Cord Blood Banking Market worth over $23bn by 2025
Published Date: August 6, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Cord Blood Banking Market size is set to surpass USD 23 billion by 2025; according to a new research study published by Global Market Insights, Inc.
Increasing government initiatives for establishment and development of cord blood banks will act as the major growth rendering factor. For instance, U.S. government launched Sibling Donor Cord Blood Program with the support of Children's Hospital Oakland Research Institute (CHORI) & ViaCord for providing free cord blood cells to families across U.S. Funding from government and private organizations ensure smooth functioning and expansion of cord blood banks network.
Rising use of cord blood cells for regenerative medicine purposes coupled with growing number of clinical tests for regenerative medicines will augment the demand for cord blood stem cells across the forecast timeframe. In the last decade, the use of cord blood units released from public banks are witnessing a shift towards use in clinical trials of regenerative medicines. Use of umbilical cord blood for regenerative medicine purposes is one of the major drivers that will boost the market growth.
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Public cord blood banking market will showcase considerable growth rate of 6.1% till 2025 owing to various government initiatives for encouraging expectant mothers to donate cord blood cells in public banks. For instance, increasing funding from UK’s National Health Services for supporting the establishment of public cord blood banks will spur the industry expansion.
Storage services is projected to reach USD 4.5 billion by 2025. Different offers and discounts provided by cord blood banks for long-term storage of cord blood cells will propel the segment growth. Additionally, various marketing strategies adopted by private cord blood banks for encouraging expectant parents to opt long-term storage will foster the segment demand.
Cancer segment accounted for 35.4% of the cord blood banking industry share in 2018. Many government organizations are constantly spreading awareness and providing funds to support stem cell transplants for cancer treatment that will enable patients to obtain effective treatment regimen. Moreover, the ability of cord blood to treat various cancers will influence the segment expansion.
Research institutes end-use segment is estimated to attain a CAGR of around 6.4% through 2025 led by growth in number of clinical trials for exploring new diseases that can be successfully treated by using cord blood stem cells. In addition, growing pervasiveness of genetic disorders will positively impact the segment share.
Browse key industry insights spread across 161 pages with 230 market data tables & 9 figures & charts from the report, “Cord Blood Banking 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 (Hospitals, Research Institutes, Specialty Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Europe market size is predicted to cross USD 7.6 billion by 2025 on account of increasing efficient initiatives implemented by the European Union and various organizations will impel demand for cord blood banking. Uniform regulations implemented by the European government regarding support of voluntary and free donations, procedures to standardize the testing of donated tissues and cells, and procedures to ensure document safety and traceability will further augment European umbilical market growth.
Latin America cord blood banking market is poised to expand at more than 5.8% during 2019 to 2025 driven by favorable government norms and policies coupled with rising prevalence of chronic diseases. Countries like Brazil, Mexico and Colombia are focused on increasing the cord blood bank connectivity through various government funding programs. There are various new players making efforts to enter the market to explore new growth avenues in the upcoming years.
Prominent companies operational in the market include Singapore Cord Blood Bank, CBR Systems, ViaCord LLC, Cordlife, FamiCord, Cryo-Save, Americord, Global Cord Blood Corporation, LifeCell and Jeevan Stem Cell Foundation. The industry players focus on development of new strategies and capture larger revenue share.