Cord Blood Banking Services Market Overview
In the realm of healthcare, the Cord Blood Banking Services Market plays a crucial role in preserving and utilizing the valuable resource of umbilical cord blood for therapeutic purposes. Cord blood storage represents a fundamental service within this market, offering families the opportunity to bank their baby's umbilical cord blood for potential future use. Cord blood, rich in hematopoietic stem cells, has the unique ability to regenerate and replenish blood cells, making it a valuable resource for treating a variety of medical conditions, including leukemia, lymphoma, and genetic disorders. Cord blood storage services ensure the safe and secure preservation of this precious resource, allowing families to access it if needed for stem cell transplantation or regenerative medicine therapies in the future.
Cord Blood Banking Services Market Size was valued at USD 1.03 billion in 2021 and is projected to grow from USD 1.22 billion in 2022 to USD 4.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2022 - 2030), according to a new report from Market Research Future (MRFR).
Cord blood banking companies specialize in collecting and storing umbilical cord blood and tissue for future medical use. These companies provide a valuable service, as cord blood contains stem cells that can be used to treat various medical conditions, including blood disorders and certain cancers. Parents can choose to store their baby's cord blood with these companies as a form of insurance, in case their child or a family member requires stem cell therapy in the future. These banks ensure the safe preservation of this precious resource, offering families potential life-saving options.
Segmentation:
The global cord blood banking services market has been segmented on the basis of storage service, component, application, end user, and region.
On the basis of storage service, the global cord blood banking services market is segmented into public cord blood banks, private cord blood banks, and hybrid cord blood banks.
On the basis of component, the global cord blood banking services market is segmented into cord blood, cord tissue, placenta, and others.
On the basis of application, the global cord blood banking services market is segmented into cancers, blood disorders, metabolic disorders, immune disorders, and osteoporosis.
On the basis of end user, the global cord blood banking services market is segmented into hospitals, pharmaceutical research, research institutes, and others.
Regional Analysis:
The global cord blood banking services market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas, followed by Europe, is expected to retain the dominant share in the global cord blood banking services market over the forecast period due to the widespread adoption of cord blood banking services in the region. Research efforts in the use of stem cells for medical purposes are also rife in the region, leading to strong growth prospects for the cord blood banking services market in the region. The increasing awareness about the utility of stem cells in treating a wide range of disorders in North America is also likely to be a major driver for the cord blood banking services market in the Americas over the forecast period. Europe is also likely to retain a significant share in the global cord blood banking services market over the forecast period due to the growing use of stem cells in medical applications and growth in the related infrastructure.
Competitive Analysis:
Leading cord blood banking services market players include China Cord Blood Corporation, CBR Systems Inc., Virgin Health Bank, Vita 34 International, Stem Cell Cryobank Inc., and Americord Registry.
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