The rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer, has led to an increase in the government initiative leading to an increase in number of cord blood banks, which is expected to fuel the market growth of cord blood banking services.
According to a new report published by Allied Market Research, titled, Cord Blood Banking Services Market by Storage Services: Global Opportunity Analysis and Industry Forecast, 2017-2023,” the global cord blood banking services market accounted for $1,126 million in 2016, and is estimated to reach at $2,772 million by 2023, registering a CAGR of 13.8% from 2017 to 2023. North America was the highest revenue contributor in the global market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
Umbilical cord blood is collected from the nursing homes and hospitals post the delivery of a baby. This blood contains a large amount of stem cells, which can be used to treat various diseases. The public cord blood banks are operated by the non-profit organizations with the help of government funding, which are donated by families after the delivery of baby. This donated cord blood is available for multiple applications such as for research purposes and treatment of genetic diseases.
The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.
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The cord blood banking services market is expected to witness a moderate growth during the forecast period. The key drivers for the market growth are adoption of novel marketing strategies by key players, increase in R&D activities for application of cord blood, and rise in funding for establishment of public cord blood storage banks. However, high cost associated with the processing, difficulty in finding a match in the donor list of public cord blood banks, and legal & ethical issues related to collection of cord blood are expected to hamper this growth. Conversely, advancement in the stem cell therapeutics and presence of untapped potential in the developing and developed regions are expected to provide various opportunities to the cord blood banking services.
The private cord blood banks segment occupied a dominant part of the market in 2016, and is expected to grow at the highest rate. This is attributable to the better service provided by the private banks to their customers, guarantee of storing the cord blood for a specified period, and immediate retrieval of the cord blood when required for treatment of any genetic disease.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the market maturity, high awareness among the expectant parents, presence of high disposable income, and high adoption rate of cord blood storage services. However, Asia-Pacific is expected to witness the highest growth during the analysis period, attributable to rise in awareness related to the benefits of storing cord blood, increase in focus of key players to expand their services, and rise in disposable income.
Key Findings of the Cord Blood Banking Services Market:
- The private cord blood bank segment is anticipated to grow at the highest rate during the analysis period.
- Germany was the highest revenue-generating country in the European market in 2016, and is expected to continue its dominance during the forecast period.
- In 2016, North America dominated global cord blood banking services market, and is estimated to continue this trend in the near future.
- China is expected to grow at the highest rate in the Asia-Pacific region.
- Latin America was the largest contributor in the LAMEA region.
The key companies profiled in the report include China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc., Virgin Health Bank, CordVida, Americord, CryoHoldco, and Vita34.