Cord Blood Banking Services Market Growth
The global cord blood banking services market size was valued at $1.3 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030. Cord blood contains a rich source of stem cells, which can treat more than 80 genetic diseases. Cord blood stem cells can treat chronic diseases such as cancer, diabetes, blood diseases, and immune diseases. Although, only a small amount of cord blood can be collected from a single umbilical cord, it contains large number of stem cells and is the only type of stem cell stored for future use.
The global cord blood banking services market witnessed significant growth over the past decade owing to the rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer has led to an increase in the government initiative leading to surge in number of cord blood banks, which is anticipated to fuel the growth of the global cord blood banking services market.
Public cord blood banks are operated by non-profit organizations with the help of government funding, which allows the donation of the newborns’ cord blood. This donation of cord blood is made available for multiple applications due to difficulty in maintaining the viability of stem cells. Cord blood collected in public banks is utilized by patients who need to undergo an urgent transplantation, research institutes, and research-based pharmaceutical companies for development of novel drugs. Private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for personal use, which may be required in the treatment of a family member in the future. Public cord blood banks possess competitive advantages in developed geographies such as North America and Europe. In addition, the public cord blood banking market is anticipated to grow at a rapid pace in developing countries in Asia-Pacific and few African countries. Cord blood banking services market forecast from 2020 to 2030.
Cord blood stem cells banking is a lucrative market in North America and European countries. North America was the highest revenue contributor in 2020, with $400.1 million; however, LAMEA is expected to grow at a CAGR of 16.5%. Cost structure of the stem cell treatment has a major impact on the growth of stem cell application in developed countries. Similarly, stem cells collected from cord blood are used in treatment of rare diseases, including metabolic diseases and immune diseases. The overall cord blood banking services market has shifted its focus from clinical trials to commercialization.
cord blood banking services market segmented
The cord blood banking services market size is segmented into storage services, component, application, and region. By storage services, it is classified into public cord blood banks and private cord blood banks. Private cord blood banks segment having the highest cord blood banking services market share.
The global cord blood banking services market analysis is segmented into storage services and region. By storage services, it is classified into public cord blood banks and private cord blood banks. Private cord blood banks segment dominated the market in 2020. By component, the market is segmented into cord blood and cord tissue. Cord tissue segment generated the highest revenue in 2020. By application, diabetes segment have the highest cord blood banking services market share in 2020.
On the basis of region, the cord blood banking services market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the highest revenue growth, followed by Europe. LAMEA is predicted to grow faster than Asia-Pacific with a CAGR of 13.5% during the forecast period.
The key players that operate in this market include Americord Registry LLC, China Cord Blood Corporation, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., Cord for Life, National Cord Blood Program, Cordvida, Perkinelmer Inc., and Lifecell international Pvt. Ltd.
Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of cord blood banking products. For instance, in November 2020, Covis completed the acquisition of Amag Pharmaceuticals, Inc. and this acquisition aims to improve the therapeutic portfolio and enhance the capabilities and offerings. This is projected to improve the product portfolio of the company.
Several manufacturers in the global cord blood banking services market stopped their business activities in 2020 due to lockdowns implemented in developed and developing countries, owing to ban on industrial activities due to the COVID-19 pandemic. This halt in production activities impacted the revenue of the cord blood banking services manufacturing companies. For instance, net sales of China Cord Blood Corporation dropped by 2.5% from April 2020 to March2021. In addition, lack of man power and raw materials affected the supply chain of the global cord blood banking services industry. However, the market is projected to cover from the 1st quarter of 2023, due to reduced restrictions and reopening of the global cord blood banking services industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace with a start of 2022.
KEY FINDINGS OF STUDY
- The report provides an extensive analysis of the current and emerging global cord blood banking services market trends and dynamics.
- By storage services, the private cord blood bank segment dominated the market in terms of revenue in 2020.
- By component, the cord tissue segment dominated the market in terms of revenue in 2020.
- By application, the diabetessegment dominated themarket in terms of revenue in 2020.
- The report provides an extensive analysis of thetrends and emerging opportunities of the market.
- Indepth, the global cord blood banking services market analysis is conducted by constructing estimations for the key segments between 2020 and 2030.
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