PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419083
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419083
Cord Blood Banking Services Market size was valued at USD 30,120 Million in 2022, expanding at a CAGR of 6.7% from 2023 to 2030.
The technique of isolating and preserving potentially life-saving stem cells from the placenta and umbilical cord is known as cord blood banking. After delivery, baby's umbilical cord blood is taken and stored in a process known as cord blood banking. Important stem cells from this cord blood can help treat serious illnesses. Donating cord blood to private or public banks is an option.
The blood banking services sector is expanding due to the increasing usage of stem cells and cord blood (CB) in the treatment of hereditary diseases. In addition, the need for CB banking services is being driven by several reasons, including health coverage, a broad selection of service providers, and growing benefits awareness. Numerous medical services have been impacted by the global economic downturn brought on by the COVID-19 pandemic. About 20% of CB services and blood component suppliers have experienced a sharp decline in subscriptions because of the pandemic. As a result, mobility limitations and infections linked to blood transfusions have hindered the industry's growth. The U.S. market for CB banking services is rather developed when compared to the global business. The reasons for the demand for services provided by CB banks.
The Global Cord Blood Banking Services Market is segmented on the basis of Component, Bank Type, Application, and Region.
The market is divided into three categories based on Component: cord blood, cord tissue, and placenta. The cord blood segment dominates the market. The growing development of cord plantation solution is contributing to market growth.
The market is divided into three categories based on Bank Type: private, pubic and hybrid. The private segment dominates the market and is likely to maintain its dominance during the forecast period. The increasing number of private blood bank services and high adoption from small players is projected to boost the segment growth.
The market is divided into four categories based on Application: leukaemia, genetic disorders, immune deficiencies, others. The leukaemia dominates the market and is likely to maintain its dominance during the forecast period. The growing prevalence of chronic disorders is boosting the segment growth.
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.
To increase their industry footprint, major firms are putting a variety of methods into practice, such as partnerships through mergers and acquisitions, geographic expansions, and strategic collaborations. Growing per capita consumer expenditure and competitive pricing offered by industry players are the main drivers of demand for CB banking services. New service launches, new competitors entering the market, and the existence of established, experienced major companies all increase market rivalry and spur the market growth.
In March 2022, Cryo-Cell International, Inc. inked a purchase contract for a afresh built 56,000-square-foot capability in Durham, North Carolina to expand their business.
The scope of this report covers the market by its major segments, which include as follows: