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Cord Blood Banking Services Market - Rise in Awareness about the Benefits of Using Public Cord Blood Bank for Storage Purposes Is Expected To Fuel the Market Growth

02-18-2019 10:32 AM CET | Health & Medicine

Press release from: Allied Market Research

Cord Blood Banking Services Market

Cord Blood Banking Services Market

The cord blood banking services market is estimated to reach $ 2,772 million in 2023, with a CAGR of 13.8% from 2017 to 2023. North America was the highest revenue contributor on the global market in 2016. However, the Asia Pacific region is expected to have the highest growth rate during the forecast period.

We collect cord blood from the nursing home and post baby delivery at the hospital. This blood contains a large amount of stem cells to treat various diseases. The Public Umbilical Cord Blood Bank is run by a non-profit organization and supports government grants that families donate after donating babies. Donated cord blood can be used for a variety of purposes, such as research purposes and genetic disease treatment.

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The Private Cord Blood Bank is a privately owned bank in which parents can store cord blood of a newborn for future use, such as treatment of certain chronic diseases. Private Banks are charged for the collection, processing and storage of cord blood. Therefore, the public umbilical cord blood bank has a competitive advantage in developed countries such as North America and Europe.

The key companies profiled in the report include
• China Cord Blood Corporation
• Cord Blood America Inc.
• CBR Systems Inc.
• Cordlife Group Limited
• Cryo-Cell International Inc.
• Cryo-Save AG
• Lifeforce Cryobanks
• National Cord Blood Program
• ViaCord Inc.
• Virgin Health Bank
• CordVida
• Americord
• CryoHoldco
• Vita34

The umbilical cord blood banking market is expected to see moderate growth during the forecast period. The key drivers of market growth are the adoption of new marketing strategies by key personnel, the increase in research and development (R & D) activities for the application of cord blood, and fund raising for establishing public blood pools.

However, high costs associated with treatment, difficulties in finding a match on the donor list of the public-funded blood bank, and legal and ethical issues associated with collecting cord blood are expected to hamper this growth. Conversely, the development of stem cell therapies and the presence of untapped potential in developing and developing countries are expected to provide a variety of opportunities for cord blood banking services.

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The Private Umbilical Cord Banks sector is a dominant part of the market in 2016 and is expected to grow at the highest rate. This is due to better services provided by private banks to customers, the storage of cord blood for a certain period of time, and the immediate recovery of cord blood when needed to treat all genetic diseases.

Key Findings of the Cord Blood Banking Services Market:
• The private cord blood bank segment is anticipated to grow at the highest rate during the analysis period.
• Germany was the highest revenue-generating country in the European market in 2016, and is expected to continue its dominance during the forecast period.
• In 2016, North America dominated global cord blood banking services market, and is estimated to continue this trend in the near future.
• China is expected to grow at the highest rate in the Asia-Pacific region.
• Latin America was the largest contributor in the LAMEA region.

In 2016, North America made the largest contribution to total revenue generated by market maturity, high awareness among expected parents, high disposable income and the adoption rate of cord blood storage services. However, during the analysis period, the Asia-Pacific region is expected to show the highest growth due to an increase in awareness of the benefits of cord blood storage, increased interest in expanding key customer service, and increased disposable income.

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About Us:

Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

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