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Cord Blood banking Services market by Storage
Cord blood banking services market size was valued at $1.3 Bn in 2020, and is projected to reach $4.5 Bn by 2030, growing at a CAGR of 13.3% from 2021 to 2030.
cancer has led to an increase in the government initiative leading to surge in number of cord blood banks, which is anticipated to fuel the growth of the global cord blood banking services market.” — Onkar Sumant
PORTLAND, OREGON, UNITED STATES, August 1, 2022 /EINPresswire.com / -- Surge in awareness about cord blood cells among people, increase in the adoption of cord blood banking services to treat various diseases such as cancer, diabetes, immune disorders, and others, growth in the prevalence of cord blood banking services in maternity hospitals, and rise in population across the globe are expected to drive the growth of the global cord blood banking services market . On the other hand, extortionate cost of services is expected to hinder the growth to some extent. However, surge in investment in research and commercialization of cord blood stem cell therapies by healthcare companies is expected to create massive opportunities for the growth of the industry.
The cord blood banking services market size was valued at $1.3 billion in 2020, and is estimated to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030.
The global cord blood banking services market witnessed significant growth over the past decade owing to the rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer has led to an increase in the government initiative leading to surge in number of cord blood banks, which is anticipated to fuel the growth of the global cord blood banking services market.
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Cord blood stem cells banking is a lucrative market in North America and European countries. North America was the highest revenue contributor in 2020, with $400.1 million; however, LAMEA is expected to grow at a CAGR of 16.5%. Cost structure of the stem cell treatment has a major impact on the growth of stem cell application in developed countries. Similarly, stem cells collected from cord blood are used in treatment of rare diseases, including metabolic diseases and immune diseases. The overall cord blood banking services market has shifted its focus from clinical trials to commercialization.
The rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer, has led to an increase in the government initiative leading to an increase in number of cord blood banks, which is expected to fuel the market growth of cord blood banking services.
The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.
COVID-19 Scenario
The outbreak of COVID-19 has had a negative impact on the growth of the global cord blood banking services market, owing to the occurrence of lockdowns in various counties across the globe.
Lockdowns halted the business operations of various companies in the market due to the prevalence of stringent restrictions that were imposed by the government during the pandemic.
In addition, lockdowns resulted in delay in collection and supplying of cord blood used to treat various harmful diseases.
However, the market is projected to recoup soon.
On the basis of region, the cord blood banking services market size is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America is the highest revenue growth, followed by Europe. LAMEA is predicted to grow faster than Asia-Pacific with a CAGR of 13.5% during the forecast period.
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The key players of the market analyzed in the global cord blood banking services market report include Cord for Life, National Cord Blood Program, Cordvida, Perkinelmer Inc., Americord Registry LLC, China Cord Blood Corporation, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., and Lifecell international Pvt. Ltd.
We also Offers Regional and Country Reports-
Japan Cord Blood Banking Services Market
South Korea Cord Blood Banking Services Market
Singapore Cord Blood Banking Services Market
China Cord Blood Banking Services Market
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Taiwan Cord Blood Banking Services Market
“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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