Cord Blood Banking Market - 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, 2021-2027
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCord Blood Banking Market - 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, 2021-2027
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.
| Report Attribute | Details |
|---|---|
| Base Year | 2020 |
| Cord Blood Banking Market Size in 2020 | 14,211.9 Million (USD) |
| Forecast Period | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR | 5% |
| 2027 Value Projection | 20,029.1 Million (USD) |
| Historical Data for | 2016 to 2020 |
| No. of Pages | 150 |
| Tables, Charts & Figures | 247 |
| Segments covered | Type of Bank, Service, Application, End-user and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
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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
Imagine you're having a baby. Congratulations! Did you know that the umbilical cord that connects your baby to you contains special stem cells that have the potential to save lives? That's where private cord blood banking comes in. For a fee, private banks will store your baby's cord blood. If your child or a close family member ever needs it, it's there for them. They can even test the cord blood to make sure it's healthy. Over the next few years, the private cord blood banking market is expected to keep growing steadily, reaching over $16 billion. That's because more and more people are learning about the amazing things cord blood can do. For example, cord blood stem cells can treat blood disorders, immune system problems, and even cancer. So, if you're expecting, consider private cord blood banking. It's a smart investment in your family's future health.
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.
Prepare yourself for a remarkable surge in the cord blood banking market, especially in the cancer treatment sector, as it's projected to soar past $6.7 billion by 2027. This boom is fueled by a global epidemic of blood cancers, with an alarming 1.2 million new cases and over 720,000 deaths annually. Cord blood, a valuable medical treasure, is emerging as a game-changer in treating these deadly diseases. Governments and healthcare organizations are stepping forward, generously providing financial support for stem cell therapies that harness the power of cord blood to fight cancer. The growing awareness of stem cell treatments, coupled with the disturbing rise in lymphoma cases, is creating an unstoppable demand for cord blood banking services. Get ready for an industry that's poised for phenomenal growth, driven by the compassionate mission to save lives and conquer the battle against cancer.
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
- Cordlife
- Singapore Cord Blood Bank
- ViaCord LLC
- CBR Systems
- FamiCord
- Cryo-Save
- Americord
- LifeCell
- Global Cord Blood Corporation
- Jeevan Stem Cell Foundation
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
- In May 2021, SingHealth Duke-NUS Academic Medical Centre and Cordlife announced their partnership. This strategy will benefit the company in developing new technologies related to stem cell and blood therapies and increase its share in the industry.
- In August 2019, Cordlife announced its geographical expansion into Bangladesh. This strategy benefited the company to expand its geographical footprint and acquired a larger market share.
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
Click here to Buy Section of this Report
Market, By Type of Bank
- Public
- Private
Market, By Services
- Processing
- Storage
- Others
Market, By Application
- Cancer
- Blood disorders
- Immuno-deficiency disorders
- Metabolic disorders
- Bone marrow failure syndrome
- Others
Market, By End-use
- Hospitals
- Research institutes
- Specialty clinics
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Belgium
- Asia Pacific
- China
- India
- Japan
- Australia
- Singapore
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- UAE
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