Cord Blood Banking Services Market is expected to reach $2,772 million by 2023




Cord blood is a rich source of stem cells, which can be used to treat over 80 genetic diseases. Chronic diseases such as cancer, diabetes, blood diseases, and immune diseases can all be treated with cord blood stem cells. Even though only a small amount of cord blood can be collected from a single umbilical cord, it contains a large number of stem cells and is the only type of stem cell that can be stored for future use. These cells are collected from hospitals and nursing homes and stored in cord blood banks for future use, with a storage life of 20-25 years on average. Government officials have supported cord blood stem cell research and clinical trials, increasing the interest of healthcare companies in investing in research and commercialization of cord blood stem cell therapies.

Since the last 20 years, the market for cord blood banking services has grown. At the moment, market competition is increasing, and companies are attempting to raise awareness about the benefits of cord blood storage. For example, in 2014, Cord Blood Registry and The Institute for Transfusion Medicine have joined forces to launch a multi-year campaign to raise awareness about cord blood cells. With the help of campaigns, expectant parents will be educated and guided about the various financial schemes for storage and donation available for cord blood banking, which is expected to boost the market growth.

The global cord blood banking services market was valued at $1,126 million in 2016 and are expected to reach $2,772 million by 2023, growing at a CAGR of 13.8 percent between 2017 and 2023.

The global cord blood banking services industry is divided into two categories: storage services and region. It is divided into two types based on storage services: public cord blood banks and private cord blood banks. Geographically, it is examined in North America, Europe, Asia-Pacific, and Latin America, and The Caribbean.

The influence of driving factors is expected to outweigh the influence of restraints. Furthermore, advancements in a therapeutic application, untapped opportunities in developing regions, and awareness initiatives are expected to open up new avenues for market growth soon.

North America held the largest market share in 2016, and this trend is expected to continue throughout the forecast period.

China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc., Virgin Health Bank, Cordova, Americord, CryoHoldco, and Vita34 are among the key players in this market.

Maze Cord Blood, The University of Colorado Cord Blood Bank, StemCyte, Cornell, Lifebank USA, Cryoviva, Genecord, AlphaCord, FamilyCord, Cells4Life, Michigan Blood, CariCord, and LifeCell are among the other prominent players in the value chain.

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