Umbilical Cord Blood Banking will gain a market value of US$19.3 bn by the end of the forecast period

Umbilical Cord Blood Banking Market 2022

The Umbilical Cord Blood Banking Market is bound to grow robustly in the years to come. With smart technology and 5G being increasingly adopted, the healthcare vertical is witnessing a paradigm shift. These technologies can thus increase the convenience quotient (CQ), as abysmal disruption happens in the patients' lives. This convenience quotient would be the trend running in the healthcare vertical shortly.

Persistence Market Research (PMR), a market intelligence and research firm, has recently published a market study on the global umbilical cord blood (UCB) banking market. According to the report, the worldwide UCB banking market stood at US$12.7 bn in 2020. Analysts at PMR anticipate the market to exhibit a moderate CAGR of 6.10% during the period from 2020 to 2027 and gain a market value of US$19.3 bn by the end of the forecast period.

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Some of the major players operating in the UCB banking market:

Cord Blood Registry Systems, Inc.
Cordlife Group Limited.
Cord Blood America, Inc.
NeoStem Inc.
Cryo-Cell International, Inc.
ViaCord.
Esperite NV.
Smart Cells International Ltd.
China Cord Blood Corporation.

The research report, titled "Global Market Study on UCB Banking: Asia-Pacific to Witness Highest Growth by 2027", states that the rising incidence of chronic diseases, disorders, and injuries are the key driving factors fuelling the growth of the worldwide market for UCB banking. In addition to this, various initiatives by several government associations, intended to raise awareness regarding the importance as well as benefits of UCB banking, are also propelling the global UCB banking market to a great extent.

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Contrarily, the stringent regulations and procedures pertaining to license and accreditation are hampering the growth of the UCB banking market in the global arena. Apart from this, the high fee associated with banking of cord blood in private UCB banks is also projected to limit the global market for UCB banking over the forecast period, the report states.

The report analyzes the global UCB banking market on two fronts: therapeutic application of UCB and storage option. By therapeutic application of UCB, the market is segmented into leukemia, lymphoma, metabolic/storage diseases, bone marrow failure syndromes, and immune deficiencies. On the basis of storage option, the market is classified into public UCB banks and private UCB bank.

According to the research report, Europe, North America, Asia Pacific, and the Rest of the World are the major regional markets for UCB banking. Among these, North America has acquired the leading position. The rising prevalence of chronic diseases also extensively drives the UCB banking market in this region.

The UCB banking market in Europe is also driven by the growing prevalence of diseases and disorders. The growing awareness regarding therapeutic applications of cord is also significantly contributing to the development of the UCB banking market in Europe.

The Asia Pacific market for UCB banking is also registering a steady growth. The increasing number of accidents and rising prevalence of fatal disorders are propelling the demand for cord blood banking in the region, notes the market study.

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Report Highlights:

Detailed overview of parent market
Changing market dynamics of the industry
In-depth market segmentation
Historical, current and projected market size in terms of value
Recent industry trends and developments
Competitive landscape
Strategies of key players and product offerings
Potential and niche segments/regions exhibiting promising growth
A neutral perspective towards market performance

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This release was published on openPR.