Portland, OR, April 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Cord Blood Banking Services Market generated $1.3 billion in 2020, and is projected to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
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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.
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.
The report offers a detailed segmentation of the global cord blood banking services market based on storage services, component, application and region.
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Based on application, the diabetes segment generated the highest market share in 2020, garnering more than one-fourth of the total market. The metabolic disorders segment, on the other hand, is anticipated to cite the fastest CAGR of 14.2% during the forecast period.
Based on component, the cord tissue segment generated the majority share in 2020, holding more than half of the total market. The same segment is predicted to exhibit the CAGR of 13.4% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the total market. The LAMEA, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
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.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
