Cord Blood Banking Market Size & Share 2021 to 2027
Market Size by Type of Bank (Public, Private), by Services (Processing, Storage), by Application (Cancer, Blood Disorders, Immuno-deficiency Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome), by End Use & Forecast.
Report ID: GMI3268
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Published Date: August 2021
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Report Format: PDF
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Authors:
Monali Tayade, Jignesh Rawal
Cord Blood Banking Market Size
Cord Blood Banking Market Size exceeded USD 14.2 billion in 2020 and is anticipated to grow at over 5% CAGR between 2021 and 2027. The market growth is attributed to the rising awareness regarding various therapeutic applications. Many private, public centres, NGOs, government, and other organizations are generating awareness regarding applications of cord banking. Also, cord blood banking technology enables the treatment of immunodeficiency disorders, thus fundamentally transforming the market space.
The COVID-19 pandemic has negatively impacted the economies of the world, as well as it also disrupted many healthcare services like cord blood and blood component services. Major companies operating in the cord blood banking space witnessed a dip of about 15 to 20% in terms of subscription and about 5 to 10% of decline in the revenue. Even though there is limited evidence regarding vertical transmission, the fear of infection spread restricted the growth of the cord banking industry. This was one of the major reasons for decline in revenue for major players in 2020.
However, during the pandemic, the Worldwide Network for Blood and Marrow Transplantation (WBMT) and the Center for International Blood and Marrow Transplant Research (CIBMTR) recommended various governments to generate awareness regarding cord blood banking. In addition, many clinical trials have been conducted to examine the use of cord blood and birthing tissues on COVID-19 patients that helped in minimizing the impact of COVID-19 on the cord blood banking market. The industry gained traction shortly after the clinical trials approval for cord blood-based cell therapeutics for COVID-19.
Increasing prevalence of hematological disorders will spur the cord blood banking market expansion
The hematological disorder is associated with the blood and blood-forming organs. It includes thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and others and the prevalence of these diseases is constantly rising. The exponential rising prevalence of leukemia cases across the globe has led to the growing demand for cord blood cells. Furthermore, favorable government initiatives, rapidly improving healthcare infrastructure, and increasing R&D for the treatment and diagnosis of various hematological disorders will positively impact the industry growth.
High cost of cord blood banking may restrict the market progression
The skyrocketing prices of cord blood banking might slow down the market. Private cord blood banking may charge fees of about $,1000 to $2,000. Moreover, yearly a patient is required to pay $100 to $175 storage and maintenance charges. Also, health insurance companies do not cover and reimburse the cost of cord blood banking. The high price associated with cord blood banking along with no insurance coverage may hinder the industry expansion over the forecast timeframe.
Cord Blood Banking Market Analysis
The private banks segment in the cord blood banking market is expected to register 4.8% growth rate, to reach USD 16.54 billion by 2027. The private cord banking facility is a paid service. The cord blood is reserved for the user and can also be used in the need of patient’s close relatives. Additionally, diagnostic screening of cord blood in private centers is as per the guidelines and regulations. The industry progression is propelled by a wide array of applications of cord blood cells, driven by rising blood and immune system disorders, increasing awareness about the therapeutic application of umbilical cord blood, and growing clinical trials.
During cord blood processing the stem cells are separated and extracted from the red blood cells. The procedure of processing requires sedimentation and centrifugation method which is accomplished using automation system and technician. Further, the processing segment is credited to the rising number of clinical trials and research of cord blood, and an increase in the prevalence of hematological disorders will foster the industry revenue.
The cord blood banking market for cancer segment will cross USD 6.7 billion by 2027 impelled by the increasing prevalence of blood cancer cases. An estimated 1.2 million cases are being reported annually of blood cancer from across the world and more than 720,000 deaths are reported for the same. Cord blood is increasingly being used for the treatment of blood cancers. Government and private organizations are providing funds for the treatment of cancers through stem cell therapies. Moreover, growing funding, increasing awareness related to stem cell therapies for the treatment of various diseases, and rising lymphoma pervasiveness will positively influence the industry demand.
The hospital segment dominated more than 57.9% of the cord blood banking market share in 2020. The awareness of cord blood banking applications will rise the demand for cord blood banking processing in the hospital that will stimulate the market expansion. Furthermore, the storage infrastructure development in public and private healthcare settings for cord blood is slated to accelerate the industry value.
North America cord blood banking market is predicted to attain a CAGR of over 4.2% till 2027 on account of the rising prevalence of leukemia in the U.S. The Leukemia & Lymphoma Society (LLS), states that around 376,508 people are suffering from leukemia in the U.S in 2020, and more than 60,530 new cases are reported. Additionally, the development of healthcare infrastructure and an increasing number of clinical trials for the treatment of leukemia will enhance the industry of cord blood banking.
Cord Blood Banking Market Share
A few key companies functioning in the market are:
These market leaders are focusing on numerous strategies like new product launches, acquisitions, mergers partnerships, and collaborations to target new customer base and revenue share.
Recent industry developments:
The cord blood banking market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:
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Market, By Type of Bank
Market, By Services
Market, By Application
Market, By End-use
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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