by Cord blood banking services involves the collection, transportation, and storage of cord blood for potential future use. Cord blood contains hematopoietic stem cells that can be used for transplantation and treatment of various blood-related disorders. The stem cells extracted from cord blood are therapeutically important as they can easily engraft in the recipient’s body, which makes them highly beneficial for stem cell transplantation. Growing prevalence of diseases such as leukemia, lymphoma, and blood disorders is increasing the demand for cord blood banking services.
The Global Cord Blood Banking Services Market is estimated to be valued at US$ 38.05 Bn in 2024 and is expected to exhibit a CAGR of 6.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Cord Blood Banking Services 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. These players are focusing on strategic collaborations to expand their market presence.
Cord Blood Banking Services Market size is being driven by the growing incidence of chronic diseases. Cord blood stem cells are used in the treatment of over 80 diseases, including cancer, blood disorders, and genetic conditions. Additionally, increasing awareness about the therapeutic properties of stem cells extracted from cord blood is fueling market growth.
The increasing success rate of stem cell therapy has prompted several private and public players to expand their operations globally. Various regions worldwide are encouraging private and public investment in cord blood banking to cater to the increasing need for stem cell therapies.
Market Key Trends
The stem cell therapy trend is one of the key drivers of the cord blood banking services market. Cord blood stem cells have wide therapeutic applications and success rates. Their use in the treatment of various blood disorders and cancers is contributing to the growing demand of cord blood banking. Additionally, advancements in stem cell extraction and storage technologies along with increased success of hematopoietic stem cell transplantation are expected to drive the market during the forecast period.
Porter’s Analysis
Threat of new entrants: Low cost of entering this market as initial capital requirement is low but stringent regulations and standards set by government bodies for cord blood collection and storage make entry difficult for new players.
Bargaining power of buyers: Limited as buyers have few alternative options for cord blood banking apart from a handful of service providers in most regions. However, changing social trends are lowering the demand.
Bargaining power of suppliers: Moderate as service providers depend on a limited number of biotechnology and equipment manufacturing companies for technologies, kits, reagents and consumables required for cord blood collection and processing.
Threat of new substitutes: Low as there are limited or no substitutes available for cord blood banking currently. Research is ongoing for developing alternatives like adult stem cells but cord blood remains the most viable stem cell source currently.
Competitive rivalry: High due to presence of numerous regional and global players offering cord blood banking services. Players compete based on facilities, geographic presence, technology, service quality, storage period and pricing offering competitive pressure in the market.
North America accounts for the largest share of the global cord blood banking services market, both in terms of value and volume. This is attributed to supportive government regulations for private cord blood banking and growing birth rates in the region.
Cord Blood Banking Services Market Regions Analysis indicates that the Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to rising healthcare expenditure, a growing middle class, increasing healthcare infrastructure, and an expanding network of cord blood banks in emerging countries like China and India. Rapid urbanization and rising healthcare awareness are also contributing to market growth in Asia Pacific.
Geographical Regions
North America accounts for the largest share of the global cord blood banking services market, both in terms of value and volume. This is attributed to supportive government regulations for private cord blood banking and growing birth rates in the region.
Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to rising healthcare expenditure, growing middle class, increasing healthcare infrastructure and expanding network of cord blood banks in emerging countries like China and India. Rapid urbanization and rising healthcare awareness are also contributing to market growth in Asia Pacific.
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Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya
Ravina Pandya,Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. LinkedIn
