Private Blood Banking Held Larger Share in Umbilical Cord Blood Banking Market in 2023
According to our new research study on "Umbilical Cord Blood Banking Market Forecast to 2031 – Global Analysis – by Bank Type, Service, and End User," the market is expected to grow from US$ 3,413.32 million in 2023 to US$ 7,892.17 million by 2031; it is anticipated to record a CAGR of 11.0% from 2023 to 2031. The market report emphasizes trends prevalent in the global market, along with drivers and deterrents affecting its growth. Rising prevalence of chronic illnesses and evolving field of regenerative medicine. However, the stringent rules and regulations are expected to hamper the market during the forecast period. Increasing hybrid banking models are expected to bring new umbilical cord blood banking market trends in the coming years.
Evolving Field of Regenerative Medicine Propels Umbilical Cord Blood Banking Market Growth
The burgeoning field of regenerative medicine focuses on repairing and regenerating damaged tissues and organs. As researchers unlock the immense potential of stem cells, particularly those found in umbilical cord blood, the demand for these cells is rapidly increasing. The evolving landscape of regenerative medicine is pushing the boundaries of what's possible in treating a wide array of diseases and conditions, from blood cancers and autoimmune disorders to neurological and orthopedic injuries. The promise of regenerative therapies using cord blood stem cells is attracting patients and medical professionals, who are increasingly recognizing the unique therapeutic advantages these cells offer. This expanding awareness, coupled with ongoing research and clinical trials demonstrating the efficacy of cord blood stem cell therapies, is driving a significant increase in the number of families opting to bank their child's cord blood. As regenerative medicine continues to evolve and demonstrate its therapeutic potential, the umbilical cord blood banking market experiences sustained growth driven by the increasing demand for these vital cells. Thus, the evolving field of regenerative medicine fuel the umbilical cord blood banking market growth.
Umbilical Cord Blood Market, by Region, 2023 (%)
Umbilical Cord Blood Banking Market Dynamics 2021-2031
Download Free SampleUmbilical Cord Blood Banking Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Bank Type (Public and Private), Service (Storage and Processing), End User (Hospitals, Research Institutes, and Others), and Geography
Source: The Insight Partners Analysis
The umbilical cord blood banking market analysis has been carried out by considering the following segments: bank type, service, end user, and geography.
Based on bank type, the umbilical cord blood banking market is segmented into bifurcated into public and private. The private segment held a larger market share in 2023. Cord blood is kept in private banks for autologous use or directed donation for family members. The banks charge an annual storage fee. The exact requirements that apply to blood stored in public banks also apply to blood stored in private banks. As the stored cord blood may provide a treatment options for the baby whose blood is banked or their biological family members, private cord blood banking is especially advantageous for people with a strong family history of certain diseases that impair the immune system or blood.
By service, the market is segmented into storage and processing. The storage segment held a larger share of the market in 2023. Growing demand for personalized medicine, expanding applications in regenerative medicine, increasing understanding of the therapeutic potential of cord blood, and improvements in stem cell research and therapies are the growth factors for umbilical cord blood banking and storage services. Infrastructure spending and regulatory support are also essential factors propelling this segment's expansion.
Based on end user, the market is segmented into hospitals, research institutes, and others. The hospitals segment dominated the market in 2023. Umbilical cord blood collection and storage are becoming common as cord blood is majorly used in the treatment of Alzheimer’s, diabetes, autism, HIV, and others. The availability of treatment of these diseases at hospitals drives the umbilical cord blood banking market growth for the hospitals segment.
The geographic scope of umbilical cord blood banking market report entails North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). In terms of revenue, North America accounted for the largest market share in 2023. The US is the largest market in the world for umbilical cord blood banking and is estimated to dominate during the forecast period. The market growth in this region is driven by the availability of a large number of public cord blood banking services, and governments providing support in the form of funding and favorable regulations, which contribute notably to the expansion of umbilical cord blood banking market size.
Competitive Landscape
Cordlife India, Biocell, CryoStemcell, NovaCord, LifeCell, HÉMA-QUÉBEC, Atlantic Health System, WMDA, CryoViva Singapore, and ViaCord, Inc.are among the leading companies profiled in the umbilical cord blood banking market report. The companies implement both organic (such as product launches, expansion, and product approvals) and inorganic (such as collaborations and partnerships) strategies to stay competitive in the market.
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