Cord Blood Banking Services Market Insights:
The growing awareness of the usefulness of stem cells in treating various metabolic, immunological, and blood disorders is probably one of the main drivers of the global umbilical cord banking market over the anticipated period. Stem cells preserve the basic genetic formation of an individual in the form of pluripotent cells that can be converted into a wide variety of cell types in the human body. This makes them very important in the field of research for diseases such as blood-related diseases, immune system diseases, cancers, and metabolic disorders.
The umbilical cord blood bank remains the most effective means of acquiring, storing, and mobilizing stem cells, so the cord blood banking services market is likely to grow over the forecast period. Growing public support for the cord blood bank sector and growing private investment in the field are also likely to be crucial for the global umbilical blood bank services market during the forecast period. Owing to the adequate storage facilities and fragile nature of cord blood and stem cells must be in place before attempts are made to repair and obtain cord blood stem cells. Like normal blood, cord blood and stem cells also require significant cooling and hygiene efforts to maintain stem cells in a viable manner. Increasing government support for health care expansion and increasing acceptance and research of stem cells should be an important mechanism for the global umbilical cord blood banking market during the forecast period.
Market Segmentation:
The global cord blood banking services market trends is bifurcated on the basis of storage, component service, application, and end-user.
The storage service segment of the global cord blood banking services market can be segmented into private cord blood banks, hybrid cord blood banks, and public cord blood banks, and.
Based on the components, the global market can be classified into cord blood, placenta, cord tissue, and others.
Based on the application, the global cord blood banking services market can be segmented into cancers, immune disorders, blood disorders, metabolic disorders, and osteoporosis.
The global market, based on the end-user, is segregated into hospitals (medical applications), research institutes (scientific research), pharmaceutical research (drug discovery), and others.
Regional Outlook
The America region is responsible for most of the global umbilical cord blood market due to the growing number of providers, the growing awareness of the long term benefits of cord blood storage, the increased investment in public banks, and cost reduction. involved in storage. In addition, the United States contributes to significant market share in the global umbilical cord blood banking sector. Factors such as per capita income growth, the growing number of storage service providers, and the high level of acceptance of advanced technologies attributed to increased market share. The European umbilical cord blood banking market is the second-largest market, followed by the Asia Pacific region.
The Asia Pacific region is expected to dominate the global umbilical cord blood banking market in terms of growth rates over the forecast period. Although the region currently has minimal global market share, it is expected to show tremendous growth potential due to growing stem cell bank awareness and a significant improvement in health care reforms in countries around the world such as Malaysia, India, Indonesia, and China. In addition, the Asia Pacific region is a relatively untapped regional market compared to developed regions, which also explains why it offers better opportunities for business growth.
The Middle East region is expected to grow steadily due to factors such as increased health RD and extensive development of health infrastructure.
Key Players
Some of the industry giants in the global cord blood banking services market are CBR Systems, Inc., Cord Blood America, Inc, Cordlife Group Limited, Cryo-Cell International, Inc., China Cord Blood Corporation, Cryo-Save AG, ViaCord, Inc., Virgin Health Bank, California Cryobank Stem Cell Services LLC, Michigan Blood, StemCyte, Inc., Norton Healthcare, Inc., Lifeforce Cryobank Sciences Inc., Vita 34 International, Viacord Processing Laboratory (VPL), CordVida , CryoHoldco de Latinoamerica, S.A.P.I. De C.V., Maze Cord Blood Laboratories, The University of Colorado Cord Blood Bank, CorCell, Lifebank USA, Genecord, Cryoviva Biotech Pvt. Ltd, , AlphaCord, FamilyCord, Cells4Life, , CariCord, LifeCell International Pvt. Ltd, Stem Cell Cryobank Inc.,New Jersey Cord Blood Bank, Carter BloodCare, Americord Registry, and others.
Industry Updates
- Participating in the world cold blood day celebration, the global leader in newborn stem cell banking, announced today a new genetic service developed over the past couple of years as part of a strategic alliance with Sema4.
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