Trends Reshaping Cord Blood Banking Services Market Landscape
Cord Blood Banking Services Market Overview
Cord Blood Banking Services Market size report has valued the industry at USD 1.03 billion in 2021 and is projected to grow from USD 1.22 billion in 2022 to USD 4.60 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 13.20% during the forecast period (2022 - 2030), according to a new report from Market Research Future (MRFR).
The global cord blood baking services market is likely to be driven by the growing research into the medical utility of stem cells and cord blood, and the growing establishment of the infrastructure required to create a strong cord blood banking services network.
The Cord Blood Banking Services Market emerges as a tapestry woven with varied dynamics within the sphere of healthcare's deep complexities. The rising awareness of the tremendous therapeutic potential of cord blood stem cells, the relentless search of new medical treatments, and the promise of personalised regenerative therapies are the major drivers propelling this market's ascension. This symphony of innovation is in tune with a timeless goal: safeguarding the essence of life for future generations. However, impediments appear as powerful notes within this symphony—a symphony of ethical considerations, strict regulatory frameworks, and the task of establishing a balance between public and private banking.
The Cord Blood Banking Services Market performs a transforming symphony within the interaction of expansion and coherence, merging medical wonders with ethical overtones, finally inscribing a history in which science and compassion construct an enduring ode to the limitless possibility of life.
The rising government support to the cord blood banking services sector and increasing private investment in the field are also likely to be vital for the global cord blood banking services market over the forecast period. Due to the fragile and perishable nature of cord blood and stem cells, adequate storage infrastructure has to be put in place before efforts are made to retrieve and acquire stem cells from cord blood. Like regular blood, cord blood and stem cells also require significant efforts in terms of refrigeration and hygiene in order to maintain the stem cells in a viable form. The growing government support to expansion of the healthcare sector and increase in the adoption of and research into stem cells is likely to be a major driver for the global cord blood banking services market over the forecast period.
Segmentation:
The global cord blood banking services market has been segmented on the basis of storage service, component, application, end user, and region.
On the basis of storage service, the global cord blood banking services market is segmented into public cord blood banks, private cord blood banks, and hybrid cord blood banks.
On the basis of component, the global cord blood banking services market is segmented into cord blood, cord tissue, placenta, and others.
On the basis of application, the global cord blood banking services market is segmented into cancers, blood disorders, metabolic disorders, immune disorders, and osteoporosis.
On the basis of end user, the global cord blood banking services market is segmented into hospitals, pharmaceutical research, research institutes, and others.
Regional Analysis:
The global cord blood banking services market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas, followed by Europe, is expected to retain the dominant share in the global cord blood banking services market over the forecast period due to the widespread adoption of cord blood banking services in the region. Research efforts in the use of stem cells for medical purposes are also rife in the region, leading to strong growth prospects for the cord blood banking services market in the region. The increasing awareness about the utility of stem cells in treating a wide range of disorders in North America is also likely to be a major driver for the cord blood banking services market in the Americas over the forecast period. Europe is also likely to retain a significant share in the global cord blood banking services market over the forecast period due to the growing use of stem cells in medical applications and growth in the related infrastructure.
Competitive Analysis:
Leading players mentioned in the cord blood banking services market overview report include China Cord Blood Corporation, CBR Systems Inc., Virgin Health Bank, Vita 34 International, Stem Cell Cryobank Inc., and Americord Registry.
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