The rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer, has led to an increase in the government initiative leading to an increase in number of cord blood banks, which is expected to fuel the market growth of cord blood banking services.
According to the report published by Allied Market Research, Cord Blood Banking Services Market by Storage Services (Public Cord Blood Banks and Private Cord Blood Banks) – Global Opportunity Analysis and Industry Forecast, 2022-2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, The rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer, has led to an increase in the government initiative leading to an increase in number of cord blood banks, which is expected to fuel the market growth of cord blood banking services.
The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.
High cost associated with the processing, difficulty in finding a match in the donor list of public cord blood banks, and legal & ethical issues related to collection of cord blood are expected to hamper this growth. Conversely, advancement in the stem cell therapeutics and presence of untapped potential in the developing and developed regions are expected to provide various opportunities to the cord blood banking services.
𝗚𝗲𝘁 𝗱𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝗖𝗢𝗩𝗜𝗗-𝟭𝟵 𝗶𝗺𝗽𝗮𝗰𝘁 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀@ 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗙𝗼𝗿 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻: https://www.alliedmarketresearch.com/request-for-customization/111
Key market players–
- China Cord Blood Corporation
- Cord Blood America, Inc.
- CBR Systems, Inc.
- Cordlife Group Limited
- Cryo-Cell International, Inc.
- Cryo-Save AG
- Lifeforce Cryobanks
- National Cord Blood Program
- ViaCord, Inc.
- Virgin Health Bank
Based on region, North America accounted for maximum contribution to the total revenue generated, owing to the market maturity, high awareness among the expectant parents, presence of high disposable income, and high adoption rate of cord blood storage services. However, Asia-Pacific is expected to witness the highest growth during the analysis period, attributable to rise in awareness related to the benefits of storing cord blood, increase in focus of key players to expand their services, and rise in disposable income.
About Allied Market Research:
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 domains.
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