Umbilical cord blood (UCB) is collected from the umbilical cord of a newborn baby and also retrieved from the placenta after delivery. It is enriched with adult stem cells and these stem cells play a vital role in regulating all biological activities and in developing tissues in the human body. Many types of stem cells are present in UCB including hematopoietic stem cells and mesenchymal stem cells. Hematopoietic stem cells give rise to all the other blood cells. Hematopoietic stem cells are severely damaged in people suffering from bone marrow diseases, malignancies, inherited metabolic disorders, and immunological disorders. Mesenchymal stem cells are involved in the development of tissues such as cartilage, bone, fat, new blood vessels, and cardiac muscles.
UCB is used in clinical procedures associated with regenerative medicines. For instance, UCB-derived stem cells are used in hematopoietic stem cell transplantation (HSCT) for the treatment of life-threatening diseases such as leukemia and type I diabetes in children and adults. In addition, UCB is also used in the treatment of diseases such as bone marrow disorders, circulatory diseases, heart problems, neurological diseases, and cartilage disorders.
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Globally, increasing prevalence of chronic diseases coupled with the emerging field of regenerative medicines is driving the UCB banking market. In addition, various government associations and initiatives are also supporting in the growth of the UCB banking market.
However, strict license and accreditation procedures impede the growth of UCB banking market. In addition, high banking cost in private UCB banks is also hampering the growth of UCB banking market. Allogeneic hematopoietic stem cell transplantation and cord tissue storage are some of the major trends in UCB banking market.
North America has the largest market for UCB banking. The U.S., followed by Canada, is the largest market for UCB banking in the region. Increasing prevalence of chronic diseases is the key driver of the UCB banking market. In addition, initiatives by various government associations have also led to the increase in awareness about the importance of cord blood donation in the region.
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In Europe, the UCB banking market is growing due to increased awareness about potential applications of cord blood in the treatment of life-threatening diseases. In addition, increasing number of live births is also playing a vital role in the growth of UCB banking market in Europe. For instance, according to Eurostat, in 2010, 807,271 live births registered in 2010 and the number reached to 812,970 by 2013 in the U.K.. Due to increased awareness about potential of cord blood, newborns family donates and preserves cord blood either in private or public banks in Europe.
However, Asia-Pacific is the fastest growing region in the UCB banking market. This is due to increasing prevalence of chronic diseases in the region. In addition, raising awareness about potential applications of cord blood and increasing number of live births are also contributing in the growth of UCB banking market in the region. China has the highest number of live births, followed by India around the world.
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The report provides in-depth analysis and estimation of the UCB market from 2014 to 2020, considering 2014 as the base year for calculation. Additionally, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report.
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