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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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.
Drivers, Restraints, and Opportunities
The impact of the driving factors is expected to surpass the effect of restraints. Moreover, advancement in therapeutic application, untapped opportunities in the developing regions, and initiatives to spread awareness are expected to provide new avenues for the growth of market in the near future.
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.
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.
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The global cord blood banking services market witnessed significant growth over the past decade owing to 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 surge in number of cord blood banks, which is anticipated to fuel the growth of the global cord blood banking services market.
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