Umbilical Cord Blood Banking Market

Global Umbilical Cord Blood Banking Market Size (2024 to 2029)

As per our report, the size of the global umbilical cord blood banking market is forecasted to grow at a CAGR of 13.14% from 2024 to 2029 and be worth USD 114.27 billion by 2029, 61.63 billion in 2024.

UCB is acquired and collected from a newborn's umbilical cord and from the placenta after birth. Adult stem cells are found in UCB and are essential in regulating various biological processes. Cord blood includes many stem cells that can be used to treat over 80 genetic diseases. Cancer, diabetes, blood illnesses, and immunological diseases can all be treated with cord blood stem cells. Even though only a tiny amount of cord blood can be extracted from a single umbilical cord, it includes many stem cells and is the only type of stem cell that can be kept for future use. These cells are collected from hospitals and nursing homes and preserved in cord blood banks for future use, with 20 to 25 years of storage. The combination of stem cell storage services with genetic and genomic testing services, as well as reproductive health services, have all had an impact on the industry. Umbilical cord tissue storage, placental blood and tissue, amniotic fluid and tissue, and dental pulp preservation are among the new types of stem cell storage explored by cord blood banks.

MARKET DRIVERS

The global umbilical cord blood banking market is expanding rapidly due to the rising frequency and incidence of chronic diseases and the availability of regenerative medicines. Because of the rising frequency of chronic diseases and the availability of regenerative treatments, the global umbilical cord blood banking market is rapidly expanding. In addition, the market is being aided by several government organizations and initiatives. The umbilical cord blood banking market is driven by the rising prevalence of chronic diseases and the emerging field of regenerative medicine. Moreover, several government organizations and initiatives are assisting in expanding the umbilical cord blood banking market. Expectant parents will be educated and guided about cord blood banking choices, including the various financial schemes for storage and donation, through campaigns projected to boost market growth.

Soon, advancements in therapeutic use, unexplored opportunities in developing regions, and raising awareness are projected to open new avenues for market expansion. On the other hand, low utilization of stored cord blood, expensive cord blood transplantation procedures, difficulty training obstetricians about cellular therapies, and a rising trend toward business consolidation are severe risks to the market. However, there are also new opportunities for the market, such as faster regulatory paths for cell therapies in leading healthcare markets worldwide and expanded cell-based therapy applications.

MARKET RESTRAINTS

The growth of the Umbilical cord blood banking market is expected to be hampered by stringent licensing and accreditation regulations. Furthermore, high banking costs in private UCB banks restrict the expansion of the Umbilical cord blood banking market. In addition, a lack of consistency in regulatory policies, high out-of-pocket expenses, and a low adoption rate in emerging nations is further estimated to challenge the market expansion.

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

The Coronavirus disease 2019 (COVID-19) has impacted many industries worldwide, including the economy and medical fields. The pandemic has affected both the donor and recipient sides of stem cell transplantation (SCT). Since the beginning of the COVID-19 epidemic, numerous clinical experiments have been conducted. Many medications have been tested in clinical trials, including stem cells, and CB was employed in 10.2 percent of registered COVID-19 studies to inhibit COVID-19 progression. In addition, the backgrounds of CBs were used in most research trials using CB and birthing tissue to treat COVID-19 patients to suppress hyperinflammatory status. The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths worldwide.

Global manufacturing, tourism, and financial sectors have all been heavily damaged. The downward pressure on the worldwide economy has escalated, which had previously shown improvement. The virus outbreak has added dangerous factors to the international economy's already slow development. Many international groups have stated that the global economy is experiencing its most challenging moment since the financial crisis. Most of the rise can be attributed to COVID-19 cell therapy initiatives, with umbilical cord MSC8 being used in more than half of those trials. As a result of the pandemic, companies that make MSC products from donated birth tissues now have a new market. Many of these businesses have applied to the FDA for COVID-19 Emergency Use Authorizations and collaborated with local hospitals to treat COVID-19 patients. It's challenging to keep track of all these new relationships forming quickly.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Umbilical Cord Blood Banking Market Analysis By Bank Type

Based on bank type, the private bank segment will likely occupy the most significant share of the global umbilical cord blood banking market during the forecast period. The segment's dominance can be ascribed to private banks' extensive customer base. Compared to public banks, their marketing techniques are more appealing, resulting in higher adoption. Furthermore, the higher fees per cord blood unit collected and preserved are projected to contribute to the global market's most significant revenue.

Global Umbilical Cord Blood Banking Market Analysis By Service

In 2023, the storage segment led the global market, with a 49.48% market share. This increase can be ascribed to the growing number of pregnant parents who choose newborn cord blood cell preservation. In addition, due to different technological breakthroughs in cord blood processing procedures, the processing industry is predicted to grow significantly.

Global Umbilical Cord Blood Banking Market Analysis By Region

Geographically, the North American UCB banking market was the largest regional market worldwide in 2023. The United States, followed by Canada, is the region's primary market for UCB banking. Therefore, the North American region is expected to account for the most significant share of the global umbilical cord blood banking market during the forecast period. In addition, the North American umbilical cord blood banking market is expected to be favored by the rising prevalence of chronic conditions. Furthermore, several government groups' initiatives have raised awareness about cord blood donation in the region.

Asia-Pacific is the fastest-growing region in the global umbilical cord blood banking market. This is due to the region's rising prevalence of chronic diseases. Furthermore, increased awareness of the potential applications of cord blood and an increase in the frequency of live births contribute to the region's Umbilical cord blood banking market growth. Around the world, China has the highest number of live births, followed by India. The government regulates the industry in China by allowing only one cord blood bank per province to operate and requiring official government support, authorization, and permits.

Because of rising awareness about the possible applications of cord blood in treating life-threatening disorders, the UCB banking market in Europe is growing. Furthermore, the rising number of live births contributes significantly to the expansion of the UCB banking sector in Europe. Because of the increased awareness of the benefits of cord blood, more newborn families are donating and preserving cord blood in private or public banks across Europe.

KEY MARKET PARTICIPANTS

A few of the noteworthy companies operating in the global umbilical cord blood banking market profiled in this report are Cord Blood Registry Systems, Inc., Cordlife Group Limited., Cord Blood America, Inc., NeoStem Inc., Cryo-Cell International, Inc., ViaCord., Esperite N.V., Smart Cells International Ltd and China Cord Blood Corporation.

RECENT MARKET DEVELOPMENTS

• Cord Blood Registry purchased Natera Inc.'s Evercord, a cord blood and tissue banking company, in September 2019.
• CryoSave opened its new storage facility in Geneva in September 2018. This new sample storage BioBank, along with its advanced central laboratory, is expected to enable cryopreservation for many samples while also increasing storage capacity.
• FamiCord and CelluGen Biotech announced a future business corporation agreement in April 2019. This collaboration will allow both companies to benefit from synergies in developing new stem cell-based pharmaceuticals and family-based stem cell banking.

DETAILED SEGMENTATION OF THE GLOBAL UMBILICAL CORD BLOOD BANKING MARKET INCLUDED IN THIS REPORT

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

By Bank Type

• Private
• Public
• Hybrid

By Service

• Processing
• Storage

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa