PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419037
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419037
Cord Blood and Tissue Banking Market size was valued at USD 30,200 Million in 2022, expanding at a CAGR of 7.2% from 2023 to 2030.
Cord blood and tissue banking encompass the retrieval, processing, and storage of umbilical cord blood and tissue following childbirth, ensuring the preservation of potent stem cells for prospective medical use. These cells possess regenerative properties valuable for treating various ailments like certain cancers, blood disorders, and immune deficiencies. This method serves as a form of biological insurance, enabling families to store these cells for potential therapeutic purposes in the future.
The market's growth is driven by increasing genetic disorder occurrences and governmental initiatives promoting awareness. Hematological disorders significantly involve blood and its forming organs, including thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and related conditions, which continue to rise in prevalence. The global upsurge in leukemia cases has escalated the demand for cord blood cells. For instance, sickle cell disease, detailed in the National Heart, Lungs, and Blood Institute's July 2022 report, affects over 100,000 people in the United States and 20 million globally annually, indicating a growing need for effective solutions. This mounting prevalence of genetic disorders is expected to steer market growth. Moreover, increased public awareness regarding the availability of service providers is likely to drive the expansion of cord blood market services. For instance, the initiation of "Cord Blood Awareness Month" in the United States in July 2021, supported by The Parent's Guide to Cord Blood Foundation, aims to educate expectant parents and the wider public about the significance of preserving umbilical cord blood and its vital stem cells. Such awareness campaigns, anticipated globally, are projected to bolster market growth over the forecast period.
The Global Cord Blood and Tissue Banking Market is segmented on the basis of Bank Type, Application, and Region.
The market is divided into three categories based on Bank Type: Private, Public and Hybrid. In 2022 the dominating bank type in the Cord Blood and Tissue Banking market is the Hybrid category. This hybrid model combines elements of both private and public banking, offering a blend of advantages from each sector. It enables individuals to privately store cord blood for personal use while also making a portion of the stored samples available for public use, facilitating broader access for treatments and research. The hybrid model thus presents a balanced approach, appealing to consumers seeking both personal storage options and contributions to the public domain.
The market is divided into four categories based on Application: Leukaemia, Genetic Disorders, Immune Deficiencies and Other Applications. The dominance of the Leukaemia segment is anticipated within the Cord Blood Banking Services Market. Leukaemia, a type of cancer impacts the body's blood-forming tissues, specifically the bone marrow and lymphatic system, manifests in various forms with certain types being more prevalent in children while others primarily affect adults. The segment's growth is propelled by the increasing incidence of leukemia and robust research and development endeavors. As evidenced by an October 2021 study titled "Chronic lymphocytic leukemia: 2022 update on diagnostic and therapeutic procedures," chronic lymphocytic leukemia (CLL) registers an age-adjusted incidence of 4.9 per 100,000 individuals yearly, positioning CLL as among the most common leukemia types. Moreover, the median age at CLL diagnosis stands at 70 years, with a mere 9.1% of patients younger than 45 years. Globally, as per GLOBOCAN 2020 statistics, leukemia accounted for 474,519 cases for all ages and sexes in 2020, further indicating the increasing prevalence of leukemia and its potential to drive market growth throughout the forecast period.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Companies operating in the Cord Blood and Tissue Banking market employ several strategies to enhance their market presence and meet the increasing demand for these services. These strategies encompass technological advancements, focusing on improving storage methods and processing techniques for preserving stem cells effectively. Moreover, companies emphasize expanding their service portfolios to include additional medical applications beyond traditional therapeutic uses. Partnerships and collaborations with healthcare institutions, research organizations, and regulatory bodies are pursued to foster innovation, develop new therapies, and adhere to stringent industry standards and regulations. Additionally, marketing initiatives aimed at raising awareness among expectant parents about the value of cord blood and tissue banking play a crucial role in expanding the market reach and increasing adoption rates. Market participants are implementing diverse strategies, including product launches, advancements, collaborations, partnerships, and expansions, to bolster their market shares.
In May 2021, Cordlife and SingHealth Duke-NUS Academic Medical Centre initiated a collaborative effort. This strategic alliance aims to facilitate the company's development of new technology related to stem cells and blood therapies while augmenting its market presence.
The scope of this report covers the market by its major segments, which include as follows: