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LATAM Cord Blood Banking Services Market: Key Growth Factors and Trends 2023
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Cord blood banking is the process of collecting and preserving the blood that is derived from the umbilical cord. This blood is then preserved and saved for future research applications and therapeutics. Umbilical cord blood is a potential source of progenitor cells, which are used for the reconstruction of organs and tissues.
Cord blood transplantation is recommended for many kinds of diseases such as sarcoma, leukemia, lymphoma, metabolic disorders, and immune conditions. Stem cells are the ancestors of all hematopoietic cells which generate blood platelets and white and red blood cells. Cord blood stem cells are convenient enough to harvest and are stored for decades. The easy availability of cord blood units is expected to widen the scope of transplant options.
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Over the past two decades, the global cord blood banking services market has been experiencing impressive growth. The Latin America cord blood banking services market is set for evolution owing to favorable changes expected in government regulations. Even though the market is expected to benefit from rising consumer awareness, it is predicted to be hampered by factors such as stringent government regulations in some regions, complex accreditation procedures, difficulty in market penetration in cost sensitive nations, and the scarcity of cord blood units.
The Latin America cord blood banking services market is segmented on the basis of type of storage and country. By country, the Latin America cord blood banking services market is divided into Brazil, Mexico, Argentina, Colombia, and Rest of Latin America. Countries such as Colombia, Mexico, and Brazil are concentrating on the expansion of their cord blood bank networks. However, in the years to come, many private cord blood banks are expected to enter the market.
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Based on type of storage, the Latin America cord blood banking services market is classified into private cord blood banking service and public cord blood banking service. Currently, the private cord blood banking service segment dominates the Latin America cord blood banking services market owing to the availability of diagnostic services and the high frequency of genetic disorders.
Some of the leading players operating in the Latin America cord blood banking services market are Banco de Cordon Umbilical (BCU), Redcord S.A., America Cell Biobank, Inc., and CrioCenter. With the entry of new companies, the Latin America cord blood banking services market is expected to become highly competitive.
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