Market Trends of Global Cord Blood Banking Services Industry
This section covers the major market trends shaping the Cord Blood Banking Services Market according to our research experts:
Leukaemia Segment is Expected to Hold the Major Market Share in the Cord Blood Banking Services Market
Leukemia is a type of cancer that affects the body's blood-forming tissues, particularly the bone marrow and lymphatic system. There are numerous forms of leukemia. Certain types of leukemia are more common in children. Other types of leukemia mostly affect adults. The segment is driven by the rising prevalence of leukemia and growing research and development activity.
According to the study published in October 2021, titled "Chronic lymphocytic leukemia: 2022 update on diagnostic and therapeutic procedures" the age-adjusted incidence of chronic lymphocytic leukemia (CLL) is 4.9 per 100 000 inhabitants per year making CLL one of the most common types of leukemia. As per the source above, the median age at diagnosis is 70 years and only 9.1% of patients with CLL are younger than 45 years. Additionally, as per the statistics by GLOBOCAN 2020, leukemia accounted for 474, 519 cases for both sexes of all ages in 2020, worldwide. Thus, the growing prevalence of leukemia is expected to boost market growth over the forecast period.
However, growing research and development activity is likely to support the growth of the market. For instance, in March 2022, Technicians at the Fred Hutchinson Cancer Research Center's Cell Processing Facility prepare blood stem cells for transplant in advanced leukemia patients. Fred Hutch researchers have launched clinical trials at various cancer institutions in the United States has enrolled people living with HIV and advanced leukemia.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the cord blood services market, owing to the rise in the prevalence of various cancers, such as leukemias and lymphomas, among all age groups. The rising volume of patients with damaged bone marrow or defective immune systems in the region. An increased number of genetic disorders, like sickle cell, down syndrome among newborn babies in the United States holds a significant revenue share in the North American market. According to a report of the National Institute of Health published in the National Center of Biotechnology Information in 2021, sickle cell disease (SCD) is a multisystem disorder and the most common genetic disease in the United States, affecting 1 in 500 African Americans. Also, about 1 in 12 African Americans carry the autosomal recessive mutation, and approximately 300,000 infants are born with sickle cell anemia annually. Additionally, according to American Cancer Society estimates in January 2022, about 60,650 new cases of leukemia and 24,000 deaths from leukemia and there were around 11,450 deaths due to acute myeloid leukemia in the United States in the year 2022. The statistics involve a large percentage of the adult population, and they require proper medical treatment to increase their life expectancy.
Furthermore, rising research and development activity by various research institutes is likely to propel the growth of the market. For instance, in July 2021, Researchers at UPMC Children's Hospital of Pittsburgh discovered that infusing umbilical cord blood - a readily available source of stem cells safely and effectively treated 44 children born with non-cancerous genetic disorders such as sickle cell, thalassemia, Hunter syndrome, Krabbe disease, metachromatic leukodystrophy (MLD), and an array of immune deficiencies. This is the largest trial of its sort to date.
Therefore, owing to the factors mentioned above, North America is predicted to witness growth over the forecast period.
