The global cord blood banking services market size is expected to reach USD 41.36 billion by 2030, registering a CAGR of 7.4% during the forecast period, according to a new report by Grand View Research, Inc. Key drivers of the market include increasing application of stem cell therapies in disease treatment, and rising prevalence of life threatening genetic disorders.
Cord Blood Banking Services Market Report Highlights
- Private bank segment accounted for the largest revenue share in 2023. High cost of collection, processing, and storage along with the maximum awareness created by marketing activities practiced by the players resulted in large revenue share of private banks across the globe.
- Rising government support and no storage and collection costs are the major factors anticipated to drive the public banking sector during the forecast period from 2024 to 2030 with significant CAGR.
- North America dominated the global market in 2023. Dominance of North America is owing to government support and high rate of stem cell therapy in the U.S. and Canada.
- Moreover, high awareness and insurance coverage of cord blood banking and stem cell therapies is further boosting the growth of the market in North America
- Densely populated emerging countries of Asia Pacific are anticipated to show significant growth during the forecast period from 2024 to 2030.
- Factors such as increasing investment by global players, government support and rising healthcare expenditure are anticipated to boost the cord blood banking services market in Asia Pacific
- Global CBB services sector is highly fragmented with presence of many private and public players. Few global players operate in various geographies through subsidiaries. While local players are operating independently in respective geographies.
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Moreover, increasing spending capacity is fueling the demand for advanced healthcare facilities including disease prevention and treatment. As a result, parents are increasingly demanding CBB services to ensure safety of their child’s future. Furthermore, private players are practicing marketing activities which are creating awareness about the availability of the CBB services and their benefits.
In addition, governments worldwide are promoting public CBB to develop ethnically diverse cord blood repository which would increase the chances of finding suitable human leukocyte antigen (HLA) match for the patients. As a result, availability of the ethnically rich CB repository coupled with anticipated rise in the stem cell therapies and bone marrow transplants, is expected to spur the CBB services during the forecast period.
List of major companies in the Cord Blood Banking Services Market
- Global Cord Blood Corporation
- CBR Systems Inc.
- Cryo-Cell International
- Cordlife Group Limited
- AlphaCord LLC
- CSG-BIO
- California Cryobank Stem Cell Services LLC
- Cord Blood Foundation (Smart Cells International)
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We have segmented the global cord blood banking services market based on service, bank, component, application, end-use, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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