The Global Cord Blood Banking Market is expected to be valued at $12.9 billion US dollars by the year 2022, a compound annual growth rate of approximately 11 percent between the years 2015 and 2022. Key factors that are projected to drive the growth of this market include the increased use of stem cell therapy for the treatment of various disease, as well as the rising prevalence of genetic disorders that could be life threatening.
The global cord blood banking market is comprised of storage facilities that collect umbilical cord blood after childbirth. Cord blood is a rich source of stem cells that can be used for the treatment of various chronic and life threatening diseases. The two major types of cord blood banks that are the most prevalent in the global cord blood bank market include private and public cord blood banks. Public cord blood banks experience more revenue than private banks.
Factors Fueling the Growth of the Global Cord Blood Bank Market
There are several factors that are expected to fuel the growth of the cord blood bank market on a global scale. The increased application of the stem cells that are found in cord blood for the treatment of various diseases, including chronic and life threatening diseases, as well as life threatening genetic disorders, will largely drive the growth of this market during the forecasted time period.
Moreover, increased awareness among the general public of the benefits of cord blood and stem cells and the benefits that it offers is also expected to drive augmentation of this market. Furthermore, the large availability of service providers combined with coverage offered via insurance companies for cord blood banking will also lead to an increased demand in cord blood banking on a global scale.
While this market is expected to see significant growth during the forecasted time period, there are certain factors that could prevent the market from seeing its full potential. Stringent regulatory requirements could hinder the growth of the market. Moreover, issues related to ethics and consumers having difficulties determining whether they should opt for private or public cord blood banking are also factors that could hinder the growth of the global cord blood banking industry. Furthermore, the high price of storage and collection of cord blood, as well as the risk of it not being usable after it is collected and stored in private banks will further limit the growth potential of this market on a global scale.
Global Cord Blood Bank: Segmentation Insights
There are two main types of cord blood banks available worldwide: public and private.
In the past few years, private cord blood banks have dominated the global market. The reason this segment has stood above public banks is directly related to the cost of collecting and storing cord blood in private banks. Furthermore, private banks have been utilizing effective marketing tactics, which have resulted in an increase in the number of customers that these banks service.
During the forecasted time period, however, it is projected that the public cord blood bank segment will see substantial growth. This will likely be due to the fact that there is a greater chance of finding suitable matches for patient’s blood in these banks. Additionally, the issues of not being able to use cord blood that has been stored in private banks for genetic disorders will also likely boost the growth of the public cord blood bank segment in the coming years. Lastly, governments are expected to invest more in public banks in order to increase the amount of cord blood units that they can store. All of these factors are projected to lead to significant growth in the public cord blood banking segment by the year 2022.
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Global Cord Blood Banking Market: Regional Insights
The global cord blood banking market is divided into different regions, which includes:
- North America
- Asia Pacific
- Latin America
- Middle East
In recent years, North America has dominated the global cord blood banking market. This was largely due to the wide available of private banks, coupled with the increased awareness of the benefits of the stem cells that come from cord blood for the treatment of diseases and genetic disorders. Moving forward, it is expected that North America will continue to stand on top in this market.
Europe was the second largest market in the global cord blood banking market in recent years. The increase awareness regarding the available cord blood banking services coupled with the heightened presence of private players in the market in this region have allowed for stable growth of the market in this region. During the forecasted time period, Europe is expected to experience stable growth in the global cord blood banking market.
Experts project that Asia Pacific will see the fastest growth rate during the forecasted time period. This will likely be attributed to the presence of emerging countries, including Japan, China and India. Moreover, increased investments in healthcare and more investments by global players in order to increase the geographic reach in Asia Pacific will allow this region to see significant growth in the coming years.
Global Cord Blood Banking Market: Competitive Landscape
The global cord blood banking market is highly competitive. Key vendors continue to invest in research and development in order to improve their storage facilities and gain a competitive edge. Key vendors in this market include Cord Blood America Inc, China Cord Blood Corporation, CBR Systems Inc, Cry-Cell International Inc, Cordlife Group Limited, Cry-Save AG, National Cord Blood Program, Lifeforce Cryobanks, ViaCord Inc and Virgin Health Bank.
Given the fact that this market is highly competitive and the anticipated compound annual growth rate in the coming years, the Global Cord Blood Banking market is a wise choice for investors.