Global Cord Blood Banking Market is Anticipate to Reach at a CAGR of 5.5% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Cord Blood Banking Market by Type of Bank (Public, Private), Services (Processing, Storage), Application (Cancer, Blood Disorders, Immuno-deficiency Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome), End-User (Hospitals, Research Institutes, Specialty Clinics), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global cord blood banking market is expected to grow from USD 16.88 billion in 2019 to USD 25.90 billion by 2027, at a CAGR of 5.5% during the forecast period 2020-2027. The North America region dominates the market and holds the largest share in the year 2019. This growth is ascertained to the increasing investment in public banking, increasing awareness of long-term benefits, and reduction in storage costs. The Asia-Pacific region is projected to witness significant growth, owing to the increasing awareness regarding the advantages of preservation of cord blood cells in developing economies like China and India.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are CBR Systems, Singapore Cord Blood Bank, Cryo-Save, ViaCord LLC, Global Cord Blood Corporation, Jeevan Stem Cell Foundation, LifeCell, Cordlife, Americord, and FamiCord. In April 2019, FamiCord announced a future business corporation agreement with CelluGen Biotech. This agreement will help in generating beneficial synergies with both the companies in the field of development of new stem cell-based drugs and family-based stem cell banking.
The type of bank segment is classified into public and private. The public segment holds the largest market share, owing to the various funding initiatives, and various government initiatives for encouraging expectant mothers to donate cord blood cells in public banks. The private cord blood banks are expected to witness significant growth, owing to the growing awareness among expectant parents and high demand to safeguard the health of family members. The service segment includes processing and storage. The storage segment holds the largest market share, due to the increasing number of expectant parents utilizing the preservation of newborn cord blood cells. The processing segment is expected to witness significant growth due to various technological advancements in cord blood processing methods. Based on application, the market is classified into cancer, blood disorders, immuno-deficiency disorders, metabolic disorders, and bone marrow failure syndrome. Blood disorders segment holds the largest market share. This growth is attributed to the increasing application of cord blood cells in the treatment of blood disorders and the increasing prevalence of beta-thalassemia. Immuno-deficiency disorders are expected to witness significant growth, owing to the rapid and reliable recovery of immune function, low viral transmission rate, and low risk of graft versus host diseases. The end-user segment is distributed into hospitals, research institutes, and specialty clinics. The research institute segment holds the largest market share, owing to the growth in the number of clinical trials for exploring new diseases and growing pervasiveness of genetic disorders. Hospitals segment is expected to witness significant growth, owing to the advancement in cord blood banking, increasing prevalence of genetic diseases.
The factors influencing the market growth are rising awareness about therapeutic applications of cord blood, government initiatives and funding in developed economies, increasing prevalence of life-threatening genetic diseases, and growing clinical trials in regenerative medicines. Lack of uniformity in regulatory policies, large out-of-pocket expenditure, and low acceptance rate in developing countries are the factors hampering the market growth. Increasing research concerns about cord blood application for the treatment of genetic and idiopathic disorders will provide market growth opportunities.
About the report:
The global Cord Blood Banking market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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- CDN Newswire