Cord Blood Banking Services Market Growth With Healthy CAGR of 6.1% to reach US$ 42.9 Billion till 2027, Owing to Advancements in Cord Blood Processing
Cord blood banking refers to collection and preservation of blood derived from the umbilical cord. Umbilical cord blood is a potential source of progenitor cells, which can be used for reconstitution of tissue, organs, and other functional areas.
Statistics:
The global cord blood banking services market is estimated to account for US$ 42.9 Bn in terms of value by the end of 2027.
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Global Cord Blood Banking Services Market: Drivers
Advancements in cord blood processing is expected to propel growth of the global cord blood banking services market over the forecast period. For instance, in June 2019, ThermoGenesis Corp., a wholly owned subsidiary of Cesca Therapeutics, entered into a strategic agreement with Cordlife Group Limited to provide its proprietary, next-generation AXP II System, for the rapid processing of cord blood units, to Cordlife’s India processing facility.
Global Cord Blood Banking Services Market: Opportunities
R&D of methods to enhance the therapeutic potency of cord blood cells is expected to offer lucrative growth opportunities for players in the global cord blood banking services market. For instance, in January 2020, researchers at Biomedical Research Institute, MEDIPOST Co., Ltd., South Korea, reported analysis of the effects of spheroid umbilical cord blood-derived mesenchymal stem cells (MSCs) and suggested a new therapeutic approach, 3D spheroid formation of MSCs, in order to enhance the regeneration process in the course of osteoarthritis.
Global Cord Blood Banking Services Market: Restraints
There are various accreditation organizations such as American Association of Blood Banks, American Association of Tissue Banks, Clinical Laboratory Improvement Amendments, Therapeutic Goods Administration, and others, which maintain standard and quality of cord blood banking. Regular updates in the standards and inspection by authorities requires the facilities to update their facilities regularly. These activities involve huge costs and documentation, which may increase final cost of product. This in turn is expected to hinder growth of the market.
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Key Takeaways:
The global cord blood banking services market was valued at US$ 26.8 Bn in 2019 and is forecast to reach a value of US$ 42.9 Bn by 2027 at a CAGR of 6.1% between 2020 and 2027.Increasiong prevalence of cancer is expected to assist the market growth.
Public Cord Blood Banking Services segment held dominant position in the global cord blood banking services market in 2019, accounting for 52.7% share in terms of value, owing to increasing advancements in cord blood processing during the forecast period
Market Trends
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in September 2019, CBR Systems, Inc. acquired Natera, Inc.’s Evercord cord blood and tissue banking business.
Increasing awareness regarding cord blood banking is expected to aid in growth of the market. For instance, in November 2019, Save the Cord Foundation celebrated World Cord Blood Day.
Regulations
Europe
Joint Accreditation Committee – ISCT – EBMT (JACIE) is a non-profit establishment in Europe for accrediting organizations that provide cell therapy. Its standards currently apply on stem cells derived from sources such as umbilical cord blood, peripheral blood and bone marrow. The scope of JACIE accreditation applies on use of stem cells such as hematopoietic stem cells and therapeutic cells to be used for therapeutic purpose.
Global Cord Blood Banking Services Market: Competitive Landscape
Major players operating in the global cord blood banking services market include, 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.
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Global Cord Blood Banking Services Market: Key Developments
July 2019: CBR Systems, Inc. started the process to transition to next-generation AXP II System of ThermoGenesis, a wholly owned subsidiary of Cesca Therapeutics, for the rapid processing of cord blood units
June 2019: Blood Centers of America partnered with Team Liquid, a multi-regional, professional esports organization, to raise awareness of the importance of blood donation and to encourage donations
Segmentation
- Global Cord Blood Banking Services Market, By Type:
- Public Cord Blood Banking Services
- Private Cord Blood Banking Services
- Global Cord Blood Banking Services Market, By Region:
- North America
- By Type:
- Public Cord Blood Banking Services
- Private Cord Blood Banking Services
- By Country
- U.S.
- Canada
- By Type:
- Latin America
- By Type:
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- By Type:
- By Country
- U.K.
- Germany
- France
- Spain
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- By Type:
- By Country
- China
- Japan
- India
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- By Type:
- By Country
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- By Type:
- By Country
- North Africa
- Central Africa
- South Africa
- North America
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