Cord Blood Banking Market size is set to surpass USD 20 billion by 2027, according to a new research report by Global Market Insights Inc.
Rapidly developing blood banking infrastructure, rising demand for cord blood banking services, and growing funding in R&D will stimulate the market growth. Also, rising awareness to encourage cord blood banking is anticipated to fuel the market expansion in the coming years.
The highly contagious nature of the COVID-19 virus has negatively influenced the cord blood banking market. Although there is limited evidence to prove that vertical transmission is highly minimal in coronavirus, still the fear of spread of infection is persistent among people. Furthermore, various restrictions across the globe slowed down the blood banking services. This has decreased the demand for cord blood banking services, thereby negatively impacting the industry growth.
Rising burden of anemia will foster the market progression
The growth of the cord blood banking market is attributed to the increasing prevalence of blood-associated disorders like thalassemia, anemia, sickle cell anemia, hemophilia, and others. Additionally, the rising prevalence of anemia around the world will propel the industry expansion. Globally, the prevalence rate is 22.8% and majorly children and women are affected by the anemia. Women of reproductive age and pregnant women are at the higher risk of developing anemia and it may result in premature delivery, stillbirth, miscarriage, and other pregnancy-related complications. Moreover, the high incidence rate of anemia in developing countries, high risk of anemia in children owing to genetic mutation and, high prevalence of hematology disorders will augment the market value.
A low acceptance rate in developing countries may hamper the market demand. According to the WHO, lower-middle-income countries and low-income countries don’t have required cord banking facilities around the country. The Foundation for the Accreditation of Cellular Therapy (FACT) and the International NetCord Foundation have amended certain rules and guidelines while collecting cord blood. The inability to meet the guidelines results in transfusion-transmissible infections transmitted in the donated blood. Aseptic collection, screening, handling is very necessary for storing umbilical cord blood. Thus, the low awareness regarding regulations and cord banking may restrain lower-income countries to store blood, thereby hampering the industry value.
Public bank segment is expected to showcase significant growth
The public bank segment in the cord blood banking market was valued at USD 2.3 billion in 2020. Public cord banks are nonprofitable companies that store cord blood for free. According to statistics, only 1 in 400 to 1 in 200,000 children will require their stored cord blood. Public companies share their samples with research organizations and transplant patients as well. Further, the public bank segment witnessed high market revenue due to an increase in the demand for cord blood banking, rising prevalence of hematological disorders, and increase in blood donation.
Browse key industry insights spread across 150 pages with 229 market data tables & 18 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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Growing usage of stored cord blood for treatment will spur the segment growth
The cord blood banking market for storage service will exhibit 5.5% growth rate, to reach USD 3.9 billion by 2027. The cord blood can be used as regenerative medicine. FDA approved cord blood for the treatment of around 80 diseases. Governments, medical organizations, and NGOs are campaigning to increase the rate of cord blood donation around the globe. An increase in cord blood donation will influence the industry demand in the coming years.
Rising prevalence of primary immunodeficiencies will fuel the cord blood banking market demand
The immunodeficiency disorders segment accounted for USD 2.1 billion in 2020. The growing prevalence of primary immunodeficiencies across the world will augment the market growth. Across the world, the prevalence rate of primary immunodeficiencies is 1:8500 to 1:100000. In Asia, about 15,939 patients are suffering from primary immunodeficiencies. Increasing research for the treatment of immunodeficiencies with cord blood will significantly foster the industry progression.
Specialty clinics segment will propel the market expansion
The specialty clinics segment in the cord blood banking market size was USD 3.1 billion in 2020 led by the increasing prevalence of hematological disorders, cancer, metabolic disorders, and others. Also, specialty clinics possess all the required technologies for the treatment of the aforementioned diseases.
Healthcare infrastructure development in the European region will upsurge the cord blood banking adoption
Europe cord blood banking market captured 34.2% revenue share in 2020 driven by the developed healthcare infrastructure in the region. Also, the rising prevalence of immunodeficiency disorder in the region will accelerate the industry revenue. The presence of major players and public cord banking facilities in the region will significantly boost the industry demand.
Market leaders are focusing on launching various cord blood banking services to impel the market progression
Prominent companeis functioning in the market are Cordlife, Singapore Cord Blood Bank, ViaCord LLC, CBR Systems, FamiCord, Cryo-Save, Americord, LifeCell, Global Cord Blood Corporation, Jeevan Stem Cell Foundation. The market participants undertake various strategic initiatives to gain a competitive edge in the cord blood banking.