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The Cord Blood Banking Services Market is estimated to be valued at US$ 33.8 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cord blood banking services involve preserving cord blood after the birth of a child for future use. Cord blood stem cells contain cells that can be used for hematopoietic stem cell transplantation and other regenerative therapies. They are being used to treat over 80 medical conditions including cancers, blood disorders, immune deficiencies, and metabolic diseases. Public and private banks offer services for collecting, processing, testing, storing, and providing Cord Blood Units (CBUs) for therapeutic use. Private banking is witnessing increasing adoption among families seeking an “insurance policy” in case a stem cell transplant is needed in future.
Market Dynamics:
Increasing awareness regarding the benefits of cord blood stem cells is a major driver for the cord blood banking services market. The ability to use a child’s own cord stem cells for regenerative therapies reduces the risk of graft rejection and stem cell transplantation. Also, stem cells from a child’s cord blood are the best match after a sibling and, hence, cord blood banking allows access to partially HLA-matched stem cells. The increasing focus on research in cord blood stem cell therapies is also encouraging more families to opt for private banking. For example, clinical trials are ongoing to evaluate therapies for conditions such as cerebral palsy and autism using a child’s own stem cells. However, relatively high investment required for private banking limits its adoption globally.
Segment Analysis
The global cord blood banking services market is dominated by the private segment. Private cord blood banking services are emerging as a preferred option for families who want an “insurance” against diseases that can only be treated with a cord blood transplant. Private cord blood banks store cord blood units for family use and charge a subscriber fee, makes it one of the fastest growing segments.
PEST Analysis
Political: Government support in the form of funding for research on stem cell therapies using cord blood is driving the market growth. Many countries have implemented national public cord blood banking programs.
Economic: Developed economies spend significantly on biotech research and healthcare which is fueling the growth of cord blood banking services. Favorable reimbursement policies for stem cell therapies also contribute to market revenue.
Social: Rising awareness about potential therapeutic use of cord blood stem cells among families is a key factor for private cord blood banking services. Social media campaigns to promote public donations are also boosting the market.
Technological: Advancements in stem cell therapies to treat various diseases including cancers, blood disorders are supporting the growth. Improved methods to preserve and expand the viability of cord blood units ensures high success rates of transplants.
Key Takeaways
The global cord blood banking services market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing incidence of chronic diseases that can be treated with stem cells from cord blood units. Private cord blood banking services dominate the market, witnessing fastest adoption among families.
The Asia Pacific region is expected to be the fastest growing market for cord blood banking services over the forecast period. Countries like China, India, Japan, and South Korea are witnessing increasing penetration of private cord blood banking services driven by rising healthcare expenditure and awareness among consumers.
Key players operating in the cord blood banking services market share are China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc. Major players are focusing on expanding their private banking networks to tap the lucrative Asian markets and boost their global presence. Partnerships with hospitals to increase public donations of cord blood have also gained significant traction.
