Market Size of Global Cord Blood Banking Services Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 11.50 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Cord Blood Banking Market Analysis
The cord blood banking services market was anticipated to witness a CAGR of 11.5% during the forecast period.
The COVID-19 pandemic had had a detrimental influence on global economies, as well as interrupted various healthcare services such as cord blood and blood component services. Major companies in the cord blood banking space saw a dropped in subscriptions as well as a dropped in revenue. For instance, as per the updates in July 2022, by Global Cord Blood Corporation, new subscribers for cord blood donation fell 15.2% year over year ("YoY") because of anti-pandemic measures and fewer infants in operating territories. Revenues fell 1.7% year on year to RMB297.2 million (USD 46.9 million), as an increase in storage costs largely offset a fall in processing fees due to a decrease in new subscribers. Even though there was limited evidence of vertical transfer, the fear of virus spread hindered the expansion of the cord banking sector. This was one of the primary factors for large players' income declines. Furthermore, numerous scientific experiments have been undertaken to investigate the use of cord blood and birthing tissues on COVID-19 patients, which has aided in reducing the impact of COVID-19 on the cord blood banking business. The sector gained traction quickly after clinical studies for COVID-19-based cell therapies were approved.
The market is primarily driven by the rising prevalence of genetic diseases and various initiatives taken by the government to create awareness. The blood and blood-forming organs are involved in the hematological disease. It encompasses thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and other disorders, and their frequency is constantly increasing. The global increase in leukemia cases has increased the demand for cord blood cells. According to the updates in July 2022, by National Heart, Lungs and Blood Institute, sickle cell disease is a collection of genetic red blood cell abnormalities that damage hemoglobin, the protein responsible for transporting oxygen throughout the body. Every year, more than 100,000 people in the United States and 20 million people globally are affected by the illness. Thus, the growing prevalence of genetic diseases is expected to boost market growth over the forecast period. Additionally, increased awareness among the public regarding the huge availability of service providers is likely to propel the growth of cord blood market services globally. For instance, updates in July 2021, in the United States, July is declared as "Cord Blood Awareness Month." The Parent's Guide to Cord Blood Foundation has sponsored the campaign, which aims to promote awareness among expectant parents and the broader public about the necessity of preserving umbilical cord blood and the precious stem cells it contains. Thus, the availability of such campaigns in each country is expected to raise awareness among individuals, thereby increasing market growth throughout the forecast period.
The market players are adopting various strategies such as product launches, developments, collaborations, partnerships, and expansions to increase market share. For instance, in May 2021, Cordlife and SingHealth Duke-NUS Academic Medical Centre launched a collaboration. This strategy will help the company develop new technology connected to stem cells and blood therapies, as well as grow its market share.
Thus, due to the above-mentioned factors, the studied market is expected to grow significantly during the study period. However, the small size of the study population and ethical concerns, and highly expensive collection and storage procedures may restrain the market growth over the forecast period.
Cord Blood Banking Industry Segmentation
Cord blood is available in the blood vessels of the placenta and the umbilical cord. The cord blood is typically collected after the baby is delivered and the cord is cut, which is therefore generally safe for the mother and baby. Cord blood contains blood-forming stem cells that can be used in the treatment of patients with genetic disorders, deficiency blood cancers such as leukemias and lymphomas. The cord blood can be used for certain disorders of the bone marrow and immune systems, such as sickle cell disease and Wiskott-Aldrich syndrome. The Cord Blood Banking Services Market is Segmented by Bank Type (Private, Public, and Hybrid), Application (Leukaemia, Genetic Disorders, Immune Deficiencies, Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.
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Leukaemia | |
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Global Cord Blood Banking Services Market Size Summary
The cord blood banking services market is poised for significant growth, driven by the increasing prevalence of genetic diseases and heightened awareness initiatives. The market experienced a temporary setback due to the COVID-19 pandemic, which disrupted healthcare services and led to a decline in subscriptions and revenue for major players. However, the sector quickly regained momentum as clinical studies for COVID-19-based cell therapies were approved, mitigating some of the pandemic's adverse effects. The rising incidence of conditions such as leukemia and sickle cell anemia has fueled demand for cord blood cells, while government and public awareness campaigns, like "Cord Blood Awareness Month," have further propelled market expansion. Despite challenges such as ethical concerns and high costs associated with collection and storage, the market is expected to grow robustly over the forecast period.
North America is anticipated to lead the cord blood services market, supported by a high prevalence of cancers and genetic disorders in the region. The increasing number of patients with compromised immune systems and genetic conditions like sickle cell disease underscores the region's significant revenue potential. Research and development activities, such as those at the Fred Hutchinson Cancer Research Center and UPMC Children's Hospital, are advancing the use of cord blood in treating various disorders, further driving market growth. The competitive landscape is characterized by major players like Global Cord Blood Corporation and Cryo-Cell International, who are expanding their market presence through strategic partnerships and facility expansions. These developments, coupled with ongoing research, are expected to sustain the market's upward trajectory in the coming years.
Global Cord Blood Banking Services Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Genetic Diseases
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1.2.2 Increased Government Initiatives to Create Awareness
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1.3 Market Restraints
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1.3.1 Small Size of Study Population and Ethical Concerns
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1.3.2 Highly Expensive Collection and Storage Procedures
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size By Value- USD million)
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2.1 Bank Type
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2.1.1 Private
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2.1.2 Public
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2.1.3 Hybrid
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2.2 Application
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2.2.1 Leukaemia
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2.2.2 Genetic Disorders
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2.2.3 Immune Deficiencies
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Global Cord Blood Banking Services Market Size FAQs
What is the current Global Cord Blood Banking Services Market size?
The Global Cord Blood Banking Services Market is projected to register a CAGR of 11.5% during the forecast period (2024-2029)
Who are the key players in Global Cord Blood Banking Services Market?
Global Cord Blood Corporation, CBR Systems Inc, PerkinElmer Inc (ViaCord LLC), Cryo-Cell International and Cordlife Group Limited are the major companies operating in the Global Cord Blood Banking Services Market.