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Cord Blood Banking Services Market: Overview

According to Transparency Market Research's latest report on the global cord blood banking services market for the historical period 2017-2018 and forecast period 2019-2027, high incidence of genetic disorders, increasing governments funding are projected to drive the global cord blood banking services market during the forecast period
According to the report, the global cord blood banking services market was valued at US$ 25.8 Bn in 2018 and is anticipated to expand at a CAGR of 10.9% from 2019 to 2027

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High Incidence of Genetic Disorders and Increase in Government Funding are Likely to Drive the Market Growth: Key Drivers

• Cord blood banking services are majorly used in the treatment of genetic disorders like cancer and others. High incidence of different type of cancer is likely to fuel the growth of cord blood banking services market.

In recent year, the increase in number of patients with lymphoma, leukemia, immune conditions, and sarcoma in countries like U.S., China, India and European Countries. According to World Health Organization, around 509,590 new Non-Hodgkin lymphoma cases found in 2018 and 248,724 death occurred due to Non-Hodgkin lymphoma. Increasing number of people with cancer is fuel the demand for cord blood banking services.

• Increasing government funding is another major factor for drive the growth of coed blood banking market during forecasted period. In 2019, National Institute of health invested 38 Mn fund for umbilical cord blood cell research.

Rise in Awareness about Stem Cell Therapy Along with Adoption of Cord Blood Banking Boost Market Growth

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• Creating awareness among the parental population globally by effectively communicating and educating them about the process and benefits of cord blood banking and the importance of stem cell therapy is expected to drive the market growth for cord blood banking.

• Rise in awareness among the expectant parents in the U.S., Europe, and other developed regions has led to high growth of cord blood banking in these regions. Complexity of the cord blood banking process and high costs are not in compliance for customers in developing regions. Many government organizations and private players are initiating the awareness programs in emerging countries such as Brazil, China, and India.

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High Cost and Stringent Rules and Regulations to Hamper Market

• The collection of cord blood is observed to be painless and safe for both the child and mother, cost of private banking can pose as a major hurdle in adoption of this service, especially in the developing and underdeveloped countries.

The average cost for collection, testing, and processing of cord blood units is approximately US$ 1,600 with the recurring annual charges of approximately US$ 150. Such chargeable services include testing for infectious diseases, typing, and contamination.

• Stringent Rules and Regulations for cord blood banking services is another major factor for hamper the growth of this market.

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Global Cord Blood Banking Services Market: Competitive Landscape

• This report profiles major players in the global cord blood banking services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

• The global cord blood banking services market is highly fragmented, with the presence of a number of international as well as regional players

• Leading players operating in the global cord blood banking services market are

o Global Cord Blood Corporation
o California Cryobank Stem Cell Services LLC, Inc.
o CBR Systems, Inc.
o Cordlife Group Limited
o Cryo-Cell International, Inc
o Cryo-Save AG
o Lifeforce Cryobanks
o National Cord Blood Program
o ViaCord, Inc.
o Virgin Health Bank

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