Pune, India, September 11, 2018/MRFR Press Release/- Market Research Future published a half-cooked research report on “Global Cord Blood Banking Services Market” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2023.
Cord blood banking services refer to the storing of the umbilical cord blood which can be later used for a range of treatments fitting to the medical needs. The small amount of cord blood collected from a single umbilical cord comprises a large number of stem cells that can be cultivated and stored for the future use.
Stem cells act as tiny repair mechanisms, naturally, making it ideal for use in a range of treatment options. Hematopoietic stem cells (HSCs) and mesenchymal stem cells (from the placenta, cord tissue, and adipose tissue) offer potentially life-saving treatment options for people whom the traditional medicine cannot assist.
Spreading awareness about the potential benefits of cord blood banking is encouraging the increasing number of people to invest in the process. People are increasingly getting aware of the stored stem cells that could repair, replace or restore their diseased or damaged tissue and storing the umbilical cord is the key to unlocking those possibilities. Needless to say, that the global cord blood banking services market is growing pervasively, garnering exponential accruals.
Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the global cord blood banking services market will grow exponentially by 2023, posting a CAGR of approximately 11.4% during the forecast period of 2017–2023.
Additional factors substantiating the market growth include increasing application areas of cord blood in the treatment of chronic conditions, the increasing number of facilities across the globe, and the growing focus of federal agencies to develop public banking units.
Conversely, the high cost of these services is expected to obstruct the market growth during the forecast period. Furthermore, factors such as growing population, urbanization, the wide uptake of advanced technologies, and the availability of infrastructure for implementation of cord blood banking services are providing impetus to the market growth.
Global Cord Blood Banking Services Market – Segmentations
The MRFR analysis is segmented into five key dynamics;
By Storage Services : Public, Private, and Hybrid cord blood banks.
By Components : Cord Blood, Cord tissue, and Placenta among others.
By Applications : Cancers, Metabolic Disorders, Immune Disorders, and Blood Disorders among others.
By End-Users : Hospitals (medical applications), and Pharmaceutical Research (drug discovery) among others.
By Regions : Europe, North America, APAC and the Rest-of-the-World.
Global Cord Blood Banking Services Market – Geographical Analysis
North America region accounts for the leading market for cord blood banking services, acquiring the largest market share in the global market. The market in the region, backed by increasing awareness about the long-term benefits of cord blood storage, the growing number of service providers, growing investments in public banking and reduction in the cost involved in storage is further expected to create a large revenue pocket during the forecast period.
Various factors substantiating the market growth include the availability of specialized technique, the presence of a considerable number of cord blood banking centers, solid support from the government and various organizations, high patient fulfillment with high quality and low-cost services in the region.
Europe & Asia Pacific region accounts for the second & third largest market respectively in the global cord blood banking services market. The cord blood banking services market in Europe is expected to grow at a phenomenal CAGR over the assessment period (2017 to 2023).
Whereas, the increasing demand for more cord blood banking services centers drives the market growth in the APAC region. Owing to the rising funding and proliferating infrastructures for healthcare, mainly in countries like China and India the Asia Pacific market is emerging as one of the lucrative markets, globally.
The MEA Region (the Middle East & Africa) will perceive a steady growth during the forecast period.
Global Cord Blood Banking Services Market – Competitive Landscape
The market for cord blood banking services is fragmented and fiercely competitive with the presence of several big & small players forming a competitive edge. These players try to gain competitive advantage through acquisition, strategic partnership, collaboration, expansion, and product & technology launch. To achieve their goals, they invest heavily in the development of facilities.
Some of the leaders driving the global cord blood banking services market include Cord Blood America, Inc. (US), China Cord Blood Corporation (China), CBR Systems, Inc. (US), Cryo-Cell International, Inc. (US), Cordlife Group Limited (Singapore), ViaCord, Inc. (US), Cryo-Save AG (Netherland), California Cryobank Stem Cell Services LLC (US), Virgin Health Bank (Qatar), Norton Healthcare, Inc. (US), StemCyte, Inc. (India), CordVida (Brazil), Lifeforce Cryobank Sciences Inc. (US), Vita 34 International (Germany), CryoHoldco de Latinoamerica, S.A.P.I. De C.V. (Mexico), and LifeCell International Pvt. Ltd (India).
June 4, 2018 – Cryo-Cell International, Inc. (US), a leading company providing private cord blood bank announced the acquisition of Cord: Use Cord Blood Bank, Inc. (US), a promising company providing cord blood services.
The acquisition is expected to foster Cryo-Cell International into the public cord blood banking business solidifying the company's role as the industry leader further.