Press release
Global Umbilical Cord Blood Banking Market Size To Grow At A CAGR Of 5.8% In The Forecast Period Of 2023-2031
Umbilical Cord Blood Banking Market
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2031)
Forecast CAGR (2023-2031): 5.8%
The developing field of regenerative medicine along with the surging prevalence of chronic diseases is aiding the umbilical cord blood banking market growth across the globe. Umbilical cord blood contains cells known as hematopoietic stem cells. Such cells can be used to turn into any type of blood cell, for transplants, and treat diseases like immune deficiencies, blood disorders, metabolic diseases, and some types of cancers.
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The advantages of cord blood are anticipated to boost the demand for the umbilical cord blood banking market globally during the forecast period. Several initiatives are taken by government associations worldwide to inform the public about the benefits of preserved stem cells.
With the growing healthcare industry and increasing awareness regarding umbilical cord blood banking among new or expecting parents, the market demand for umbilical cord blood banking is expected to rise over the upcoming years across the globe.
Umbilical Cord Blood Banking Industry Definition and Major Segments
Umbilical cord blood banking is a method of collecting possibly life-saving stem cells from the placenta and umbilical cord of a baby soon after birth, and saving them for future utilisation. The cord blood at the time of labour serves as a rich source of stem cells along with other cells of the immune system.
On the basis of storage operation, the market is segmented into:
Private UCB Banks
Public UCB Banks
Based on service type, the market can be divided into:
Sample Preservation and Storage
Sample Analysis
Sample Processing
Sample Collection and Transportation
By application, the market is segregated into:
Bone Marrow Failure Syndrome
Metabolic Disorder
Leukaemia
Immune Deficiencies
Lymphoma
Based on region, the market is divided into:
North America
Latin America
Asia Pacific
Europe
Middle East and Africa
Umbilical Cord Blood Banking Market Trends
The global umbilical cord blood banking market is expected to witness significant growth over the coming years on account of the surging research and development in the field of regenerative medicine. This research is uncovering various ways to improve and save lives from umbilical cord blood, fuelling the market growth of umbilical cord blood banking. The retrieval and storage process are considered safe and secure, without affecting delivery or labour, which is likely to boost the market growth of umbilical cord blood banking.
Based on the region, North America is augmenting a significant growth in the umbilical cord blood banking market share. This is on account of the rise in penetration of cord blood banking services in maternity hospitals coupled with the well-established healthcare infrastructure in the region. Meanwhile, the Asia Pacific region is anticipated to register substantial market growth owing to the high birth rate, surging prevalence of chronic diseases, and increase in awareness regarding the potential applications of cord blood.
Key Market Players
The major players in the global umbilical cord blood banking market report are CBR Systems, Inc., Cryo-Cell International, Inc., Smart Cells International Ltd., Global Cord Blood Corporation, and Stemcyte India Therapeutics Pvt. Ltd, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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