Cord Blood Banking Services Market Analysis & Forecast | 2022-2028
Cord Blood Banking Services Market Size, Share, Trend, Forecast and Growth Opportunity (2022-2028)
Cord Cord Blood Banking Services Market is expected to grow at a CAGR of 15.35% during the forecast period of 2022-2028 to reach US$ ~15.56 Bn in 2028 from US$ 4.81 Bn in 2021.
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The services offered by cord blood banks include gathering, processing, and storing stem cells for future use. The market for cord blood banking services has grown as a result of increased autoimmune disease prevalence and its many subtypes.
The main driver of market expansion is the existence of Treg cells in the umbilical cords, which are essential in limiting the overreactions of immune systems. Over 80 hereditary illnesses, including cancer and diabetes, can be treated using the stem cells found in cord blood. Over 7000 hereditary disorders can be screened for using the recently developed genomic profiling assays conducted using next-generation sequencing technology.
The outcomes aid in ensuring the patients' security prior to the transplant. The AXP II system offers total automation of the process, from isolation to collection and storage. The process may be conducted within the regulatory system thanks to the system's adaptable user interface and adaptability, which also helps to reduce volume and offer consistent buffy coat volume.
Cord Blood Banking Services Market Report Highlight
Market Size in 2028
USD ~15.56 Billion
Market Size in 2021
USD 4.81 Billion
Market Growth (2022-2028)
Base Year of Study
By Component Type (Cord Blood, Cord Tissue)
By Service Type (Public, Private)
By Application Type (Cancer, Blood Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome, Others)
By End User Type (Hospitals, Pharmaceutical Research, Specialty Clinics, Others)
By Region (North America, Europe, Asia-Pacific and the Rest of the World)
Top Companies in 2022
North America currently holds a dominant position in the market outlook.
Increasing applications of cord blood and stem cells in genetic disease treatment is primarily driving the global market towards growth. Furthermore, increasing awareness about the benefits, and wide availability of service providers coupled with insurance coverage are some of the factors propelling the demand for cord blood banking services globally.
On the other hand, strict regulatory requirements, moral dilemmas, and the choice between private and public banks are the main barriers to market expansion. The high cost of storage, collection, and the danger that the unit placed with a private bank won't be usable are other factors that are inhibiting the growth of the worldwide cord blood banking services industry.
The cost of cord blood banking services is expected to be a barrier to the growth of the global market for these services during the forecast period. Not everyone can afford stem cell preservation procedures due to their high cost. For instance, the private cord blood bank Americord Registry LLC asserts that their usual charge for the collection and 20-year storage of cord blood ranges from USD 3,299 to USD 6,599.
Medical organizations like the Center for International Blood and Marrow Transplant Research and the Worldwide Network for Blood and Marrow Transplantation have advised and urged nations to store cord blood. Additionally, the development of the Cord Blood Banking Services sector in various nations has been impacted by the ongoing study and analysis of the use of cord blood tissues in COVID-19 patients. The development of the Cord Blood Banking Services sector has been greatly influenced by the positive outcomes that were observed when COVID patients were treated with cord blood tissues.
The cord blood banking services market is divided into public and private. Due to the significant expense charged for the collection and storage of CB units, private banks received the greatest income share. Furthermore, compared to state banks, the customer bases of private players are growing as a result of their marketing strategies. When all the aforementioned elements were taken into account, the private banking service segment dominated the global market.
The market is segmented into cancer, blood disorders, metabolic disorders, bone marrow failure syndrome, and others. The demand for these services is being fueled by consumers' rising purchasing power and the appropriate payment options that market participants are providing. The number of individuals needing bone marrow transplants is also projected to rise as the incidence of cancer and other genetically-based fatal diseases rises.
For instance, Hodgkin's or non-Hodgkin' lymphoma, another cancer that is commonly treated with stem cell therapy, affects roughly 761,659 people in the United States alone, according to the Leukemia Research Foundation. As a result, it is anticipated that shortly, demand for suitable CB units will increase quickly, leading to a major increase in the demand for public banking.
The market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America currently holds a dominant position in the market outlook due to the region's increasing incidence of cancer and other diseases including leukemias and lymphomas across all age groups.
The general expansion of the Cord Blood Banking Services business in North America has been driven by booming service providers, non-profit organizations, and growing public knowledge of the long-term advantages of keeping cord blood.
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The market is segmented into the following categories.
By Component Type-
By Service Type-
By Application Type-
End User Type-
The following are the major players in the market:
Cord blood banking services are a highly competitive market. To remain competitive in this market, market participants are placing a lot of emphasis on mergers, expansions, and product approvals.
"The overall competitive landscape has been affected due to these mergers and acquisitions."
This report provides market intelligence most comprehensively and the structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
Report – Features
No. of Figures & Tables
The following are the key features of the report:
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
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The market valued at US$ 4.81 billion in 2021
The market valued at US$ ~15.56 billion in 2028.
The market is growing at a CAGR of 15.35% over the forecast period.
BrainStorm Cell Limited, Caladrius Biosciences, Inc., Celgene Corporation, Cord Blood Registry (CBR) Systems, Cordlife Group Limited, Cryo-Cell International, CryoHoldco, Cryo-Save, China Cord Blood Corporation, Cord Blood America Inc., Virgin Health Bank, California Cryobank Stem Cell Services LLC, Global Cord Blood Corporation, LifeCell International, Regrow Biosciences Pvt. Ltd., Smart Cells International, StemCyte, ViaCord, Vita34 AG.
The cord blood banking services market is studied from 2017 - 2028.
The services offered by cord blood banks include gathering, processing, and storing stem cells for future use. The market for cord blood banking services has grown as a result of increased autoimmune disease prevalence and its many subtypes. The main driver of market expansion is the existence of Treg cells in the umbilical cords, which are essential in limiting the overreactions of immune systems.
North America currently holds a dominant position in the cord blood banking services market outlook due to the region's increasing incidence of cancer and other diseases including leukemias and lymphomas across all age groups.