Cord Blood Banking Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cord Blood Banking Services Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The cord blood banking services market was anticipated to witness a CAGR of 11.5% during the forecast period.

The COVID-19 pandemic had had a detrimental influence on global economies, as well as interrupted various healthcare services such as cord blood and blood component services. Major companies in the cord blood banking space saw a dropped in subscriptions as well as a dropped in revenue. For instance, as per the updates in July 2022, by Global Cord Blood Corporation, new subscribers for cord blood donation fell 15.2% year over year ("YoY") because of anti-pandemic measures and fewer infants in operating territories. Revenues fell 1.7% year on year to RMB297.2 million (USD 46.9 million), as an increase in storage costs largely offset a fall in processing fees due to a decrease in new subscribers. Even though there was limited evidence of vertical transfer, the fear of virus spread hindered the expansion of the cord banking sector. This was one of the primary factors for large players' income declines. Furthermore, numerous scientific experiments have been undertaken to investigate the use of cord blood and birthing tissues on COVID-19 patients, which has aided in reducing the impact of COVID-19 on the cord blood banking business. The sector gained traction quickly after clinical studies for COVID-19-based cell therapies were approved.

The market is primarily driven by the rising prevalence of genetic diseases and various initiatives taken by the government to create awareness. The blood and blood-forming organs are involved in the hematological disease. It encompasses thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and other disorders, and their frequency is constantly increasing. The global increase in leukemia cases has increased the demand for cord blood cells. According to the updates in July 2022, by National Heart, Lungs and Blood Institute, sickle cell disease is a collection of genetic red blood cell abnormalities that damage hemoglobin, the protein responsible for transporting oxygen throughout the body. Every year, more than 100,000 people in the United States and 20 million people globally are affected by the illness. Thus, the growing prevalence of genetic diseases is expected to boost market growth over the forecast period. Additionally, increased awareness among the public regarding the huge availability of service providers is likely to propel the growth of cord blood market services globally. For instance, updates in July 2021, in the United States, July is declared as "Cord Blood Awareness Month." The Parent's Guide to Cord Blood Foundation has sponsored the campaign, which aims to promote awareness among expectant parents and the broader public about the necessity of preserving umbilical cord blood and the precious stem cells it contains. Thus, the availability of such campaigns in each country is expected to raise awareness among individuals, thereby increasing market growth throughout the forecast period.

The market players are adopting various strategies such as product launches, developments, collaborations, partnerships, and expansions to increase market share. For instance, in May 2021, Cordlife and SingHealth Duke-NUS Academic Medical Centre launched a collaboration. This strategy will help the company develop new technology connected to stem cells and blood therapies, as well as grow its market share.

Thus, due to the above-mentioned factors, the studied market is expected to grow significantly during the study period. However, the small size of the study population and ethical concerns, and highly expensive collection and storage procedures may restrain the market growth over the forecast period.

Key Market TrendsLeukaemia Segment is Expected to Hold the Major Market Share in the Cord Blood Banking Services Market

Leukemia is a type of cancer that affects the body's blood-forming tissues, particularly the bone marrow and lymphatic system. There are numerous forms of leukemia. Certain types of leukemia are more common in children. Other types of leukemia mostly affect adults. The segment is driven by the rising prevalence of leukemia and growing research and development activity.

According to the study published in October 2021, titled "Chronic lymphocytic leukemia: 2022 update on diagnostic and therapeutic procedures" the age-adjusted incidence of chronic lymphocytic leukemia (CLL) is 4.9 per 100 000 inhabitants per year making CLL one of the most common types of leukemia. As per the source above, the median age at diagnosis is 70 years and only 9.1% of patients with CLL are younger than 45 years. Additionally, as per the statistics by GLOBOCAN 2020, leukemia accounted for 474, 519 cases for both sexes of all ages in 2020, worldwide. Thus, the growing prevalence of leukemia is expected to boost market growth over the forecast period.

However, growing research and development activity is likely to support the growth of the market. For instance, in March 2022, Technicians at the Fred Hutchinson Cancer Research Center's Cell Processing Facility prepare blood stem cells for transplant in advanced leukemia patients. Fred Hutch researchers have launched clinical trials at various cancer institutions in the United States has enrolled people living with HIV and advanced leukemia.

North America Dominates the Market and it is Expected to do the Same in the Forecast Period

North America is expected to dominate the cord blood services market, owing to the rise in the prevalence of various cancers, such as leukemias and lymphomas, among all age groups. The rising volume of patients with damaged bone marrow or defective immune systems in the region. An increased number of genetic disorders, like sickle cell, down syndrome among newborn babies in the United States holds a significant revenue share in the North American market. According to a report of the National Institute of Health published in the National Center of Biotechnology Information in 2021, sickle cell disease (SCD) is a multisystem disorder and the most common genetic disease in the United States, affecting 1 in 500 African Americans. Also, about 1 in 12 African Americans carry the autosomal recessive mutation, and approximately 300,000 infants are born with sickle cell anemia annually. Additionally, according to American Cancer Society estimates in January 2022, about 60,650 new cases of leukemia and 24,000 deaths from leukemia and there were around 11,450 deaths due to acute myeloid leukemia in the United States in the year 2022. The statistics involve a large percentage of the adult population, and they require proper medical treatment to increase their life expectancy.

Furthermore, rising research and development activity by various research institutes is likely to propel the growth of the market. For instance, in July 2021, Researchers at UPMC Children's Hospital of Pittsburgh discovered that infusing umbilical cord blood — a readily available source of stem cells safely and effectively treated 44 children born with non-cancerous genetic disorders such as sickle cell, thalassemia, Hunter syndrome, Krabbe disease, metachromatic leukodystrophy (MLD), and an array of immune deficiencies. This is the largest trial of its sort to date.

Therefore, owing to the factors mentioned above, North America is predicted to witness growth over the forecast period.

Competitive Landscape

The cord blood services market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the Cord Blood Banking Services market. Some prominent players are implementing mergers and acquisitions, expanding their geographical footprint. Some of the companies which are currently dominating the market are Global Cord Blood Corporation, CBR Systems Inc., PerkinElmer Inc. (ViaCord LLC), Cryo-Cell International, and Cordlife Group Limited.

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