Cord Blood Banking Services

Cord Blood Banking Services

Global Cord Blood Banking Services Market to Reach US$122.4 Billion by 2030

The global market for Cord Blood Banking Services estimated at US$62.4 Billion in the year 2023, is expected to reach US$122.4 Billion by 2030, growing at a CAGR of 10.1% over the analysis period 2023-2030. Private Blood Banking Services, one of the segments analyzed in the report, is expected to record a 10.6% CAGR and reach US$79.3 Billion by the end of the analysis period. Growth in the Public Blood Banking Services segment is estimated at 9.4% CAGR over the analysis period.

The U.S. Market is Estimated at US$16.7 Billion While China is Forecast to Grow at 13.9% CAGR

The Cord Blood Banking Services market in the U.S. is estimated at US$16.7 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$27.7 Billion by the year 2030 trailing a CAGR of 13.9% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 7.3% and 7.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR.

Global Cord Blood Banking Services Market - Key Trends & Drivers Summarized

Why Are Cord Blood Banking Services Gaining Popularity?

Cord blood banking services are gaining significant popularity due to their potential in treating a wide range of diseases and medical conditions. Cord blood, which is rich in hematopoietic stem cells (HSCs), can be used in the treatment of over 80 diseases, including leukemia, lymphoma, and certain genetic disorders. As awareness of these potential benefits grows among expectant parents and healthcare providers, the demand for cord blood banking services is increasing. The option of storing cord blood for future medical use offers a form of biological insurance, appealing to those looking to safeguard their family`s health. Additionally, the ongoing advancements in stem cell research and regenerative medicine are expanding the potential applications of cord blood, further boosting the market for both private and public cord blood banks.

What Technological Advances Are Shaping The Cord Blood Banking Industry?

Technological advancements are playing a pivotal role in shaping the cord blood banking industry by improving the efficiency, safety, and viability of stored stem cells. Innovations in cryopreservation techniques, such as controlled-rate freezing and automated processing systems, are enhancing the quality and longevity of cord blood units. Furthermore, advancements in cell expansion technologies are allowing for the multiplication of hematopoietic stem cells, which is crucial for increasing the success rates of stem cell transplants. The use of artificial intelligence and machine learning is also being explored to optimize cord blood matching processes, making it easier to find suitable donors for patients requiring transplants. These technological innovations are not only improving the efficacy of cord blood banking but also expanding its potential applications in treating various diseases.

How Are Regulatory Frameworks And Public Awareness Influencing The Cord Blood Banking Market?

Regulatory frameworks and public awareness are critical factors influencing the growth and development of the cord blood banking market. Regulatory bodies such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are establishing stringent guidelines for the collection, processing, and storage of cord blood to ensure safety and quality. These regulations are fostering greater transparency and trust among consumers, encouraging them to consider cord blood banking as a viable option. Public awareness campaigns and educational programs by healthcare providers, non-profit organizations, and cord blood banks are also playing a significant role in informing expectant parents about the benefits of cord blood banking. As awareness grows, more parents are opting for cord blood banking, either through private banking options for personal use or public banking for community use, driving the market forward.

What Factors Are Driving The Growth Of The Cord Blood Banking Services Market?

The growth in the cord blood banking services market is driven by several factors, including increasing awareness of the therapeutic potential of cord blood, technological advancements in stem cell processing and storage, and supportive regulatory frameworks. A key driver is the rising prevalence of chronic diseases and the need for advanced treatment options, which is prompting more parents to consider cord blood banking. The growing interest in regenerative medicine and cellular therapies is also boosting the demand for cord blood, as researchers explore its potential applications beyond traditional uses. Additionally, the expansion of healthcare infrastructure and the availability of government incentives in many countries are making cord blood banking services more accessible. The increasing number of collaborations between cord blood banks and research institutions to explore new therapeutic uses is further propelling market growth. These factors collectively underline the expanding potential of the cord blood banking services market worldwide.

Select Competitors (Total 38 Featured) -

• CBR Systems, Inc.
• Cells for Life
• Cells4Life Group LLP
• Cruilife Stem Cell
• Cryo-Cell International, Inc.
• DocTap
• Global Cord Blood Corporation
• HealthBaby Biotech (Hong Kong) Co., Ltd.
• Hema-Quebec
• Oh Baby! Magazine

Please note: Reports are sold as single-site single-user licenses. Electronic versions require 24-48 hours as each copy is customized to the client with digital controls and custom watermarks. The Publisher uses digital controls protecting against copying and printing is restricted to one full copy to be used at the same location.

The latest version of Adobe Acrobat Reader is required to view the report. Upon ordering an electronic version, the Publisher will provide a link to download the purchased report.

Prior to fulfillment of an order, the client will be required to sign a document detailing the purchase terms for a publication from this publisher.