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Cord Blood Banking Market Size

Report ID: GMI3268
Published Date: Aug 2021
Report Format: PDF

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Cord Blood Banking Market Size

Cord Blood Banking Market Size exceeded USD 14.2 billion in 2020 and is anticipated to grow at over 5% CAGR between 2021 and 2027. The market growth is attributed to the rising awareness regarding various therapeutic applications. Many private, public centres, NGOs, government, and other organizations are generating awareness regarding applications of cord banking. Also, cord blood banking technology enables the treatment of immunodeficiency disorders, thus fundamentally transforming the market space.

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The COVID-19 pandemic has negatively impacted the economies of the world, as well as it also disrupted many healthcare services like cord blood and blood component services. Major companies operating in the cord blood banking space witnessed a dip of about 15 to 20% in terms of subscription and about 5 to 10% of decline in the revenue. Even though there is limited evidence regarding vertical transmission, the fear of infection spread restricted the growth of the cord banking industry. This was one of the major reasons for decline in revenue for major players in 2020.

However, during the pandemic, the Worldwide Network for Blood and Marrow Transplantation (WBMT) and the Center for International Blood and Marrow Transplant Research (CIBMTR) recommended various governments to generate awareness regarding cord blood banking. In addition, many clinical trials have been conducted to examine the use of cord blood and birthing tissues on COVID-19 patients that helped in minimizing the impact of COVID-19 on the cord blood banking market. The industry gained traction shortly after the clinical trials approval for cord blood-based cell therapeutics for COVID-19.

Cord Blood Banking Market Report Attributes
Report Attribute	Details
Base Year:	2020
Cord Blood Banking Market Size in 2020:	14,211.9 Million (USD)
Forecast Period:	2021 to 2027
Forecast Period 2021 to 2027 CAGR:	5%
2027 Value Projection:	20,029.1 Million (USD)
Historical Data for:	2016 to 2020
No. of Pages:	150
Tables, Charts & Figures:	247
Segments covered:	Type of Bank, Service, Application, End-user and Region
Growth Drivers:	Increasing prevalence of life-threatening genetic diseases Rising awareness pertaining to therapeutic application of cord blood Government initiatives and funding in developed economies Growing clinical trials in regenerative medicine
Pitfalls & Challenges:	Lack of uniformity in regulatory policies Large out-of-pocket expenditure Low acceptance rate in developing countries

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Market size of cord blood banking surpassed USD 14.2 billion in 2020 and will expand at a growth rate of 5% from 2021 to 2027.

The private banks will exhibit a growth rate of 4.8% through 2027 owing to the rising blood and immune system disorders and increasing awareness of the therapeutic application of umbilical cord blood.

The cancer application will surpass a revenue of USD 6.7 billion through 2027 due to the surging prevalence of blood cancer cases.

The North America market revenue will record a CAGR of 4.2% from 2021 to 2027 due to the increasing prevalence of leukemia in the U.S.