September 29, 2020 04:00 ET | Source: Fior Markets
Newark, NJ, Sept. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, theglobal cord blood banking market is expected to grow from USD 16.88 billion in 2019 and to reach USD 25.90 billion by 2027, growing at a CAGR of 5.5% during the forecast period 2020-2027.
The global cord blood banking market is witnessing significant growth from recent years. This growth is attributed to the rising awareness about therapeutic applications of cord blood, government initiatives and funding in developed economies, increasing prevalence of life-threatening genetic diseases, and growing clinical trials in regenerative medicines. A growing number of investors and genetic disorders will propel the market for cord blood banking.
The blood that stays in the placenta and umbilical cord post-delivery is known as cord blood. A process of collecting the cord blood and cryogenically freezing and extracting the stem cells and other cells of the immune system for the potential future medical use is known as cord blood banking. It consists of a rich source of stem cells that can treat various genetic diseases. A very small amount of cord blood can be collected from a single umbilical cord. These umbilical cord contain a large number of stem cells and is only the type of stem cells stored for future use. The medical use of stem cells and immune system cells in cord blood is expanding rapidly. The cord blood banking process includes the collection process through storage and newborn stem cells for future medical purposes.
The global cord blood banking market is expected to witness significant growth, owing to the increasing number of facilities, increasing use of cord blood in the treatment of chronic diseases, and rising prevalence of chronic diseases. The factors restraining the market growth are lack of uniformity in regulatory policies, large out-of-pocket expenditure, and low acceptance rate in developing countries. Increasing research concerns about cord blood application for the treatment of genetic and idiopathic disorders will provide market growth opportunities.
DOWNLOAD FREE SAMPLE REPORT AThttps://www.fiormarkets.com/report-detail/418891/request-sample Key players operating in global cord blood banking market are CBR Systems, Singapore Cord Blood Bank, Cryo-Save, ViaCord LLC, Global Cord Blood Corporation, Jeevan Stem Cell Foundation, LifeCell, Cordlife, Americord, and FamiCord. To gain a significant market share in the global cord blood banking market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. FamiCord and Cryo-Save are the major players operating in cord blood banking.
Public cord blood bank segment dominated the market and held the largest market share of 58.2% in the year 2019 On the basis of type of bank, the global cord blood banking market is segmented into public and private. Public cord blood bank segment dominated the market and held the largest market share of 58.2% in the year 2019. This growth is attributed to various funding initiatives, and various government initiatives for encouraging expectant mothers to donate cord blood cells in public banks. The private cord blood banks are expected to witness significant growth, owing to the growing awareness among expectant parents and high demand to safeguard the health of family members.
Storage segment dominated the market and held the largest market share of 51.26% in the year 2019 On the basis of services, the global cord blood banking market is segmented into processing and storage. Storage segment dominated the market and held the largest market share of 51.26% in the year 2019. This growth is attributed to the increasing number of expectant parents utilizing the preservation of newborn cord blood cells. The processing segment is expected to witness significant growth due to various technological advancements in cord blood processing methods.
Blood disorders segment dominated the market and held the largest market share of 26.7% in the year 2019 On the basis of application, the global cord blood banking market is segmented into cancer, blood disorders, immuno-deficiency disorders, metabolic disorders, and bone marrow failure syndrome. Blood disorders segment dominated the market and held the largest market share of 26.7% in the year 2019. This growth is attributed to the increasing application of cord blood cells in the treatment of blood disorders and the increasing prevalence of beta-thalassemia. Immuno-deficiency disorders are expected to witness significant growth, owing to the rapid and reliable recovery of immune function, low viral transmission rate, and low risk of graft versus host diseases.
Research institute segment dominated the market and held the largest share of 41.5% in the year 2019 On the basis of end-user, the global cord blood banking market is segmented into hospitals, research institutes, and specialty clinics. Research Institute segment dominated the market and held the largest share of 41.5% in the year 2019. This growth is attributed to the growing pervasiveness of genetic disorders and growth in the number of clinical trials for exploring new diseases. Hospitals segment is expected to witness significant growth, owing to the advancement in cord blood banking, increasing prevalence of genetic diseases.
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Regional Segment of Cord Blood Banking Market
On the basis of geography, the global cord blood banking market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 25.8% in the year 2019. This growth is attributed to the presence of a large number of genetic disorders, continuous efforts by the researchers to explore new therapeutic applications of cord blood cells. The Asia-Pacific region market is anticipated to witness significant growth, owing to the growth potential in emerging economies like China and India due to the higher birth rate.
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About the report: The global cord blood banking market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porters five forces model, attractiveness analysis, raw material analysis, and competitors position grid analysis.
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