The global cord blood banking services market is driven by factors including various marketing strategies adopted by key players, rise in R&D activities for cord blood applications, and surge in funding for establishing public cord blood storage banks.
The global cord blood banking services market is expected to generate $2.77 billion by 2023, growing at a CAGR of 13.8% from 2017 to 2023. North America generated the highest revenue across the globe in 2016; however, Asia-Pacific would register the fastest growth rate during the forecast period.
The global cord blood banking services market is driven by factors including various marketing strategies adopted by key players, rise in R&D activities for cord blood applications, and surge in funding for establishing public cord blood storage banks. However, expensive nature of the processing, adversities related to find a match in the donor list, and legal & ethical issues regarding gathering of cord blood hinder the market growth. On the other hand, advancements related stem cell therapeutics and untapped potential in the developing regions would offer opportunities for the market growth.
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The private cord blood banks segment held the major share of the market in 2016, and is estimated to register the highest growth rate by 2023. This is due to the advanced services offered by the private banks, storage of the cord blood for specified duration, and ease in retrieval of the cord blood whenever necessary for treating any genetic disease.
In 2016, North America held the largest share in terms of the total revenue, owing to surge in awareness among expectant parents, rise in disposable income, and high rate of adoption of cord blood storage services. On the other hand, Asia-Pacific is estimated to register the highest growth during the forecast period, attributable to rise in focus of key players for extending their services and surge in disposable income.
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Scope Of The Report
|Market size available for years||2017-2023|
|Base year considered||2018|
|Forecast units||Value (USD)|
|Segments covered||By Storage Services, By Region|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
Key findings of the report:
- The private cord blood bank segment is expected to register the highest growth rate during the forecast period.
- Germany contributed the highest revenue in the European market in 2016, and is projected to maintain its dominant position during the forecast period.
- In 2016, North America held the largest share in the global cord blood banking services market, and is expected to maintain this trend in coming years.
- China is projected to register the highest growth rate in Asia-Pacific.
The key companies analyzed in the report are China Cord Blood Corporation, CBR Systems, Inc., Cord Blood America, Inc., Cryo-Cell International, Inc., Cordlife Group Limited, Lifeforce Cryobanks, Cryo-Save AG, ViaCord, Inc., National Cord Blood Program, CordVida, Virgin Health Bank, CryoHoldco, and Vita34.
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