The global cord blood banking services market is expected to exhibit a robust 11.4% CAGR over the forecast period from 2017 to 2023, 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 benefits of cord blood banking.

The growing realization of the utility of stem cells in treating a number of metabolic, immune, and blood disorders is likely to be a major driver for the global cord blood banking services market over the forecast period. Stem cells retain the basic genetic structure of an individual in the form of pluripotent cells that can be turned into a wide variety of cell types within the human body. This has made them highly important in the research field of diseases such as blood-related diseases, immune system diseases, cancers, and metabolic disorders. Cord blood banking remains the most effective way of acquiring, storing, and harnessing stem cells, making the cord blood banking services market likely to grow over the forecast period.

The rising government support to the cord blood banking services market 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.

Competitive Analysis:

Leading players in the global cord blood banking companies market include China Cord Blood Corporation, CBR Systems Inc., Virgin Health Bank, Vita 34 International, Stem Cell Cryobank Inc., and Americord Registry.

Segmentation:

The global cord blood banking services market has been segmented based on storage service, component, application, end user, and region.

Based on storage service, the global market for cord blood banking services has been segmented into hybrid cord blood banks, private cord blood banks, and public cord blood banks.
Based on components, the global market for cord blood banking services has been segmented into cord blood, cord tissue, placenta, and others.
Based on the application, the global market for cord blood banking services has been segmented into cancers, immune disorders, blood disorders, metabolic disorders, and osteoporosis.
Based on end-user, the global market for cord blood banking services has been segmented into hospitals (medical applications), research institutes (scientific research), pharmaceutical research (drug discovery), 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.

Industry Updates:

In January 2019, Cellular Engineering Technologies and the John Paul II Medical Research Institute, along with the University of Iowa, announced success in their efforts to create pluripotent stem cells safely from cord blood obtained from donors.

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