June 13, 2024

Cord Blood Banking Market Size to Attain USD 27.55 Bn by 2033

The global cord blood banking market size accounted for USD 16.81 billion in 2023 and is estimated to attain around USD 27.55 billion by 2033, growing at a CAGR of 5.06% from 2024 to 2033.

Key Points

  • North America led the market with the biggest market share of 38% in 2023
  • By type of bank, the cord blood banking market’s private bank segment is expected to grow significantly during the forecast period.
  • By services, the processing segment dominated the market in 2023.
  • By application. The cancer segment significantly contributes to the market and is anticipated to grow at a notable CAGR during the forecast period.
  • By end-use, the hospital segment dominated the market in 2023.

Cord Blood Banking Market Size 2024 to 2033

The cord blood banking market has witnessed significant growth in recent years, driven by increasing awareness about the therapeutic potential of cord blood stem cells, rising prevalence of chronic diseases, and advancements in cord blood processing techniques. Cord blood banking involves the collection, processing, and storage of umbilical cord blood for potential future medical use. Cord blood contains hematopoietic stem cells, which can differentiate into various types of blood cells, making it valuable for treating hematopoietic and genetic disorders, immune deficiencies, and certain cancers.

Get a Sample: https://www.precedenceresearch.com/sample/3995

Growth Factors:

Several factors contribute to the growth of the cord blood banking market. One of the primary growth drivers is the growing prevalence of chronic diseases such as leukemia, lymphoma, and sickle cell anemia. These conditions often require stem cell transplantation for treatment, and cord blood provides a readily available source of stem cells for such procedures. Additionally, increasing awareness among expectant parents about the benefits of cord blood banking and the expanding applications of cord blood stem cells in regenerative medicine are fueling market growth. Moreover, advancements in cord blood processing techniques, such as automated processing systems and cryopreservation methods, have improved the quality and viability of stored cord blood units, further driving market expansion.

Region Insights:

The cord blood banking market exhibits regional variations in terms of market size, growth rate, and regulatory landscape. North America and Europe are prominent markets for cord blood banking, driven by favorable government initiatives, well-established healthcare infrastructure, and high awareness among the population. In Asia-Pacific, the market is witnessing rapid growth due to increasing healthcare expenditure, rising birth rates, and expanding private cord blood banking facilities. Emerging economies in Latin America and the Middle East & Africa are also experiencing growing demand for cord blood banking services, supported by improving healthcare infrastructure and rising awareness about stem cell therapies.

Cord Blood Banking Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 5.06%
Global Market Size in 2023 USD 16.81 Billion
Global Market Size by 2033 USD 27.55 Billion
U.S. Market Size in 2023 USD 4.47 Billion
U.S. Market Size by 2033 USD 7.33 Billion
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Type of Bank, By Services, By Application, and By End Use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Cord Blood Banking Market Dynamics

Drivers:

Several factors contribute to the continued expansion of the cord blood banking market. One of the key drivers is the increasing adoption of stem cell therapies for the treatment of various diseases, including cancer, blood disorders, and autoimmune conditions. Cord blood stem cells offer several advantages over other sources, such as bone marrow or peripheral blood, including easier procurement, reduced risk of graft-versus-host disease, and lower rates of rejection. Furthermore, advancements in transplant techniques, such as haploidentical transplantation and ex vivo expansion of cord blood cells, have expanded the applicability of cord blood transplantation, driving market growth.

Opportunities:

The cord blood banking market presents several opportunities for growth and innovation. With ongoing research focused on enhancing the therapeutic potential of cord blood stem cells and developing novel applications, new avenues for market expansion are emerging. For instance, researchers are exploring the use of cord blood-derived mesenchymal stem cells for tissue repair and regenerative medicine applications, including the treatment of cardiovascular diseases, neurological disorders, and orthopedic injuries. Moreover, the increasing trend of personalized medicine and the development of immune cell therapies hold promise for the future of cord blood banking, offering opportunities for the customization of cord blood units to match individual patient profiles.

Restraints:

Despite the favorable market outlook, certain factors pose challenges to the growth of the cord blood banking market. One of the primary restraints is the high cost associated with cord blood banking services, including collection, processing, and storage fees. This cost can be prohibitive for many families, limiting the accessibility of cord blood banking services, particularly in low- and middle-income countries. Additionally, ethical and regulatory concerns surrounding the commercialization of human tissues, including cord blood, pose challenges to market expansion. Regulatory frameworks governing the collection, processing, and storage of cord blood vary across regions, leading to inconsistencies in quality standards and market practices.

Read Also: Antipsychotic Drugs Market Size to Grow USD 31.37 Bn by 2033

Recent Developments

  • In April 2022, Aspen Neuroscience, Inc. commenced a groundbreaking patient screening study, the Trial-Ready Cohort Study, in collaboration with multiple clinical screening sites across the United States. This study marks a crucial initial step toward submitting an Investigational New Drug (IND) application to the United States Food & Drug Administration. Aspen Neuroscience’s objective is to explore the potential of ANPD001, an iPSC-derived cell replacement therapy, for treating Parkinson’s disease.
  • In April 2022, TreeFrog Therapeutics introduced The Stem Cell SpaceShot Grant, a grant program offering USD 100,000 in research funding exclusively dedicated to advancing the field of stem cell biology and regenerative medicine. This initiative supports innovative research projects, fostering progress and breakthroughs in understanding and applying stem cells.
  • In September 2022, ExCellThera aimed to enhance patients’ access to cord blood transplants. Cord blood transplants, characterized by not requiring exact HLA matching, offer a significant advantage over adult sources of stem cells. The company’s efforts contribute to improving the accessibility and efficacy of this medical intervention.
  • In March 2022, Cryo-Cell International, Inc. reported its purchase agreement for a newly constructed 56,000 sq ft facility within the Regional Commerce Center in the Research Triangle, NC. This facility is anticipated to expand Cryo-Cell’s cryopreservation and cold storage business, introducing a new service called ExtraVault. The closure is subject to customary conditions.

Cord Blood Banking Market Companies

  • Thermo Fisher Scientific (US)
  • Merck KGaA (Germany)
  • Lonza Group (Switzerland)
  • STEMCELL Technologies (Canada)
  • Takara Bio (Japan)
  • FUJIFILM Cellular Dynamics (US)
  • Sartorius AG (Germany)
  • GE Healthcare (UK)
  • Charles River Laboratories International (US)
  • Cynata Therapeutics (Australia)
  • Mesoblast (Australia)
  • Cellular Dynamics International (US)
  • Organogenesis (US)
  • Osiris Therapeutics (US)
  • Gamida Cell (Israel)
  • Pluristem Therapeutics (Israel)
  • Athersys (US)
  • Brainstorm Cell Therapeutics (Israel)
  • Cellectis (France)
  • Ncardia AG (Germany)

Segments Covered in the Report

By Type of Bank

  • Public
  • Private

By Services

  • Processing
  • Storage
  • Others

By Application

  • Cancer
  • Blood Disorders
  • Bone Marrow Failure Syndrome
  • Immuno-deficiency Disorders
  • Metabolic Disorders

By End Use

  • Hospital
  • Research Institutes
  • Specialty Clinics
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

Contact Us:

Mr. Alex

Sales Manager

Call: +1 9197 992 333

Email: sales@precedenceresearch.com

Web: https://www.precedenceresearch.com

Blog: https://www.expresswebwire.com/

Blog: https://www.uswebwire.com/

Blog: https://www.dailytechbulletin.com/

Blog: https://www.autoindustrybulletin.com/


Prathamesh

Leave a Reply

Your email address will not be published. Required fields are marked *