Global Umbilical Cord Blood Banking Market: Overview
Umbilical cord blood, which is what remains in the placenta after birth, has life-saving properties. It finds application in the treatment of genetic or hematopoietic diseases. Applying latest cutting-edge technologies involving medical data-keeping and storage, cord blood banks allow individuals to store blood from the umbilical cord for later use. Cord blood banks are quite ubiquitous these days and can be both public and private. The banks usually charge a fee for collection in additional to an annual fee for maintenance and storage. The global cord blood banking services are supervised by bodies, namely the American Association of Tissue Banks, Human Tissue Authority, Clinical Laboratory Improvement Amendments, and the American Association of Blood Banks.
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A report by Transparency Market Research throws light on important facets of the global market for umbilical cord blood banking. It furnishes a qualitative analysis of the growth drivers and restraints in the market and chronicles the prevalent trends in it. The report is a comprehensive collection of historical, current, and projected data about the market. It offers an assessment of where the market stands today and its future trajectory. The report also offers a detailed assessment of the competitive landscape and identifies key players contributing towards the growth of the market. Market-leading analytical tools have also be been leveraged to gauge the opportunities and threats awaiting players.
Global Umbilical Cord Blood Banking Market: Trends and Opportunities
The unique perceived benefits of cord blood is that it is rich in stem cells that can blend into any type of blood cells. On account of this, cord blood find application in treating diseases that harm the blood and the immune system, including leukemia, certain types of cancers, sickle-cell anemia, and a few metabolic disorders. Cord blood can morph into bone cell, muscle cell, blood cell, tissues, and brain cell and can replicate or copy themselves limitlessly. As a result, stem cells have become a crucial part of medicine nowadays.
Research is on full throttle to find their use in treatment of various other medical conditions. In the past 50 years, more than a million people have received a new lease of life on account of stem cell therapy. Because of so many benefits, the global umbilical cord blood banking market has been expanding at a good clip so far. According to the TMR report, the main growth driver in the global market for umbilical cord blood banking is the increasing number of applications available for cord blood. This increase in scope of use will create more opportunities in this market in the near future.
One factoring countering the global market for umbilical cord blood banking is the poor availability of cord blood units. Further, the high cost of maintaining cord blood banks due to storage regulations imposed on laboratories to thwart contamination of units are other factors slowing the growth in the market.
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Global Umbilical Cord Blood Banking Market: Regional Outlook
Geographically, North America is a key region in the global market for umbilical cord blood banking. Going forward, however, the Asia Pacific market is slated to gain the most due to the increasing disposable incomes and rising government support in the region.
Companies Mentioned in the Report
Some of the key players competing in the global market for umbilical cord blood banking are Cryo-Cell International, Inc., ViaCord, Inc., NeoStem, Inc., China Cord Blood Corporation, Cord Blood Registry Systems, Inc., and Cord Blood America, Inc.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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