Cord Blood Banking Market Analysis

Cord Blood Banking Market Analysis

The private banks segment in the cord blood banking market is expected to register 4.8% growth rate, to reach USD 16.54 billion by 2027. The private cord banking facility is a paid service. The cord blood is reserved for the user and can also be used in the need of patient’s close relatives. Additionally, diagnostic screening of cord blood in private centers is as per the guidelines and regulations. The industry progression is propelled by a wide array of applications of cord blood cells, driven by rising blood and immune system disorders, increasing awareness about the therapeutic application of umbilical cord blood, and growing clinical trials.

During cord blood processing the stem cells are separated and extracted from the red blood cells. The procedure of processing requires sedimentation and centrifugation method which is accomplished using automation system and technician. Further, the processing segment is credited to the rising number of clinical trials and research of cord blood, and an increase in the prevalence of hematological disorders will foster the industry revenue.
 

The cord blood banking market for cancer segment will cross USD 6.7 billion by 2027 impelled by the increasing prevalence of blood cancer cases. An estimated 1.2 million cases are being reported annually of blood cancer from across the world and more than 720,000 deaths are reported for the same. Cord blood is increasingly being used for the treatment of blood cancers. Government and private organizations are providing funds for the treatment of cancers through stem cell therapies. Moreover, growing funding, increasing awareness related to stem cell therapies for the treatment of various diseases, and rising lymphoma pervasiveness will positively influence the industry demand.
 

The hospital segment dominated more than 57.9% of the cord blood banking market share in 2020. The awareness of cord blood banking applications will rise the demand for cord blood banking processing in the hospital that will stimulate the market expansion. Furthermore, the storage infrastructure development in public and private healthcare settings for cord blood is slated to accelerate the industry value.
 

North America cord blood banking market is predicted to attain a CAGR of over 4.2% till 2027 on account of the rising prevalence of leukemia in the U.S. The Leukemia & Lymphoma Society (LLS), states that around 376,508 people are suffering from leukemia in the U.S in 2020, and more than 60,530 new cases are reported. Additionally, the development of healthcare infrastructure and an increasing number of clinical trials for the treatment of leukemia will enhance the industry of cord blood banking.