Cord Blood Banking Services Global Market Estimated to Surge at a CAGR of 7.0% to Reach $35.03 Billion By 2028 | PerkinElmer Inc., AMAG Pharmaceuticals Inc., China Cord Blood Corporation, LifeCell International Pvt. Ltd., Vita 34 AG

"The Business Research Company recently released a comprehensive report on the Global Cord Blood Banking Services Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The cord blood banking services market size hasgrown strongly in recent years. It will grow from $25.05 billion in 2023 to $26.71 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increases in demand for stem cell therapies, increased government initiatives, growing healthcare expenditure, an increase in chronic disease, and increased demand for cord blood cells.

The cord blood banking services market size is expected to see strong growth in the next few years. It will grow to $35.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to increasing incidence of autoimmune diseases, rising prevalence of cancer, rising incidence of hematological disorders, rising commonality of ongoing diseases, and increasing prevalence of genetic disorders. Major trends in the forecast period include technological advancements, development of innovative stem cell therapies, technological advancements in stem cell research, advancement in cord blood processing and storage techniques, and developing innovative therapeutical products.

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Market Drivers and Trends:

The increasing prevalence of genetic disorders is expected to propel the growth of the cord blood banking services market going forward. Genetic disorders are conditions caused by abnormalities in an individual's DNA, often due to mutations or changes in gene sequences. The increasing prevalence of genetic disorders is due to advancements in diagnostic technologies that improve detection rates, as well as rising maternal age, which heightens the risk of genetic mutations. Cord blood banking offers a source of stem cells for treating genetic disorders through transplants and potential future gene therapies. For instance, in June 2023, Gene People, a UK-based registered charity organization supporting individuals with genetic conditions, reported that one in every 25 children in the UK had a genetic disorder, affecting approximately 30,000 newborns and young children in the country as well as more than 2.4 million children and adults annually. Therefore, the increasing prevalence of genetic disorders is driving the growth of the cord blood banking services market.

Major companies operating in the cord blood banking services market are focusing on developing innovative solutions, such as cord blood banking facilities, to enhance stem cells' viability and therapeutic potential. Cord blood banking facilities refer to specialized centers that provide services related to collecting, processing, and storing umbilical cord blood. For instance, in August 2024, Future Health GCC, the UAE-based Sem Cells bank, launched a cutting-edge cord blood banking facility in Dubai Healthcare City, enabling families to store their newborn's umbilical cord blood, which is rich in stem cells. This non-invasive collection process occurs immediately after birth and provides a valuable resource for treating various severe health conditions. The facility has advanced technology and meets the highest safety standards, ensuring optimal storage conditions. This method of stem cell collection is advantageous compared to traditional sources, as it is easier to gather and store, providing families with a practical way to safeguard their children's future health.

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Major Key Players of the Market:

PerkinElmer Inc., AMAG Pharmaceuticals Inc., China Cord Blood Corporation, LifeCell International Pvt. Ltd., Global Cord Blood Corporation, Vita 34 AG, Cordlife Group Limited, LifeBank, Cryo-Cell International, CryoSave SA, ViaCord Inc., Future Health Biobank, Virgin Health Bank, FamiCord Group, Maze Cord Blood Laboratories, Biovault Family, Cells4Life Group LLP, Americord Registry LLC, Angiocrine Bioscience Inc., California Cryobank Stem Cell Services LLC, Singapore Cord Blood Bank, StemCyte Inc., AlphaCord LLC

Cord Blood Banking Services Market 2024 Key Insights:

• The cord blood banking services market size is expected to see strong growth in the next few years. It will grow to $35.03 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Rising Genetic Disorder Prevalence Fuels Growth In Cord Blood Banking Services Market
• Breakthroughs In Stem Cell Banking New Facility Enhances Collection And Storage Technologies
• North America was the largest region in the cord blood banking services market in 2023

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