At 5.2% CAGR, Global Umbilical Cord Blood Banking Market Size & Share to Surpass USD 21.4 Billion by 2028 | Umbilical Cord Blood Banking Industry Trends, Demand, Price, Analysis & Forecast Report by ZMR
NEW YORK, Aug. 18, 2022 /PRNewswire/ -- As per Zion Market Research study, The global umbilical cord blood banking market was worth around USD 14.5 billion in 2021 and is estimated to grow to about USD 21.4 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.2 percent over the forecast period.
Key Industry Insights & Finding of the Umbilical Cord Blood Banking Market Reports:
- As per the analysis shared by our research analyst, the Umbilical Cord Blood Banking Market is expected to grow annually at a CAGR of around 5.2 % (2022-2028).
- Through the primary research, it was established that the Umbilical Cord Blood Banking Market was valued approximately USD 14.5 Billion in 2021 and is projected to reach to roughly USD 21.4 Billion by 2028.
- North America is estimated to lead the global umbilical cord blood banking market during the forecast period. The major market for UCB banking in the region is the United States, followed by Canada.
- More people are becoming aware of the potential uses of cord blood in the treatment of serious illnesses, the market for UCB banking is expanding throughout Europe.
- American Society for Blood and Marrow Transplant, American Academy of Pediatrician, European Group on Ethics in Science and New Technologies, and many more for future self-use, do not advise routine private banking as genetic abnormalities cannot be treated with an autologous stem cell transplant (using a patient's own cord blood).
- the development of the sector will be positively impacted by supportive government efforts, quickly advancing healthcare infrastructure, and increased R&D for the treatment & diagnostics of different blood diseases.
Zion Market Research published the latest report titled as 'Umbilical Cord Blood Banking Market By Storage Option (Private UCB Banks and Public UCB Banks), By Application (Metabolic Disorder, Bone Marrow Failure Syndrome, Leukemia, Immune Deficiencies, and Lymphoma), By Service Type (Sample Collection & Transportation, Sample Processing, Sample Analysis, Sample Preservation, and Storage), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.' into their research database.
Umbilical Cord Blood Banking Market: Overview
The prompt preservation of a baby's cord blood after birth is known as umbilical cord blood banking. Over 80 genetic diseases can be treated with stem cells from umbilical cord blood, which is a major source of these cells. Chronic diseases including immunological disorders, blood diseases, diabetes, and cancer can be treated with cord blood stem cells. Even while only a tiny amount of cord blood can be extracted out of a single umbilical cord, it is the only form of stem cell that can be preserved for use in the future and includes a substantial number of stem cells. These cells may be kept in cord blood banks for an average of 20 to 25 years and are obtained from hospitals & nursing homes for use in the future.
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Industry Dynamics:
Umbilical Cord Blood Banking Market: Growth Drivers
- Growing incidence of blood disorders to foster the market growth.
Blood and blood-forming organs are related to blood disease. The prevalence of these disorders is continually increasing and includes hemophilia, lymphoma, leukemia, sickle cell anemia, thalassemia, and others. The need for cord blood cells is expanding as a result of the exponentially increasing occurrence of blood disorders especially leukemia across the world. Worldwide, an estimated 1.2 million instances of blood cancer are recorded each year, along with more than 720,000 related fatalities. More and more blood cancer patients are being treated using cord blood. Government and commercial institutions are funding stem cell treatments for the treatment of cancer. Additionally, the development of the sector will be positively impacted by supportive government efforts, quickly advancing healthcare infrastructure, and increased R&D for the treatment & diagnostics of different blood diseases. All of these factors are expected to boost the growth of the global umbilical cord blood banking market.
Umbilical Cord Blood Banking Market: Restraints
- High cost of umbilical cord banking to restrain market growth in emerging economies.
The market may be slowed down by the growing cost of umbilical cord blood banking. Fees for private cord blood banking can range from $1,000 to $2,000. Additionally, a patient must spend $100 to $175 in maintenance and storage fees annually. Additionally, cord blood banking expenses are not covered by and reimbursed by health insurance providers. Thus, the high cost of cord blood banking and the absence of insurance may limit business growth throughout the anticipated time period.
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Umbilical Cord Blood Banking Market: Opportunities
- Increasing number of clinical trials on stem cells derived from umbilical cord blood to fuel the market expansion.
Researchers are using cord blood-derived stem cells in clinical studies to test potential cures for immunological problems, neurological disorders, and muscular ailments. Included in this is autism, for which a recent publication from American researchers revealed that children in the trial improved significantly after receiving cord blood infusions for 12 and 24 weeks. In 10 newborns having heart surgery, pilot research evaluated the safety and efficacy of replacing postoperative blood loss with autologous umbilical cord blood (AUCB) transfusion. Further, even neonates with brain damage are candidates for therapy with cord blood. In a phase I clinical investigation, umbilical cord blood transplantation was found to be both safe and efficacious for treating severe intraventricular hemorrhage in premature infants. Thus, growing studies and clinical trials are estimated to hold numerous opportunities for the growth of the global umbilical cord blood banking market during the forecast period.
Umbilical Cord Blood Banking Market: Challenges
- Strict licensing and accreditation requirements to pose a major challenge to market growth.
Umbilical Cord Blood Banks (UCB) are only authorized with a license and under the supervision of authorized regulatory bodies. In addition to this, the umbilical cord blood banks are required to abide by strict rules set up for the gathering, examination, testing, storing, banking, and distribution of saved units. Moreover, most international bodies including the American Society for Blood and Marrow Transplant, American Academy of Pediatrician, European Group on Ethics in Science and New Technologies, and many more for future self-use, do not advise routine private banking as genetic abnormalities cannot be treated with an autologous stem cell transplant (using a patient's own cord blood). All such factors are likely to act as major challenges to the growth of the market.
Global Umbilical Cord Blood Banking Market: Segmentation
- The global umbilical cord banking market is categorized based on storage option, application, storage service, and region.
Based on the storage option, the global market is divided into private UCB banks and public UCB banks. The application segment consists of metabolic disorders, bone marrow failure syndrome, leukemia, immune deficiencies, and lymphoma. The service type segment is classified into sample collection & transportation, sample processing, sample analysis, and sample preservation & storage.
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List of Key Players of Umbilical Cord Blood Banking Market:
- Caladrius Biosciences
- Cord Blood America
- CORDLIFE GROUP
- ATCC
- Cord Blood Registry Systems
- China Cord Blood Corporation
- Smart Cells International
- Esperite N.V.
- ViaCord
- Cryo-Cell International
Key questions answered in this report:
- What are the growth rate forecast and market size for Umbilical Cord Blood Banking Market ?
- What are the key driving factors propelling the Umbilical Cord Blood Banking Market forward?
- What are the most important companies in the Umbilical Cord Blood Banking Market Industry?
- What segments does the Umbilical Cord Blood Banking Market cover?
- How can I receive a free copy of the Umbilical Cord Blood Banking Market sample report and company profiles?
Report Scope:
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Recent Developments
- In August 2019, Cordlife expanded its business in Bangladesh. This strategy helped the business increase its market share and broaden its geographic reach.
- In October 2021, CRYO-CELL, a leader in cord blood banking, announces its plan to speed up clinical trials. Cryo-Cell obtained exclusive commercial rights to a variety of intellectual property assets and FDA regulatory data regarding several cord blood and cord tissue-derived cell therapy products that had successfully completed Phase 1/Phase 2 clinical trials as a matter of fact of the unique authorization agreement signed with Duke University on February 26, 2021.
Regional Dominance:
- North America to rule the global market during the forecast period.
Geographically, North America is estimated to lead the global umbilical cord blood banking market during the forecast period. The major market for UCB banking in the region is the United States, followed by Canada. Also, the main factor driving the market is the rising frequency of chronic conditions. Initiatives taken by different government organizations have also increased regional awareness of the value of cord blood donation. On the other hand, since more people are becoming aware of the potential uses of cord blood in the treatment of serious illnesses, the market for UCB banking is expanding throughout Europe. The expansion of the UCB banking sector in Europe is also being greatly aided by the rising number of live births.
Global Umbilical Cord Blood Banking Market is segmented as follows:
Umbilical Cord Blood Banking Market: By Storage Option Outlook (2022-2028)
- Public UCB banks
- Private UCB banks
Umbilical Cord Blood Banking Market: By Application Outlook (2022-2028)
- Leukemia
- Bone marrow failure syndrome
- Metabolic disorder
- Lymphoma
- Immune deficiencies
Umbilical Cord Blood Banking Market: By Service Type Outlook (2022-2028)
- Sample Preservation & Storage
- Sample Analysis
- Sample Processing
- Sample Collection & Transportation
Umbilical Cord Blood Banking Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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