Latin America Cord Blood Banking Services Market Estimated To Experience A Hike In Growth By 2023
The market players are relying heavily on technical advancements for expansion in their businesses. CrioCenter, CordVida, Cellpreserve, CordCell, Redcord S.A., Cordón de Vida, Banco de Células Stem, and Células Madre C.A. are the other prominent cord blood banking service providers across Latin America, the report mentions.
A per the TMR’s report, the Latin America market for cord blood banking services was worth US$196.9 mn in 2014. Researchers project the market to proliferate at a CAGR of 9.40% over the period from 2015 to 2023 and attain a value of US$445.4 mn by the end of the forecast period.
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Public Cord Blood Banking Services to Report Dominance
Currently, cord blood banking services are being discretely provided in the public and the private sectors, resulting in two types of storages, public and private, in this Latin American market. With continual funds from the governments, non-government organizations, and research societies, the public cord blood banking services segment has registered its dominance in this market. Analysts expect the scenario to remain so over the forecast period.
The research report also presents a comprehensive assessment of the Latin America market for cord blood banking services on the basis of its geographical bifurcation. Brazil, Columbia, Mexico, Argentina, and the Rest of Latin America have been considered as the main geographical segments of this regional market in this study. Brazil, Mexico, and Columbia have surfaced as the leading domestic markets for cord blood banking services in this region and are focusing aggressively on expanding the network of cord blood banks in Latin America.
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Increasing Research Activities in Stem Cell Therapies to Boost Growth
“The market for cord blood banking services in Latin America has been gaining significant impetus from the advancements in the stem cell therapy research, thanks to the increasing infrastructural and technological progression in this region,” says a TMR analyst.
The high incidence rate of genetic disorders and quick and better treatment of such diseases, owing to the easy availability of advanced diagnostic services that provide accurate results are also supporting the growth of the Latin America cord blood banking services. However, the high charges for cord blood banking services and the common opinion among medical professionals about the less possibility of the usage of stored cord blood may limit the adoption of these services in a number of Latin American countries, such as Mexico, Brazil, Peru, and Argentina, reflecting negatively on the overall market, states the research report.
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