Cord Blood Banking Services Market Overview
Cord Blood Banking Services Market Size is estimated to reach $3.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 11.8% over the forecast period of 2022-2027. The blood that remains in the placenta and umbilical cord after a baby is born is known as cord blood. It is rich in blood stem cells, similar to those found in bone marrow, and these can be used to treat many different cancers, immune deficiencies, and genetic disorders. Cord blood transplant is used to cure the various types of serious conditions such as cancer of blood like leukemia, lymphoma; bone marrow failure, sickle cell anemia, thalassemia, immunodeficiency, and metabolic disorders. The procedure of collecting cord blood, removing and cryogenically freezing its stem cells and other immune system cells for future medical use is known as cord blood banking. The FDA has approved cord blood for the treatment of almost 80 diseases, and it has been used to treat cancers (hematopoietic malignancy, including lymphoma and leukemia), anemias, hereditary metabolic abnormalities, and some solid tumors, and orthopedic repair more than 35,000 times around the world. As per the American College of Obstetricians and Gynaecologists (ACOG) article published in 2019, there is no current evidence to support the use of an autologous umbilical cord blood sample in regenerative medicine. Several patients around the world are unable to find donors for their diseases. As per the American Transplant Foundation, every day about 17 peoples dies owing to the unavailability of the donor in 2022, this problem will be solved by the allogenic donor and cord blood banking. Allogeneic donation is promoted by public banks, which is similar to the existing collection of whole blood units in the United States. The National Marrow Donor Program keeps track of which hospitals are part of the public umbilical cord blood bank network. The significant potential of cord blood to cure life-threatening disorders is driving the Cord Blood Banking Services Market from 2022 to 2027.
Cord Blood Banking Services Market Report Coverage
The report: “Cord Blood Banking Services Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Cord Blood Banking Services Market.
- Geographically, North America held a dominant market share in the year 2021 owing to advance healthcare infrastructure and an increase in healthcare spending.
- Rising awareness among parents and increasing prevalence of life-threatening diseases drive Cord Blood Banking Services Market over the forecast period 2022-2027.
- High costs associated with procedures will impact Cord Blood Banking Services Market's projected forecast period.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Cord Blood Banking Services Market Report.
Cord Blood Banking Service Market: Market Share (%) by region, 2021
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Cord Blood Banking Services Market Segmentation Analysis- By Storage Services
Cord Blood Banking Services Market based on storage services can be further segmented into Public Cord Blood Bank, Private Cord Blood Bank, and Hybrid Blood Bank. The private Cord Blood Bank segment held a dominant share in the year 2021. This is attributed to the increasing preference of customers for private cord blood banks and more services offered than public cord banks. Rising awareness and increasing prevalence of life-threatening disease also fuel the growth of private cord bank, as it offers highly assured protection of sample for future use and people would like to pay extra for that. These factors help to grow private cord banks as well as Cord Banking Service Market.
However, Public Cord Blood Bank is estimated to be the fastest-growing with a CAGR of 12.3% over the forecast period of 2022-2027. The growth is due to increasing investment in Public Cord Blood Bank. Public Cord Blood Bank support the health of the community by collecting cord blood donation and saving the life of patient who needs stem cell transplant. Both the American Academy of Paediatrics (AAP) and the American Medical Association (AMA) strongly recommend public cord blood banking (AMA). Jeevan is the only public cord blood bank in India. However, China has more than five public cord banks. With a large population and increasing prevalence of life-threatening diseases, public cord blood banks have huge scope in the future for investment which helps to grow the Cord Blood Banking Services Market.
Cord Blood Banking Services Market Segmentation Analysis- By Component
Cord Blood Banking Services Market based on components can be further segmented into Cord Blood, and Cord Tissue. Cord Tissue segment which is found in the umbilical cord held a dominant share in 2021. Cord tissue is significan in cord blood banking services owing to a high number of stem cells such as Mesenchymal Stem Cells (MSCs), Hematopoietic Stem Cells (HSCs) found in them. Cord tissue plays a great role in the treatment of Parkinson’s disease, Alzheimer's, Autism, Type 1 diabetes, Lung cancer, Rheumatoid arthritis, Sports injuries (cartilage), Lupus, and other high-risk diseases. Such advantages of cord tissue help to grow Cord Blood Banking Market.
However, Cord Blood is estimated to be the fastest-growing with a CAGR of 12.9% over the forecast period of 2022-2027 owing to hematopoietic stem cells which have the ability to form any type of any kind of blood cell. The Cord blood is used for transplant procedures to cure diseases such as blood disorders, immune deficiencies, metabolic diseases and to treat sickle cell anemia. Such vast application of cord blood, low number of cord blood donors, and awareness by leading key market players create scope for the cord blood segment and this will help to grow Cord Blood Banking Services Market over the forecast period.
Cord Blood Banking Services Market Segmentation Analysis by Geography
The Cord Blood Banking Services Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 39% in the year 2021, owing to the increasing prevalence of leukemia in the U.S. As per the American Cancer Society report 2022, 60,650 new cases of leukemia and 24000 deaths from leukemia were reported so far. Suck increasing risk of life-threatening disease drives North America Cord Blood Banking Service Market.
Furthermore, Europe is estimated to be the fastest-growing over the forecast period 2022-2027, attributed to the increasing prevalence of Amyotrophic lateral sclerosis (ALS) in the European region. As per the Nature journal number of Amyotrophic lateral sclerosis (ALS) will be 376674 in 2040 worldwide. The worldwide annual incidence of ALS is about 1.9 per 100,000, while in Europe it is 2.2 per 100000 people. Such increasing prevalence of ALS fuels Cord Blood Banking Service Market growth over the forecast period.
Cord Blood Banking Service Market Drivers
Increasing Prevalence of Blood Cancer Aid Market Growth.
Blood cancer is one type of cancer that affects the production and functioning of a blood cell. Blood cancer starts in the bone marrow which affects the production of blood cells and forms abnormal blood cell including leukemia, lymphoma, and myeloma. Increasing smoking habits among youths, exposure to radiation or certain chemicals like benzene, infection of HIV or HTLV-1 viruses, and genetic history or disorder are the main reasons for blood cancer. As per leukemia and lymphoma society, every 3 minutes, 1 person in the US is diagnosed with leukemia, lymphoma, or myeloma, and every 9 minutes, 1 patient in the U.S. dies from blood cancer in 2021. According to WHO, in 2020 about 10 million deaths and nearly 1 in 6 deaths happened due to cancer. Such increasing prevalence of cancer is driving Cord Blood Cell Service Market.
Increasing Healthcare infrastructure Drives the Market Growth.
With the outbreak of the Covid-19 pandemic, most countries around the world are focusing on developing better healthcare infrastructure to face any such situation in the future. The Build Back Better Act by Commonwealth Fund includes $100 million in 2022, $150 million by 2023, $500 million by 2024–2026 to support public health activities at the CDC, $1.4 billion for public health laboratories, and $1.3 billion for public health emergency response. Such investment in the healthcare sector will help to strengthen the market allied with healthcare and this helps to grow Cord Blood Banking Service Market.
Cord Blood Banking Service Market Challenges
High Cost for Procedure and Lack of Awareness Limits Market Growth.
Public Cord Blood Banking Service is costly for the recipient to purchase cord blood or tissue as it cost approximately $45,000, and for private cord banking service to store cord blood for future use of family it will cost $69 per month for two years as per cryocell company. Most people are away from such useful technology owing to the high price barrier and many more people still don’t know about the importance of cord blood and tissue. In a large number of hospitals and the umbilical cord is thrown with medical waste, this will limit Cord Blood Banking Service Market growth.
Cord Blood Banking Service Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Cord Blood Banking Service Market. The top 10- Cord Blood Banking Service Market companies are-
- AMAG Pharmaceuticals, Inc.
- Americord Registry LLC
- China Cord Blood Corporation
- Cord Blood America
- Cordlife Group LImited
- Cryo-cell International
- Cryoholdco DE LatinoAMerica
- Esperite N.V.
- Lifeforce Cryobank Science Inc
- In August 2021, Cryo-Cell International announced the completion of the acquisition of real estate property for its Institute of Cellular Therapy located in Durham NC, near the Raleigh-Durham International Airport.
- In February 2021, Global Cord Blood Corporation - China's leading provider of cord blood collection, laboratory testing, hematopoietic stem cell processing, and stem cell storage services, announced the termination of discussion regarding the Cordlife merger proposal.
- In November 2020, AMAG Pharmaceuticals, Inc. was acquired by Covis Group by spending $13.75 per share in cash. This acquisition by Covis Group is with the vision to become a leading global specialty pharma company for life-threatening and chronic illnesses. Also, AMANG popular products range such as Feraheme®, Makena® and Ciraparantag will also contribute to company growth.
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Report Code: HCR 0161