Cord Blood Banking Services Market to Grow at CAGR of 10.9% from 2019 to 2027: TMR Study

- Awareness regarding stem cell therapy is growing, leading to higher demand for private banks, allowing the segment to dominate market over the forecast period

- Public banks segment in the cord blood banking services market would grow at a rapid pace

- Notable increase in hematopoietic stem cell transplantation will mark market landscape

ALBANY, N.Y., Aug. 11, 2020 /PRNewswire/ -- From a worth of USD 25.8 million in 2018, global cord blood banking services market is set to reach a valuation of USD 64.7 million by 2027. The market would grow at a compound annual growth rate of 10.9% from 2019 to 2027. A major factor leading to growth in the market is increase in incidence of genetic disorders.

As per Transparency Market Research, "While North America will account for a notable share of the global cord blood banking services market, Asia Pacific region will grow at a significant pace over the forecast period."

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Key Findings of Global Cord Blood Banking Services Market Study:

• Hematopoietic stem cell transplantation is witnessing an increase
• Private cord blood bank segment would continue to dominate market
• North America will hold a sizeable cord blood banking services market share

For a detailed analysis of global cord blood banking services market by type, and region, visit TOC at https://www.transparencymarketresearch.com/report-toc/1741

Key Drivers of Growth in Global Cord Blood Banking Services Market:

A string of notable growth factors is pushing the global cord blood banking services market, as per Transparency Market Research. An overview of these positively impacting trends and drivers is provided below:

• There is an increase in awareness regarding stem cell therapy noted in the world and that is set to drive the cord blood banking services market forward
• Governments as well as private players across some countries such as India, China, and Brazil are implementing awareness programs
• High incidence of genetic disorders is being noted in the world and this is driving need for cord blood banking services
• Increase in cases of cancer and certain immune conditions is also paving way for higher demand for these services
• Government funding is increasing and this is also a notable growth factor in the market over the forecast period

Analyze global cord blood banking services market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study https://www.transparencymarketresearch.com/sample.php

Regional Analysis of Global Cord Blood Banking Services Market:

• The North American regional dominance is anticipated to continue into the forecast period
• Major growth factors in the region would be technological advancement and its high adoption, high healthcare spending
• Asia Pacific will expand at a notable growth rate over the period

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Competitive Landscape of Global Cord Blood Banking Services Market:

In the global cord blood banking services market, the vendor landscape is quite fragmented. It is marked by presence of a number of regional and international players. Some of the leading names that are well known and well received in the market are Global Cord Blood Corporation, California Cryobank Stem Cell Services LLC, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc, Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc., and Virgin Health Bank, among others.

It is pertinent to note here that while a range of organic and inorganic growth strategies are used by market players to ensure growth, prominent ones as seen in the recent past include entering in patent option agreements and acquiring other players for business expansion goals. For instance in the year 2020, Cryo-Cell International Inc. and Duke University entered in to a patent option agreement with an aim to develop birthing tissue based cellular therapeutics. Also, in 2018, Cord Blood America was acquired by California Cryobank Stem Cell Services LLC to increase operational footprint.

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Market Segmentation:

Global Cord Blood Bank Services Market, by Type

• Private Blood Bank
• Public Blood bank

Global Cord Blood Bank Services Market, by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:

Stem Cells Market: The global market for stem cells is projected to reach a value of US$270.5 bn by the end of 2025. The market is likely to exhibit a strong 13.80% CAGR between 2017 and 2025, the rapid development of the infrastructure that is required for the stem cell banking and processing, especially in developing economies is predicted to encourage the growth of the global stem cells market in the coming years.

Umbilical Cord Blood Banking Market: The global umbilical cord blood banking market, for the period 2017 to 2025. The market is prophesized to rise at a promising growth rate of 11.4% CAGR during the period of review. The global umbilical cord blood banking market is likely to gather momentum mainly from the increasing awareness about its benefits across the globe.

Blood Bank Market: Factors such as prevalence of blood-borne diseases and transfusion transmissible infections, rise in the number of surgeries, improving health care infrastructure across the globe, increase in demand for advanced instruments, advancements in automation technology, positively changing reimbursement scenarios, rise in awareness about blood donation and safe blood transfusion, and government initiatives to promote blood donation are expected to propel the global blood bank market during the forecast period.

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