Regeneration ability of Cord blood cells created huge R&D opportunities in life science with advanced medication facilities to invasive diseases. Using cord blood more than 70 types of diseases can be treated without side effects is creating huge opportunity in for the blood banking services market. Increasing government initiative for the advancement of medication in invasive diseases is fueling market growth.
Global cord blood banking services market is segmented by type and services.
On the basis of type, the market is segmented into private, public, and hybrid. Private segment is projected to gain major market share followed by hybrid segment. In the private cord blood storage, superior transport facility of cord blood is provided which in turn supports the market growth.
By Services, the cord blood banking services market is categorized into collection and transportation, processing, analysis, and storage.
Geographically, the global cord blood banking services market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is projected to gain the highest market share of cord blood banking services market during the forecast period 2019–2026. Technological advancements in healthcare and high awareness benefits of cord blood banking are making this service popular in the region.
Europe is expected to gain a higher market share. This can be attributed to the presence of major players in Europe and the increasing number of various government initiatives to promote cord blood banking.
Asia Pacific market is the fastest growing market for cord blood banking services owing to the growing healthcare infrastructure and high population base. Increasing prevalence of various chronic diseases including blood cancer, cardiac diseases, and several autoimmune diseases is the factor which are expected to support the market growth in the coming years.
LAMEA is expected to witness steady growth owing to weak healthcare infrastructure and low per capita income.
Some of the key players in the global Cord Blood Banking Services market are Cordlife Group Limited (Singapore), CBR Systems, Inc. (U.S.), Cryo-Cell International, Inc (U.S.)., Cryo-Save AG (Netherlands), Lifeforce Cryobanks(U.S.), National Cord Blood Program(U.S.), ViaCord, Inc.(U.S.), and Virgin Health Bank(U.K).