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Global Umbilical Cord Blood Banking Market Value is Expected to Increase to US$ 19,335.6 Million by 2020
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The UCB banking market is witnessing a significant growth due to the increasing prevalence of chronic diseases coupled with regenerative medicines. In addition, initiatives by various government associations have increased the importance of UCB by rising awareness about potential applications of cord blood are also supporting in the growth of the global UCB banking market.
However, strict license and accreditation procedures and high cord blood banking fee in private banks hampers the growth of global UCB banking market. As a result, the global UCB banking market is expected to grow a CAGR of 6.1% during 2014-2020.
North America has the largest market for UCB banking. Increasing prevalence of chronic diseases is key driver of UCB banking market in the region. In addition, various government associations have also led to the importance of cord blood donation and services for its future use in North America.
Similarly, the European UCB banking market is mainly driven by the increasing prevalence of diseases. In addition, increased awareness about therapeutic applications of cord blood and rising number of live births are also contributing in the growth of the UCB market in the region.
In Asia-Pacific, UCB banking market is growing due to rising aging population and increasing prevalence of chronic diseases. In addition, several government associations and increasing number of live births are also increasing the demand of cord blood banking services in the region.
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Cord Blood Registry Systems, Inc, Cordlife Group Limited, Cord Blood America, Inc. Cryo-Cell International, Inc., China Cord Blood Corporation and Esperite NV are some of the leading players in the global UCB banking market. Other major players of UCB banking market include Smart Cells International Ltd, StemCyte, ViaCord and NeoStem Inc.
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