Cord Blood Banking Market to be dominated by Rising Awareness Regarding Various Therapeutic Applications through 2027

Increasing prevalence of hematological disorders will drive global cord blood banking market in the forecast period, 2023-2027.

According to TechSci Research report, “Cord Blood Banking Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global cord blood banking market is anticipated to grow at a significant rate in the forecast period, 2023-2027. The rise in number of patients suffering from genetic disorders and growing awareness are the primary factors driving the demand for the global cord blood banking market. Governments of various countries are staring to extensively invest on research and development for better treatment of diseases, and also for the expansion of healthcare industries which is expected to influence the market growth in upcoming years.

However, the high operating cost of stem cell therapeutics may restrain the global cord blood banking market growth in the forecast period.

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The global cord blood banking market is segmented into service, component, application, sector, and company.

Based on the service, the market is bifurcated into sample preservation & storage, sample analysis, sample processing, and sample collection & transportation. The sample preservation & storage sub-segment is expected to hold the largest market share. This significant increase is attributed to the growing expectant population worldwide. Currently, cord blood units are stored as a person needs and can be done at extremely low costs, which will ultimately help to treat life-threatening diseases later in life. Such factors is projected to drive the global cord blood banking market storage services over the next few years.

Based on component, the market is divided into cord blood and cord tissue. Cord blood segment is expecting to witness a largest market share due to hematopoietic stem cells which can form any type of any kind of blood cell. The Cord blood is used for transplant procedures to treat diseases such as blood disorders, metabolic diseases, immune deficiencies, and to treat sickle cell anemia.

Based on application, the market is divided into cancer disease, diabetes, blood disease, immune disorders, metabolic disorders, and others. The blood disorders segment is predicted to hold the largest market share, owing to the rising prevalence of beta-thalassemia and various other blood-related disorders

Based on sector, the market is divided into public cord blood banks and private cord blood banks. The Private Bank segment is anticipated to rise the most during to forecasted period due to its large customer base, attractive marketing practices, and generating higher revenue in the market.

Major operating companies operating in global cord blood banking market are:

• Americord Registry LLC
• Covis Group
• Cordlife Group Limited
• Cryo-Cell International, Inc.
• FamiCord Group
• Cordvida, Perkinelmer Inc.
• Lifecell International Pvt. Ltd.
• ViaCord LLC
• Global Cord Blood Corporation
• StemCyte, Inc.Hitachi Ltd.

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“The North America region dominates the market and is expected to maintain its dominance in the coming years due to growing network of stem cell banking services across the region, ongoing approval of stem cell lines for disease, recent technological advancements in the arena of stem cell collection and preservation techniques, Increasing investments in healthcare sector, escalating investment by international players to maximize the geographic reach, and thereby expand market share are some of the factors anticipated to spur the North America cord blood banking market Asia-pacific till 2027.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Cord Blood Banking Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Service (Sample Preservation & Storage, Sample Analysis, Sample Processing, Sample Collection & Transportation), By Component (Cord Blood v/s Cord Tissue), By Application (Cancer Disease, Diabetes, Blood Disease, Immune Disorders, Metabolic Disorders, Others), By Sector (Public Cord Blood Banks v/s Private cord Blood Banks), By Company, and By Region”, has evaluated the future growth potential of global cord blood banking 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 banking market.

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