Global cord blood banking services market size accounted for USD 1,142 million in 2017 and is expected to grow at a CAGR of 13.9% during the forecast period 2019–2026.
Cord blood contains special cells called hematopoietic stem cells that can be used to treat several invasive diseases. The cord blood is applicable to treat more than 70 types of diseases, including immune system diseases, genetic disorders, neurologic disorders, and some forms of cancers. Cord blood banking is important for securing future health of a child and family. On account of this the market is anticipated to show lucrative growth in coming years.
Increasing prevalence of invasive diseases is creating awareness among people to opt for cord blood banking services. Across the globe there were more than 13 million registered volunteer donors in 2017. In India more than 30,000 people are diagnosed annually with diseases that require stem cell transplants. Out of that 75% individuals do not have a matching relative for a bone marrow transplant and 70% cannot find a matching donor.
The growing number of funds for public storage of cord blood banking service, rising investment for private cord blood banking services, and extensive R&D activities regarding cord blood are expected to drive the market. Increasing prevalence of fetal chronic diseases is projected to offer a lucrative growth during forecast period 2019–2026.
The global cord blood banking services market is segmented by type and service
Based on type, the cord blood banking services market is bifurcated into private, public and hybrid. Private segment is expected to grow at the fastest CAGR owing to the extra care taken for the storage of the cord blood and technological advancements regarding identity of the blood type and the dondor.. The public cord blood banks are financed by the national health system and store cord blood units altruistically donated by parents.
By services, the cord blood banking services market is categorized into collection and transportation, processing, analysis, storage. Increasing demand for cord blood banking and rapidly growing importance of the cord blood industry will boost the growth of the each and every segment. In terms of value storage sector holds major share.
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 Cord Blood Banking Services market is expected to dominate the market due to high awareness among people and presence of major private players in the region
Europe is likely to account for significant growth of the market owing to the large number of donors in the region and well-spread awareness regarding the importance of cord blood. This can be attributed to the high awareness of Cord Blood Banking and increasing healthcare expenditure.
Asia Pacific is emerging rapidly the as the cord blood banking services market due to growing awareness related to cord blood banking and rising prevalence of various chronic disease in emerging economies such as China, India, Japan, and South Korea. The growing prevalence of chronic diseases and rising number of favorable government initiatives are expected to hold major share in coming years.
LAMEA is expected to witness steady growth owing to poor healthcare facilities and low awareness in the region
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