Global Cord Blood Banking Services Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Bank Type (Public Cord Blood Banks, Private Cord Blood Banks), By Service Type (Collection And Transportation, Processing, Analysis, Storage), By Application (Leukaemia, Immune System Disorders, Genetic Disorders, Others), And By Geography - Forecasts From 2022 To 2027

The cord blood banking services market is expected to grow at a compound annual growth rate of 17.79% over the forecast period to reach a market size of US$7.466 billion in 2027 up from US$2.373 billion in 2020.

Introduction

Cord blood banking is the process of collecting life-saving stem cells from the umbilical cord and placenta and conserving them for use at a later time. Previously, the blood from the infant's umbilical cord (which ties the baby to the mother while in the womb) was thrown out at delivery, but many parents now save it for their child's future health. Stem cells proliferate in the umbilical cord fluid. Several diseases, including anaemia, cancer, and immune system disorders, affect the capability of the human body to fight itself, and stem cells can be used for their treatment. After the birth, the doctor clips the umbilical cord in two locations, about 10 inches apart, and cuts the cord, separating mother and infant, if the blood is to be kept. Then they inject a needle into the cord and collect at least 40 millilitres of blood. The blood is collected in a bag and transported to a lab or cord blood bank for testing and storage.

Market Trends

The increasing use of stem cell therapies in disease treatment, as well as the increased prevalence of life-threatening genetic abnormalities, are two major market drivers. Furthermore, rising spending power is driving demand for improved healthcare facilities, such as illness prevention and treatment. As a result, parents are increasingly requesting CBB services to safeguard their children's future safety. Furthermore, private players engage in marketing operations aimed at raising awareness of the CBB services' availability and benefits.

Furthermore, governments around the world are supporting public cord blood banks to create ethnically varied cord blood banks, which would boost the odds of finding a good human leukocyte antigen (HLA) match for patients. Such measures are expected to propel the growth of the global cord blood banking services market during the forecast period.

However, the industry's growth is hampered by the high cost and likelihood of non-use, as well as the gynaecologists' recommendation-driven market.

Growth Factor

The  rising prevalence of blood cancer

The rising occurrence of blood cancer cases is one of the prominent reasons that is anticipated to propel the growth of the global cord blood banking services market during the forecast period. Globally, an estimated 1.2 million instances of blood cancer are recorded each year, with more than 720,000 fatalities. The use of cord blood in the treatment of blood malignancies is becoming more common. Cancers are being treated using stem cell therapies thanks to funding from the government and private groups. Furthermore, rising funding, increased knowledge of stem cell therapies for the treatment of numerous diseases, and increased lymphoma prevalence will all have a beneficial impact on industry demand.

Restraints

• High costs

The market may be slowed by the growing cost of cord blood banking. Private cord blood banking can cost anything from $1,000 to $2,000 in expenses. In addition, a patient must spend $100 to $175 in storage and maintenance fees each year. Furthermore, cord blood banking is not covered or reimbursed by health insurance providers. The high cost of cord blood banking, combined with the lack of insurance coverage, may limit the industry's growth over the predicted period.

The Impact of COVID-19 on the Cord Blood Banking Services Market:

The COVID-19 pandemic has had a detrimental influence on global economies and has interrupted various healthcare services, such as cord blood banks. Major companies in the cord blood banking field have seen a drop in subscriptions of 15 to 20% and a revenue drop of 5 to 10%. Although there is little evidence of vertical transfer, the concern of illness spread has limited the cord banking industry's growth. One of the main reasons for major players' income losses in 2020 was this.

The Worldwide Network for Blood and Marrow Transplantation (WBMT) and the Center for International Blood and Marrow Transplant Research (CIBMTR) urged various governments to raise awareness about cord blood banking throughout the pandemic. Furthermore, numerous scientific studies examining the use of cord blood and birthing tissues on COVID-19 patients have been conducted , reducing the influence of COVID-19 on the cord blood banking business. Following the approval of cord blood-based cell therapies for COVID-19 in clinical studies, the sector gained traction.

The increasing demand for cord blood banking services has led to the entry of several new players into the cord blood banking services market. Major market players, including CBR Systems, Inc., Cordlife, and Cryo-Cell, among others, have been covered along with their relative competitive strategies.

Global Cord Blood Banking Services Market Scope:

Segmentation:

• By Bank Type
  • Public Cord Blood Banks
  • Private Cord Blood Banks
• By Service Type
  • Collection and Transportation
  • Processing
  • Analysis
  • Storage
• By Application
  • Leukaemia
  • Immune System Disorders
  • Genetic Disorders
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Russia
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • UAE
    • Israel
    • Saudi Arabia
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • Taiwan
    • Thailand
    • Indonesia
    • Others

Frequently Asked Questions (FAQs)

Q1. What will be the cord blood banking services market size by 2027?
A1. The global cord blood banking services market is projected to reach a market size of US$7.466 billion by 2027.

Q2. What is the size of the global cord blood banking services market?
A2. Cord Blood Banking Services Market was valued at US$2.373 billion in 2020.

Q3. What are the growth prospects for the cord blood banking services market?
A3. The cord blood banking services market is projected to grow at a CAGR of 17.79% over the forecast period.

Q4. How is the global cord blood banking services market segmented?
A4. The cord blood banking services market has been segmented by bank type, services, and geography.

Q5. What factors are anticipated to drive the cord blood banking services market growth?
A5. The prevalence of cancer has been increasing around the world which is one of the major factors anticipated to drive the cord blood banking services market growth.