Global Cord Blood Banking Services Market was valued at $1,126 million in 2016 and is estimated to reach at $2,772 million by 2023, registering a CAGR of 13.8% from 2017 to 2023. Cord blood contains a rich source of stem cells, which can treat more than 80 genetic diseases. Cord blood stem cells can treat chronic diseases such as cancer, diabetes, blood diseases, and immune diseases. Although 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 stored for future use. These cells are collected from hospitals and nursing homes and stored in cord blood banks for future use and can be stored for an average of 20-25 years. Government authorities have supported research and clinical trials of cord blood stem cells, thus increasing the interest of healthcare companies to invest in research and commercialization of cord blood stem cell therapies.
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Market for cord blood banking services has increased since the last 20 years. At present, the market competition is increasing while the companies are trying to increase the awareness related to the benefits of cord blood storage. For instance, in 2014, Cord Blood Registry and The Institute for Transfusion Medicine collaborated to launch a multi-year initiative to increase awareness about cord blood cells. With the help of campaigns, expectant parents will be educated and guided about options available for cord blood banking related to the different financial schemes for storage and donation, which is expected to boost the market growth.
The global cord blood banking services industry is segmented based on storage services and region. Based on storage services, it is classified into public cord blood banks and private cord blood banks. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Drivers, Restraints, and Opportunities
The impact of the driving factors is expected to surpass the effect of restraints. Moreover, advancement in therapeutic application, untapped opportunities in the developing regions, and initiatives to spread awareness are expected to provide new avenues for the growth of market in the near future.
North America accounted for the highest market share in the in 2016, and is expected to continue this trend throughout the forecast period.
The key players operating in this market include 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, CordVida, Americord, CryoHoldco, and Vita34.
The other prominent players in the value chain include Maze Cord Blood, The University of Colorado Cord Blood Bank, StemCyte, CorCell, Lifebank USA, Cryoviva, Genecord, AlphaCord, FamilyCord, Cells4Life, Michigan Blood, CariCord, and LifeCell.
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