Pune, Maharashtra, India, February 26, 2021 (Wiredrelease) Allied Analytics -: Cord Blood Banking Services Market Outlook 2021-2027
The global cord blood banking services market it is driven by factors that include various marketing strategies adopted by key players, an increase in R&D activities for umbilical cord blood applications, and an increase in funding to establish public umbilical cord blood storage banks. However, the expensive nature of processing, adversities related to finding a match on the donor list, and legal and ethical issues related to the collection of umbilical cord blood hamper the growth of the market. On the other hand, advances related to stem cell therapy and the untapped potential in developing regions would offer opportunities for market growth.
The global market for cord blood banking services was valued at $ 1,126 million in 2016 and is estimated at $ 2,772 million in 2027, recording a 13.8% CAGR from 2017 to 2027. Umbilical cord blood contains a rich source of stem cells, which can treat more than 80 genetic diseases.
The private cord blood bank segment held the largest share of the market in 2016, and is estimated to have the highest growth rate until 2023. This is due to the advanced services offered by private banks, cord blood storage for time determined, and ease in the recovery of cord blood whenever necessary for the treatment of any genetic disease.
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Private cord blood banks are private banks where parents can store the umbilical cord blood of newborns for future use, such as in the treatment of certain chronic diseases. Private banks charge fees for collecting, processing and storing umbilical cord blood. Thus, public cord blood banks have competitive advantages in developed regions such as North America and Europe.
In 2016, North America was responsible for the maximum contribution to the total revenue generated, due to the maturation of the market, great awareness of pregnant women, the presence of high disposable income and a high rate of adoption of cord blood storage services. However, Asia Pacific is expected to witness the greatest growth during the analysis period, attributable to increased awareness related to the benefits of storing umbilical cord blood, increased focus on key participants to expand their services and increased disposable income.
Main conclusions of the report:
The private cord blood bank segment is expected to register the highest growth rate during the forecast period.
Germany contributed the highest revenue to the European market in 2016 and is expected to maintain its dominant position during the forecast period of 2027.
In 2016, North America had the largest share in the global umbilical cord blood banking market and is expected to continue this trend for years to come.
China is expected to record the highest growth rate in Asia-Pacific.
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The main companies analyzed in the report are China Cord Blood Corporation, CBR Systems, Inc., Cord Blood America, Inc., Cryo-Cell International, Inc., Cordlife Group Limited, Lifeforce Cryobanks, Cryo-Save AG, ViaCord, Inc., National Cord Blood Program, CordVida, Virgin Health Bank, CryoHoldco and Vita34.
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