Cord Blood Banking Services Market

Global Cord Blood Banking Services Market Size (2023 to 2028)

The global cord blood banking services market is estimated to be worth USD 73.38 billion by 2028 from USD 41.19 billion in 2023, growing at a CAGR of 12.24% from 2023 to 2028.

Impact of COVID-19 on the global cord blood banking services market:

The COVID-19 pandemic has had a negative impact on the cord blood banking services market. The measures that were taken by the governments to limit the spread of COVID-19 among people such as strict lockdowns and travel restrictions have affected the ability to collect cord blood samples from donors and hampered the demand for cord blood banking services. The decline in birth rates in several countries due to factors such as economic uncertainties, healthcare system strain, and altered family planning decisions further had an unfavorable impact on the growth of the cord blood banking services market. The non-emergency medical procedures including cord blood banking were postponed or delayed during the COVID-19 pandemic and this has negatively impacted the number of cord blood units being collected and stored and affected the market growth. Likewise, the global cord blood banking services market has had an unfavorable impact from the COVID-19 pandemic. However, the market condition is predicted to improve when the global situation gets better.

MARKET DRIVERS:

The growing awareness about the benefits of cord blood stem cells in treating various diseases, rising prevalence of genetic and blood-related disorders, growing investments in stem cell research and regenerative medicine, expansion of public and private cord blood banks globally and increasing number of advancements in cord blood processing and storage techniques majorly drive the growth of the cord blood banking services market. The growing demand for cord blood stem cell therapies, rapid adoption of cord blood banking by parents for future medical needs, rising acceptance of cord blood banking by healthcare professionals, supportive government initiatives and regulations promoting cord blood banking and growing number of collaborations between cord blood banks and research institutions propel the cord blood banking services market growth.

The growing number of clinical trials and studies using cord blood stem cells, technological advancements in stem cell isolation and expansion techniques, expansion of newborn screening programs, growing use of cord blood in treating hematopoietic and immune system disorders and emerging applications of cord blood stem cells in regenerative medicine favor the market growth. The growing prevalence of cancer and the potential use of cord blood in cancer therapies, rising focus on personalized medicine and targeted therapies, increasing public awareness campaigns and educational initiatives about cord blood banking, rising demand for umbilical cord tissue banking, and expansion of cord blood banking services in emerging economies further boost the growth rate of the cord blood banking services market.

MARKET RESTRAINTS:

Poor awareness and understanding among the general population about the benefits and importance of cord blood banking, the high cost associated with cord blood banking services, and the limited availability of trained healthcare professionals for cord blood collection majorly hamper the growth of cord blood banking services market. Challenges in finding suitable matches for cord blood transplantations due to limited inventory, strict regulatory requirements and guidelines for cord blood banking operations, and limited reimbursement options for cord blood banking services from healthcare insurance providers further hinder the cord blood banking services market growth. Potential competition from alternative sources of stem cells, such as bone marrow and peripheral blood, and the risk of non-utilization or loss of stored cord blood units are other key obstacles to the market’s growth rate.

REPORT COVERAGE:

This market research report on the global cord blood banking services market has been segmented and sub-segmented into the following categories.

Cord Blood Banking Services Market - By Bank Type:

• Private
• Public
• Hybrid

Based on bank type, the private segment is predicted to hold the leading share of the global market during the forecast period. The growing awareness among parents about the potential therapeutic benefits of cord blood stem cells, rising interest in personalized medicine and regenerative therapies and increasing number of advancements in stem cell research and potential future applications drive the growth of the private segment.

The public segment is anticipated to capture a substantial share of the global market during the forecast period owing to the growing demand for cord blood units from patients lacking a suitable match within their family, supportive government initiatives and public awareness campaigns promoting cord blood donation and increasing number of collaborations between public banks and healthcare institutions to facilitate greater utilization of cord blood units.

Cord Blood Banking Services Market - By Region:

• North America
• Europe
• APAC
• Latin America
• Middle East and Africa

North America was the largest regional segment worldwide in 2022 and is predicted to continue the domination throughout the forecast period. The growing awareness and acceptance of cord blood banking, the rising prevalence of genetic disorders and hematopoietic malignancies and supportive government regulations and initiatives. The U.S. had the major share of the North American market in 2022 and is estimated to grow at a healthy CAGR during the forecast period owing to the high healthcare expenditure and the presence of advanced healthcare infrastructure.

Europe held a notable share of the global market in 2022 and is anticipated to witness a healthy CAGR during the forecast period. The growing number of advancements in cord blood processing and storage techniques, increasing public awareness, rapid adoption of stem cell therapies and growing number of collaborations between public and private cord blood banks. Germany led the market in Europe in 2022, followed by the UK. The German market is predicted to showcase a prominent CAGR during the forecast period owing to factors such as growing investments in stem cell research and regenerative medicine.

APAC is predicted to register a promising CAGR during the forecast period. The growing healthcare infrastructure and expenditure, rapidly growing population base, increasing awareness about stem cell therapies and supportive government initiatives promoting cord blood banking promote the growth of the APAC market. China and India had the leading share of the APAC market in 2022 and the same pattern is expected to repeat throughout the forecast period owing to the growing investments in healthcare and rising disposable income.

Latin America had a considerable share of the global market in 2022 and is projected to grow at a healthy CAGR during the forecast period. The growing demand for stem cell therapies and regenerative medicine, rising awareness about the potential benefits of cord blood banking and increasing number of collaborations between cord blood banks and healthcare institutions boost the market growth in Latin America.

MEA accounted for a moderate share of the global market in 2022 and is anticipated to grow steadily during the forecast period. South Africa and the United Arab Emirates are key markets in the region.

KEY MARKET PLAYERS:

Cord Blood Registry (CBR), Cryo-Cell International, Cryo-Save AG, ViaCord (PerkinElmer), Cordlife Group Limited, Americord Registry, CryoHoldco, Vita 34 AG, China Cord Blood Corporation (CCBC) and LifeCell International Pvt. Ltd. are some of the major companies in the global cord blood banking services market.

RECENT HAPPENINGS IN THE MARKET:

• In September 2022, ExCellThera can improve how easy it is for patients to get cord blood transplants. The NIH has given a five-year grant to a project called ReCord, which is studying cord blood to find ways to avoid childhood leukemia. The project will be finished in July 2022.
• In March 2022, Cryo-Cell International, Inc. said that it had signed a deal to buy a newly built 56,000-square-foot building in the Regional Commerce Centre in North Carolina's Research Triangle, as long as the usual conditions were met. By starting a new service called ExtraVault, this building should help Cryo-cryopreservation Cells and cold storage grow their businesses.
• In February 2021, Duke University and Cryo-Cell signed a deal and this was the first step towards Cryo-Cell becoming an independent and vertically integrated cellular therapy business.