Cord Blood Banking Market Size to Grow USD 27.55 Bn by 2033

The global cord blood banking market size is estimated to rake around USD 27.55 billion by 2033, growing at a CAGR of 5.06% from 2024 to 2033.

Key Points

• North America led the market with the biggest market share of 38% in 2023
• By type of bank, the cord blood banking market’s private bank segment is expected to grow significantly during the forecast period.
• By services, the processing segment dominated the market in 2023.
• By application. The cancer segment significantly contributes to the market and is anticipated to grow at a notable CAGR during the forecast period.
• By end-use, the hospital segment dominated the market in 2023.

The cord blood banking market has witnessed significant growth in recent years due to increasing awareness about the therapeutic potential of cord blood stem cells. Cord blood banking involves the collection and storage of umbilical cord blood for future medical use. Cord blood is a rich source of hematopoietic stem cells, which can be used in the treatment of various genetic disorders, blood cancers, and immune system disorders. The market encompasses both public and private cord blood banks, with private banks dominating the market due to their personalized storage services. With advancements in technology and increasing research activities, the cord blood banking market is poised for further expansion in the coming years.

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Growth Factors:

Several factors contribute to the growth of the cord blood banking market. Firstly, the growing prevalence of chronic diseases such as cancer and blood disorders has increased the demand for stem cell therapies, thereby driving the market growth. Additionally, rising awareness among expectant parents about the benefits of cord blood banking for future medical needs has fueled market expansion. Moreover, advancements in cord blood processing and storage techniques have enhanced the quality and viability of stored stem cells, further stimulating market growth. Furthermore, supportive government initiatives and policies aimed at promoting stem cell research and banking have also contributed to market growth.

Region Insights:

The cord blood banking market exhibits regional variations in terms of adoption and market size. North America holds the largest share of the market, attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and increasing awareness about stem cell therapies among the population. Europe follows closely, driven by favorable government regulations regarding stem cell research and banking. The Asia Pacific region is expected to witness the fastest growth, fueled by improving healthcare infrastructure, rising disposable incomes, and growing awareness about cord blood banking in countries such as China, India, and Japan.

Cord Blood Banking Market Scope

Cord Blood Banking Market Dynamics

Drivers:

Several key drivers propel the growth of the cord blood banking market. One of the primary drivers is the increasing prevalence of genetic disorders and hematological malignancies, which necessitate the use of stem cell therapies for treatment. Additionally, the expanding applications of cord blood stem cells beyond hematopoietic disorders, such as regenerative medicine and tissue engineering, have broadened the market scope. Furthermore, advancements in transplant technologies and the emergence of novel therapies utilizing cord blood stem cells have accelerated market growth. Moreover, the trend of delayed parenthood and the growing number of births through cesarean sections have increased the availability of cord blood for banking, driving market expansion.

Opportunities:

The cord blood banking market presents several opportunities for growth and development. Firstly, expanding the scope of cord blood banking to include other biological materials such as cord tissue and placental tissue could broaden the market base and attract more customers. Moreover, increasing collaborations between public and private cord blood banks could enhance the availability of ethnically diverse cord blood units, addressing the challenge of finding suitable matches for transplantation. Additionally, leveraging technological advancements such as automation and cryopreservation techniques could improve the efficiency and cost-effectiveness of cord blood banking services, opening up new opportunities for market players. Furthermore, educating healthcare professionals and expectant parents about the potential benefits of cord blood banking could further stimulate market growth.

Restraints:

Despite the promising growth prospects, the cord blood banking market faces certain restraints. One of the primary challenges is the high cost associated with cord blood banking, which limits its accessibility to a certain segment of the population. Moreover, regulatory complexities and ethical concerns surrounding the collection and use of cord blood stem cells pose challenges to market expansion. Additionally, the lack of standardized protocols for cord blood processing and storage can affect the quality and viability of stored units, undermining consumer confidence in the service. Furthermore, the limited awareness and understanding of cord blood banking among healthcare professionals and the general population hinder market growth. Addressing these restraints will be crucial for realizing the full potential of the cord blood banking market.

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Recent Developments

• In April 2022, Aspen Neuroscience, Inc. commenced a groundbreaking patient screening study, the Trial-Ready Cohort Study, in collaboration with multiple clinical screening sites across the United States. This study marks a crucial initial step toward submitting an Investigational New Drug (IND) application to the United States Food & Drug Administration. Aspen Neuroscience’s objective is to explore the potential of ANPD001, an iPSC-derived cell replacement therapy, for treating Parkinson’s disease.
• In April 2022, TreeFrog Therapeutics introduced The Stem Cell SpaceShot Grant, a grant program offering USD 100,000 in research funding exclusively dedicated to advancing the field of stem cell biology and regenerative medicine. This initiative supports innovative research projects, fostering progress and breakthroughs in understanding and applying stem cells.
• In September 2022, ExCellThera aimed to enhance patients’ access to cord blood transplants. Cord blood transplants, characterized by not requiring exact HLA matching, offer a significant advantage over adult sources of stem cells. The company’s efforts contribute to improving the accessibility and efficacy of this medical intervention.
• In March 2022, Cryo-Cell International, Inc. reported its purchase agreement for a newly constructed 56,000 sq ft facility within the Regional Commerce Center in the Research Triangle, NC. This facility is anticipated to expand Cryo-Cell’s cryopreservation and cold storage business, introducing a new service called ExtraVault. The closure is subject to customary conditions.

Cord Blood Banking Market Companies

• Thermo Fisher Scientific (US)
• Merck KGaA (Germany)
• Lonza Group (Switzerland)
• STEMCELL Technologies (Canada)
• Takara Bio (Japan)
• FUJIFILM Cellular Dynamics (US)
• Sartorius AG (Germany)
• GE Healthcare (UK)
• Charles River Laboratories International (US)
• Cynata Therapeutics (Australia)
• Mesoblast (Australia)
• Cellular Dynamics International (US)
• Organogenesis (US)
• Osiris Therapeutics (US)
• Gamida Cell (Israel)
• Pluristem Therapeutics (Israel)
• Athersys (US)
• Brainstorm Cell Therapeutics (Israel)
• Cellectis (France)
• Ncardia AG (Germany)

Segments Covered in the Report

By Type of Bank

• Public
• Private

By Services

• Processing
• Storage
• Others

By Application

• Cancer
• Blood Disorders
• Bone Marrow Failure Syndrome
• Immuno-deficiency Disorders
• Metabolic Disorders

By End Use

• Hospital
• Research Institutes
• Specialty Clinics
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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Prathamesh

I have completed my education in Bachelors in Computer Application. A focused learner having a keen interest in the field of digital marketing, SEO, SMM, and Google Analytics enthusiastic to learn new things along with building leadership skills.

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