According to Stratistics MRC, the Cord Blood Banking Services market accounted for $12.50 billion in 2015 and is expected to grow at a CAGR of 6.41% to reach $19.32 billion by 2022. The factors such as increasing stem cell therapy applications in diseased treatments, growing number of advancements in technologies, rising awareness of cord blood banking services and growing incidence in prevalence of life threatening genetic disorders are some of the factors driving the market growth. However, high cost and unavailability of cord blood units & storage requests are the factors limiting the market growth. Moreover, growing public awareness toward stem cell therapies, and deal-making within the industry (which includes mergers & acquisitions) are some of the opportunities during the forecast period.
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Private cord blood bank segment accounted for the largest share due to increasing cost of storage and collection for CB unit which are charged to parents. However, public cord blood banking segment is anticipated to witness the highest CAGR during the forecast period. North America accounted for the largest market, due to its favourable government policies and the large number of consumers opting for stem cell therapy. Disposable incomes and government support to cord blood banking are favouring the Asia pacific region to witness the highest growth during the forecast period.
Some of the key players in global cord blood banking market include Cord Blood Registry Systems, Inc., NeoStem, Inc., Banco de Cordon Umbilical (BCU), Virgin Health Bank, America Cell Biobank, Inc., Cryo-Save Group AV, Lifeforce Cryobanks, National Cord Blood Program, China Cord Blood Corporation, Cordlife Group Ltd., Cord Blood America, Inc., Cryo-Cell International, Inc., and ViaCord, Inc.
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