The Growing Demand for Cord Blood Banking Services: Trends and Opportunities in the Private and Public Sectors

Cord blood banking is a service that allows parents to store their newborn baby's umbilical cord blood, which is rich in stem cells, for potential future medical use.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭:

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When a baby is born, the umbilical cord is typically clamped and cut, but the blood remaining in the cord and placenta contains a high concentration of stem cells. These stem cells have the ability to develop into many different types of cells, such as red blood cells, white blood cells, and platelets, which can be used to treat a variety of diseases and conditions, including certain types of cancers and blood disorders.

Cord blood banking services collect and store the cord blood for the parents, either in a private bank or a public bank. Private banks charge a fee to store the cord blood exclusively for the family's use, while public banks store the cord blood for free, and it becomes available to anyone who needs a transplant.

In summary, cord blood banking is the process of collecting and storing a baby's umbilical cord blood, which contains stem cells that can potentially be used to treat a variety of diseases and conditions.

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.

The Cord Blood Banking Services market is typically segmented based on the type of service and end-users.

The type of service segment includes two categories: public and private cord blood banking services. Public cord blood banking services are usually operated by non-profit organizations or government agencies and provide free storage for donated cord blood, which can be used by anyone in need of a stem cell transplant. Private cord blood banking services, on the other hand, store cord blood exclusively for the use of the family who paid for the service.

The end-user segment includes hospitals, research institutes, and pharmaceutical and biotech companies. Hospitals are the primary end-users of cord blood banking services, as they are responsible for collecting cord blood at the time of birth. Research institutes and pharmaceutical and biotech companies use cord blood for research and development of new treatments and therapies.

In summary, the Cord Blood Banking Services market is segmented into public and private cord blood banking services and end-users such as hospitals, research institutes, and pharmaceutical and biotech companies.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧:

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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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𝐀𝐛𝐨𝐮𝐭 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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 domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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