The global umbilical cord blood banking market size was valued at USD 23.36 billion in 2022 and is expected to grow at a significant CAGR of 16.6% during the forecast period 2022-28. The blood that remains inside the placenta and umbilical cord after birth is known as umbilical cord blood or cord blood. Maternal-fetal cell transfer occurs near the end of pregnancy to strengthen both the mother’s and the baby’s immune systems, preparing both for delivery. Umbilical cord blood has a large number of stem cells. It also has immune system cells in it. The procedure of collecting umbilical cord blood, which is subsequently removed from the source and cryogenically frozen in its stem cells or other immune system cells, is known as umbilical cord blood collection. The data is then archived for future medical applications.
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The umbilical cord blood banking market segmentation:
1) By Storage: Public Cord Blood Banks, Private Cord Blood Banks.
2) By Application: Cancers, Blood Disorders, Immune Disorders, Metabolic Disorders, Osteopetrosis, and Others
3) By End User: Hospitals (Medical Applications), Research Institutes (Scientific Research), and Pharmaceutical Research (Drug Discovery).
Increased acceptance of stem cell therapeutics is a key factor driving market growth, as are new applications of stem cells in disease treatment, increased spending on the management of chronic diseases, increased awareness of stem cell therapeutics, and increased mergers and acquisitions by major players, among other factors driving the cord stem cell banking market. Furthermore, increased research and development efforts in the healthcare sector, as well as technological developments and modernization in healthcare devices, would generate new chances for the cord stem cell banking market in the anticipated period of 2022-2028. However, among other things, high operating costs of stem cell treatments and a lack of knowledge in many developing economies would obstruct market expansion and will pose a significant obstacle to the growth of the cord stem cell banking market during the projection period.
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The umbilical cord blood banking market research report gives a comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America was the largest region in the umbilical cord blood banking market report, accounting for the highest share in 2021. It was followed by Asia Pacific, and then the other regions.
The umbilical cord blood banking market key players are StemCyte Inc., Cordlife Group Ltd., Cryo-Save AG, Cryo-Cell International, Inc., Cord Blood America, Inc., China Cord Blood Corporation, ViaCord Inc., CBR Systems, Inc., LifeCell, Vita 34 AG
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