Selbyville, Delaware, Aug. 25, 2021 (GLOBE NEWSWIRE) --
According to latest report “Cord Blood Banking Market by Type of Bank (Public, Private), Services (Processing, Storage), Application (Cancer, Blood Disorders, Immuno-deficiency Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome), End-use (Hospitals, Research Institutes, Specialty Clinics),, Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of cord blood banking will cross $20 billion by 2027.
Increasing prevalence of blood disorders such as hemophilia, hypofibrinogenemia and dysfibrinogenemia, platelet function disorders, thrombocytopenia, and others. The statistics indicate that type A hemophilia is 4 times more prevalent and predominant than other hemophilia. The World Federation of Hemophilia stated that the prevalence of hemophilia is 1 in 3333 at birth. However, increasing R&D and clinical trials for the development of new therapeutic agents, rising prevalence of blood disorders, rising government initiative for generating awareness will enhance the market growth during the forecast period.
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The private segment dominated more than 83.8% of the cord blood banking market share in 2020. Growing clinical trials cord blood banking will drive the industry growth in the coming years. As the demand for cord blood increases simultaneously the requirement for banking also increases to conduct the clinical trials. For instance, in 2018, 6,500 studies and 85 therapies were approved. Now, there are more than 7,255 clinical trials are being conducted. Such rising research on cord blood will grow the demand for cord blood banking reagents in the future.
The processing segment accounted for USD 11 billion in 2020. The processing services are used to eliminate unnecessary tissue, viral load, and infection from the cord blood. Also, cryo-preservation is an important step while processing the cord blood cell to avoid the rupturing of the cell.
The cancer application segment in the cord blood banking market exceeded USD 4.9 billion in 2020 led by the rise in the number of blood cancer cases. For instance, in 2020, 544,352 new cases of non-Hodgkin lymphoma were reported, and 259,793 deaths were reported for the same.
The hospitals segment was valued at USD 8.2 billion in 2020 impelled by the rise in the number of cord blood banks, and government initiatives to create awareness. For instance, the World Marrow Doner Association stated that in 2018, 615 public donations were made to public cord blood banks. Hence, the growing demand for cord blood has boosted blood banks market progression during the forecast timeframe.
Asia Pacific cord blood banking market size will cross USD 5.8 billion by 2027. The rising prevalence of anemia especially in the children’s and pregnant women of the APAC region is the primary growth promotor. For instance, WHO reported that one-third of the world population is anemic. Prevalence of anemia in pregnant women is reported to be higher in the APAC region which resulted in stillbirth, miscarriages, malnutrition, and others Furthermore, rising prevalence of blood disorders such as anemia, rising prevalence of iron-deficient anemia (IDA), and rising cases of malnutrition, thereby, augmenting the market expansion.
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Few notable companies operating in the cord blood banking market include Cordlife, Singapore Cord Blood Bank, ViaCord LLC, CBR Systems, FamiCord, Cryo-Save, Americord, LifeCell, Global Cord Blood Corporation, Jeevan Stem Cell Foundation and among others. The market players are concentrating on various strategies such as new service launches, mergers, acquisitions, among others.
Table of Contents (ToC) of the report:
Chapter 3 Cord Blood Banking Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By type of bank
3.4.2 By services
3.4.3 By application
3.4.4 By end-use
3.5 COVID-19 impact analysis
3.6 Regulatory scenario
3.7 Public vs. private cord blood banking
3.8 Porter’s analysis
3.9 Competitive landscape, 2020
3.10 PESTEL analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/cord-blood-banking-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
