Cord Blood Banking Market Size

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.