Dublin, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The "Global Cord Blood Banking Services Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global cord blood banking services market is estimated to be valued at US$2.921 billion in 2019 and is projected to reach US$6.629 billion in 2026 at a CAGR of 12.42% during the forecast period.
Umbilical cord blood contains plenty of stem cells more than eighty genetic diseases can be treated by it. Stem cells have the capability to battle chronic diseases such as diabetes, immune diseases, cancer, and blood disorders as well. Cord blood banks area unit locations wherever people will store blood from the funiculus for future use and area unit equipped with the most recent technologies concerning medical data-keeping and storage. Cord blood banks area unit public or personal and usually charge associate degree annual fee for storage and maintenance.
These cells are collected from hospitals and nursing homes and stored in cord blood banks for future use and may be stored for a mean of 20-25 years. Government authorities have supported research and clinical trials of cord blood stem cells, thus increasing the interest of healthcare companies to take a position in the research and commercialization of cord blood somatic cell therapies. However, increasing expenditure on healthcare, and growing demand for advanced healthcare facilities together with bar and treatment. The foremost common applications of cord blood services embody encephalopathy, leukemia, hypochromic anemia, anemia, autism, diabetes, and others.
Several driving factors like rising birth, higher prevalence of varied diseases, an increase in income, and better R & D in stem cell medical aid extend the potential for application for the treatment of varied diseases. The attention concerning cord blood banks is additionally rising thanks to growing awareness among the population that is principally led by selling activities conducted by personal vendors. However, high competition couple high value of maintenance is anticipated to hinder the expansion of the cord blood baking services market. Also, one of the most important challenges for the worldwide cord bank services market is that the lack of normal enfranchisement across the business.
Growth Factors
Rising cases of cancer patients
The prevalence of cancer has been increasing around the world which is one of the major factors anticipated to drive the market growth of cord blood banking services. Myeloma and leukemia are some of the types of cancer that are generally treated with somatic cell transplants.
According to Cancer Statistics Center, American Cancer Society, the incidence rates of Leukemia for males in the United States have increased from nearly 10.4 per 100,000 population in 2007 to around 11.75 in 2017. For females, the rate has increased from nearly 18.0 per 100,000 population in 2007 to around 19.85 in 2017. CSC estimates that the new cases of leukemia in 2021 will be 61,090 in the United States. Similarly, the incidence of myeloma has been increasing over the years. This is expected to surge the demand for cord blood banking services in the coming years and is projected to bolster the market growth during the forecast period.
Restraints
Lack of awareness
Lack of awareness especially among pregnant women may be a major restraint for the stem cell/cord blood banking market. This is often mainly because a majority of pregnant women are unaware of the functioning of the general public cord blood banks. Hence, this feature isn't fully explored despite the benefits of somatic cell transplantation in treating cancer.
COVID-19 Impact
COVID-19 is an international public health emergency that has affected nearly every business, so and, the long effects are projected to impact the business growth throughout the assessment period. The fulminant happening of the COVID-19 pandemic had catalyzed the worldwide marketplace for cord blood banking services as many health care suppliers are utilizing stem cells for managing severe symptoms. As the companies are resuming their operations and are adapting to the new normal, the market is expected to recover gradually.
Competitive Insights
Cryo-Cell International, AlphaCord LLC, CBR Systems, Inc., Cordlife Group Limited, LifeCell, Stemcyte, California Cryobank Stem Cell Services LLC, Smart Cells International Ltd, PerkinElmer Inc. (ViaCord LLC), Cordvida have been covered in the cord blood banking services market report. According to LifeCell, Cord Blood Banking has gained large quality over the past few years thanks to its ability to treat cancers like lymphomas and leukaemia, genetic disorders, metabolic & immune disorders. It's extremely counseled by doctors worldwide to undertake duct Blood Banking at the time of birth.
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Market Opportunities
4.4. Porter's Five Force Analysis
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Power of Buyers
4.4.3. Threat of New Entrants
4.4.4. Threat of Substitutes
4.4.5. Competitive Rivalry in the Industry
4.4.6. Industry Value Chain Analysis
5. Cord Blood Banking Services Market, By Bank Type
5.1. Introduction
5.2. Public Cord Blood Banks
5.3. Private Cord Blood Banks
6. Cord Blood Banking Services Market, By Service Type
6.1. Introduction
6.2. Collection and Transportation
6.3. Processing
6.4. Analysis
6.5. Storage
7. Global Cord Blood Banking Services Market, By Geography
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. CBR Systems, Inc.
9.2. Cordlife
9.3. Cryo-Cell
9.4. Cryo-Save AG
9.5. LifeCell
9.6. Stemcyte
9.7. Viacord
9.8. Smart Cells International Ltd
9.9. Cryoviva India
9.10. Cordvida
For more information about this report visit https://www.researchandmarkets.com/r/3uhnba
