expected across the forecast timeframe. Increasing prevalence of chronic diseases such as immune-deficiency and bone marrow failure syndrome will the drive hospital segment growth.
High patient preference towards multispecialty hospitals for availing advanced treatment will spur segmental growth in the future.
UK cord blood banking market is estimated to reach USD 1,050.4 million by 2025. High growth is attributable to increasing government initiatives for encouraging mothers and parents to donate cord blood cells to public banks.
Furthermore, increasing potential of cord blood stem cells for treatment of more than 80 disorders will further boost market growth in the future. Availability of well-developed healthcare infrastructure and awareness about the benefits of cord blood donation will spur industry growth in the country.
Australia cord blood banking market presents a lucrative growth opportunity at a robust CAGR of 7.1%. Active investment of private cord blood banks for expansion and development of regenerative medicine will boost Australia cord blood banking market.
Also, economic growth and increasing technological advancement in healthcare services will be the major factors responsible for business growth in the future.
Prominent industry players include CBR Systems, Inc., Cordlife, Cryo-Save AG, FamiCord, Hewlett-Packard, Global Cord Blood Corporation, Americord, LifeCell, Jeevan Stem Cell Foundation, Singapore Cord Blood Bank and ViaCord LLC. The industry players focus on developing new strategies and providing innovative services to its customers.
For instance, in September 2017, Americord Registry announced to offer placental tissue banking as a stand-alone service. This new service will enable the company to expand its service product portfolio.
Cord Blood Banking market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2014 to 2025, for the following segments:
Cord Blood Banking Market by Type of Bank
Cord Blood Banking Market by Services
Cord Blood Banking Market by Application
- Blood Disorders
- Immuno-deficiency disorders
- Metabolic disorders
- Bone marrow failure syndrome
Cord Blood Banking Market by End-use
- Research institutes
- Specialty clinics
The above information is provided for the following regions/countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
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