Surge in awareness about cord blood cells among people, increase in the adoption of cord blood banking services to treat various diseases such as cancer, diabetes, immune disorders, and others, growth in the prevalence of cord blood banking services in maternity hospitals, and rise in population across the globe are expected to drive the growth of the global cord blood banking services market. On the other hand, extortionate cost of services is expected to hinder the growth to some extent. However, surge in investment in research and commercialization of cord blood stem cell therapies by healthcare companies is expected to create massive opportunities for the growth of the industry.
The cord blood banking services market size was valued at $1.3 billion in 2020, and is estimated to reach $4.5 billion by 2030, growing at a CAGR of 13.3% from 2021 to 2030.
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Government authorities have supported research and clinical trials of cord blood stem cells, thus increasing the interest of healthcare companies to invest in research and commercialization of cord blood stem cell therapies.
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.
COVID-19 Scenario
- The outbreak of COVID-19 has had a negative impact on the growth of the global cord blood banking services market, owing to the occurrence of lockdowns in various counties across the globe.
- Lockdowns halted the business operations of various companies in the market due to the prevalence of stringent restrictions that were imposed by the government during the pandemic.
- In addition, lockdowns resulted in delay in collection and supplying of cord blood used to treat various harmful diseases.
- However, the market is projected to recoup soon.
The report offers a detailed segmentation of the global cord blood banking services market based on storage services, component, application and region.
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Based on component, the cord tissue segment generated the majority share in 2020, holding more than half of the total market. The same segment is predicted to exhibit the CAGR of 13.4% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, garnering nearly one-third of the total market. The LAMEA, on the other hand, is expected to cite the fastest CAGR of 13.8% during the forecast period.
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
- CordVida
- Americord
- CryoHoldco