Cord Blood Bank Services Market to Grow with a CAGR of 6.10% through 2028
Rising Demand
for Stem Cell Therapies and Increasing Private Banking is expected to drive the
Global Cord Blood Bank Services Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Cord Blood Bank Services Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2028”,
the Global Cord Blood Bank Services Market stood at USD 1.70 billion in 2022
and is anticipated to grow with a CAGR of 6.10% in the forecast period,
2024-2028. The awareness among individuals regarding Cord Blood Bank Services
has led to favorable market conditions for the global Cord Blood Bank Services
market. Several factors contribute to the growth of various Cord Blood Bank
Services products.
The cord blood
banking industry is experiencing a surge in demand for stem cell therapies.
Stem cells derived from umbilical cord blood have demonstrated vast potential
in treating a broad spectrum of medical conditions, ranging from leukemia to
autoimmune disorders. This heightened interest in regenerative medicine has
been a driving force behind the expansion of cord blood banking services. The relentless
pursuit of medical advancements has resulted in significant progress in stem
cell research. As scientists continue to unveil innovative therapeutic
applications for stem cells, the need for cord blood storage and related
services has seen an exponential rise. Researchers are consistently exploring
novel treatments, including the possibility of regenerating damaged tissues and
organs.
Stem cell
therapies present a hopeful alternative to traditional treatments, frequently
leading to fewer complications and side effects. This makes them an appealing
choice for both patients and healthcare providers. The decreased risk linked to
stem cell therapies has driven an increasing inclination toward the use of stem
cells derived from cord blood, which will further fuel market growth.
In September
2023: Cord life Sciences India Pvt. Ltd. announced that it has received
accreditation from the Foundation for the Accreditation of Cellular Therapy
(FACT). FACT is an international non-profit organization that accredits cord
blood banks, hematopoietic stem cell processing facilities, and cellular
therapy laboratories.
Increased
awareness campaigns, often spearheaded by cord blood banks and healthcare
organizations, have played a pivotal role in educating expectant parents about
the value of cord blood banking. This heightened awareness has demystified the
process, making it more accessible and appealing.
In today's
fast-paced world, Cord blood bank services offer immediate access to stored
cord blood units when required. In emergencies, quick access to compatible stem
cells can make the difference between life and death, ensuring timely medical interventions.
Cord blood stem cells have versatile therapeutic applications, ranging from
treating hematological disorders to regenerative medicine and immunotherapy.
Their adaptability addresses a wide spectrum of medical conditions, offering
hope and solutions in our fast-changing healthcare landscape. Cord blood
banking allows for personalized healthcare. Families can store their child's
cord blood, ensuring that the stem cells are a genetic match. This genetic
compatibility increases the likelihood of successful treatments, addressing
health concerns in an individualized manner. Cord blood stem cells are at the
forefront of medical research and development. They play a pivotal role in
emerging therapies like CAR-T cell therapy and regenerative medicine, facilitating
rapid advancements in healthcare. Cord blood banking offers convenience by
eliminating the need to search for compatible donors in times of need. Families
have peace of mind knowing they have a readily available resource that can be
accessed without delay. Cord blood banks often collaborate globally to
facilitate international stem cell exchanges. This interconnectedness ensures
that stem cells can be transported across borders, providing access to
compatible matches worldwide.
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market data Figures spread through XX Pages and an in-depth TOC on "Cord Blood Bank Services Market.”
Private cord blood
banks give top priority to safeguarding the confidentiality and security of
stored samples. Families value the guarantee that their genetic data and cord
blood units will be kept confidential and well-protected. Recent advancements
in cryopreservation methods have improved the extended-term viability of stored
cord blood units. This has instilled greater confidence in families regarding
the durability and excellence of their stored samples.
In recent times,
Cord blood stem cells are a crucial resource for treating hematological
disorders such as leukemia, lymphoma, and myeloma. In recent years, these
transplants have become increasingly common and successful, offering hope to
patients with life-threatening conditions. Cord blood stem cells are being used
in regenerative medicine to repair damaged tissues and organs. Recent
advancements in this field have shown promise in treating conditions like
spinal cord injuries, heart diseases, and diabetes. Cord blood plays a vital
role in emerging immunotherapies like CAR-T cell therapy. Recent breakthroughs
in this field are revolutionizing cancer treatment, providing new hope to
patients with aggressive forms of cancer. However, Limited Public Awareness and
Education may hinder market growth. Moreover, challenges related to High Costs
and Limited Accessibility may pose obstacles to the Cord Blood Bank Services
market in the near future.
The Global Cord
Blood Bank Services Market is segmented into storage service, component, application,
end-user, regional distribution, and company.
Based on its storage
type, the Private cord blood banks offer families the unique opportunity to
store their child's cord blood exclusively for their use. This personalized
approach resonates with parents who seek to secure a biological resource
tailored to their family's specific medical needs. Families value the assurance
of a genetic match between the stored cord blood unit and their child. This
genetic compatibility ensures the highest likelihood of successful transplants
and treatments in the future. Private cord blood banks typically offer longer
storage durations, often spanning decades. This extended storage period
provides peace of mind to families, ensuring that the cord blood remains
available throughout the individual's lifetime. Private banks often provide
additional services, such as HLA (Human Leukocyte Antigen) typing and genetic
testing, further enhancing the value of the stored cord blood. These services
are crucial for identifying suitable matches for transplantation. Private cord
blood banks guarantee immediate access to the stored cord blood unit when
needed. This control over timing and utilization is particularly valuable in
urgent medical situations, where timely access can be critical. Families may
choose private cord blood banking not only for the child but also with future
family planning in mind.
Based on region,
North America segment is expected to grow during the forecast
period. North America boasts a highly developed healthcare
infrastructure, making it a hub for medical innovation and cord blood banking
services. The region's advanced hospitals, research centers, and specialty
clinics are well-equipped for cord blood transplantation and therapy. The
United States, in particular, has a supportive regulatory framework for cord
blood banking, ensuring high standards of safety and quality. Regulatory bodies
like the FDA oversee the industry, enhancing trust among patients and
healthcare providers. North America has actively promoted public awareness of
cord blood banking through educational initiatives, advocacy groups, and
healthcare professionals. This concerted effort has led to a higher rate of
cord blood banking among expectant parents. The region conducts extensive
research and clinical trials involving cord blood stem cells, leading to
advancements in therapies and transplantation techniques. These innovations
further solidify North America's leadership in the field. The prevalence of
private cord blood banking in North America is significant. Families often opt
for private banking, contributing to the region's dominance. Private banks are
well-established, offering comprehensive services and high-quality storage
options.
The Asia-Pacific
market is poised to be the fastest-growing market, offering lucrative growth
opportunities for Cord Blood Bank Services players during the forecast period.
Factors such as The Asia-Pacific region is witnessing increased investments in
healthcare infrastructure and research. Governments and private entities are
recognizing the potential of cord blood banking in advancing medical
treatments. The expanding middle-class population in countries like China and
India is driving demand for high-quality healthcare services, including cord
blood banking. This demographic shift is a key factor in the region's rapid
market growth. Increasing awareness campaigns and educational initiatives in
Asia-Pacific are demystifying cord blood banking. As more families become
informed about the benefits, the adoption rate is expected to surge. The region
is exploring diverse applications of cord blood stem cells, from treating
hematological disorders to regenerative medicine and immunotherapy.
Major companies
operating in Global Cord Blood Bank Services Market are:
- BR Systems Inc.
- China Cord Blood Corporation
- Americord Registry LLC
- Cordlife Sciences India Pvt. Ltd.
- Cryo-Cell International Inc.
- CSG-BIO
- Vita 34, Inc.
- CordVida
- ViaCord Inc.
- Virgin Health Bank
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“The Advancements
in Medical Research and increasing awareness and education are key drivers of
the Cord Blood Bank Services market. In recent years, Favorable regulations and
policies in many countries encourage the establishment and operation of cord
blood banks, ensuring quality and safety. Moreover, the growing consumer
emphasis on preventative healthcare products has enhanced production and
marketing efforts. To meet the demands of the market, manufacturers are
increasingly incorporating cutting-edge technologies with high production
efficiency. Rising consumer acceptance and continuous product innovation will
further ensure the growth of the Cord Blood Bank Services and supplements
market in the coming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Cord Blood
Bank Services Market – Global Industry Size, Share, Trends, Opportunity, &
Forecast 2018-2028 Segmented By Storage Services ((Public Cord Blood Banks,
Private Cord Blood Banks, Hybrid Cord Blood Banks), By Component (Cord Blood,
Cord Tissue, Placenta, Others), By Application (Cancer, Blood Disorders,
Metabolic Disorders, Osteoporosis, Immunodeficiency Disorders, Bone Marrow
Failure Syndrome), By End-User (Hospitals & Specialty Clinics, Research
Institutes, Others), By Region, Competition”, has evaluated
the future growth potential of Global Cord Blood Bank Services Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Cord Blood Bank Services Market.
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