Press release
Cord Blood Banking Services Market Trend 2023: Ready to Record $4.5 Billion by 2030, Says AMR
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Key players of the market:
National Cord Blood Program
Cordvida, Perkinelmer Inc.
Americord Registry LLC
China Cord Blood Corporation
Covis Group
Cordlife Group Limited
Cryo-Cell International Inc.
Lifecell international Pvt. Ltd.
Key Takeaways:
Growing Awareness: The market for cord blood banking services has seen increased awareness among expectant parents about the potential benefits of storing their baby's cord blood. This awareness has been driven by various factors, including medical advancements and successful cord blood transplant cases.
Increasing Adoption of Stem Cell Therapies: The rise in stem cell research and therapeutic applications has contributed to the growth of the cord blood banking industry. Cord blood stem cells have shown promise in treating various diseases and disorders, including certain cancers, blood disorders, and immune-related conditions.
Private vs. Public Banks: There are two primary types of cord blood banks: private and public. Private cord blood banks allow families to store their baby's cord blood exclusively for their own use, while public banks store cord blood units for general use by anyone in need. The balance between these two types of banks has been shifting over the years.
Market Segmentation:
Service Type:
Private Cord Blood Banking: Families store their baby's cord blood exclusively for their own use. This segment allows parents to have access to the stem cells if needed for potential future therapies.
Public Cord Blood Banking: Cord blood units are donated and stored for general use by anyone in need of a stem cell transplant. Public banks facilitate the availability of genetically diverse stem cell units for patients who require them.
Storage Type:
Directly Related Storage: In this type, cord blood is stored specifically for the baby from whom it was collected. It offers personalized and direct access to the stem cells for the donor child.
Sibling Related Storage: Cord blood is stored for a child's sibling, providing potential matching stem cells for both siblings, thus increasing the likelihood of a successful transplant.
End-User:
Hospitals: Hospitals often have tie-ups with cord blood banks to facilitate the collection and storage of cord blood for interested parents.
Research Institutes and Biotechnology Companies: Cord blood banks may collaborate with research institutes and biotech companies for stem cell research and therapeutic development.
Individuals: Expectant parents who opt for cord blood banking services for their child's future medical needs.
Geography:
North America: This region includes the United States and Canada, which have well-established cord blood banking markets.
Europe: Various European countries have seen significant growth in cord blood banking services.
Asia-Pacific: Emerging economies in this region have shown increasing interest in cord blood banking, with countries like China and India contributing to market growth.
Latin America: Countries in Latin America are witnessing an increasing adoption of cord blood banking services.
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