Cord Blood Banking Services Market Is Booming Worldwide Business, Analytical Overview, Growth Factors, Demand and Trends Till 2027
Pune, Maharashtra, India, February 26 2021 (Wiredrelease) Allied Analytics –:Cord Blood Banking Services Market Outlook 2021 – 2027
The global cord blood banking services market is driven by factors including various marketing strategies adopted by key players, rise in R&D activities for cord blood applications, and surge in funding for establishing public cord blood storage banks. However, expensive nature of the processing, adversities related to find a match in the donor list, and legal & ethical issues regarding gathering of cord blood hinder the market growth. On the other hand, advancements related stem cell therapeutics and untapped potential in the developing regions would offer opportunities for the market growth.
Global Cord Blood Banking Services Market was valued at $1,126 million in 2016, and is estimated to reach at $2,772 million by 2027, registering a CAGR of 13.8% from 2017 to 2027. Cord blood contains a rich source of stem cells, which can treat more than 80 genetic diseases.
The private cord blood banks segment held the major share of the market in 2016, and is estimated to register the highest growth rate by 2023. This is due to the advanced services offered by the private banks, storage of the cord blood for specified duration, and ease in retrieval of the cord blood whenever necessary for treating any genetic disease.
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The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the market maturity, high awareness among the expectant parents, presence of high disposable income, and high adoption rate of cord blood storage services. However, Asia-Pacific is expected to witness the highest growth during the analysis period, attributable to rise in awareness related to the benefits of storing cord blood, increase in focus of key players to expand their services, and rise in disposable income.
Key findings of the report:
The private cord blood bank segment is expected to register the highest growth rate during the forecast period.
Germany contributed the highest revenue in the European market in 2016, and is projected to maintain its dominant position during the forecast period 2027.
In 2016, North America held the largest share in the global cord blood banking services market, and is expected to maintain this trend in coming years.
China is projected to register the highest growth rate in Asia-Pacific.
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The key companies analyzed in the report are China Cord Blood Corporation, CBR Systems, Inc., Cord Blood America, Inc., Cryo-Cell International, Inc., Cordlife Group Limited, Lifeforce Cryobanks, Cryo-Save AG, ViaCord, Inc., National Cord Blood Program, CordVida, Virgin Health Bank, CryoHoldco, and Vita34.
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