Umbilical Cord Blood Banking Market size is projected to experience significant growth from 2017 to 2024.
Umbilical cord blood banking market size should foresee lucrative growth owing to increasing prevalence of chronic disorders such as cancers, blood diseases, metabolic and immune diseases coupled with rising awareness levels pertaining to stem cell therapy amongst people. Based on Leukemia and Lymphoma Society statistics, around 363,794 individuals were affected by leukemia in 2014 and more than 62,000 new cases are expected to be diagnosed with the disease by 2017 in the U.S. This escalating prevalence will fuel the adoption rates for stem cell therapy and umbilical cord blood banking in the future.
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Rising number of stem cell transplants globally coupled with the potential of stem cells to treat various devastating chronic and genetic disorders are additional chief factors boosting the umbilical cord blood banking market growth. Based on a recent study, more than 1.3 million stem cell transplants were performed in 2015 across the globe and the number is expected to rise in the future fueling demand for blood storage in the future.
Favorable reimbursement policies and insurance coverage coupled with government funding for stem cell research for umbilical cord blood will further show upward shift for the umbilical cord blood banking market expansion during the forecast period. High cost associated with the storage, processing and collection of cord blood and tissue along with stringent regulations and accreditation procedures can hamper the umbilical cord blood banking market growth in future.
Blood type segment was leading the overall umbilical cord blood banking market owing to the easy of extraction and storage of blood cells using cryopreservation techniques used for the treatment of diseases. However, tissue segment will witness significant growth in the coming years due to its cost-efficiency and increasing focus of umbilical cord blood banking market players owing to its wide applicability to treat chronic ailments.
Private cord blood banks will command the industry in 2016 owing to their rising number and presence across the globe coupled with storage of own umbilical cells for personal use at a cost and increased probability to find a matching donor for the treatment of patients with diverse genetic disorders.
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North America dominated the industry in 2016 pertaining to the presence of well-established public and private blood banks along with increasing demand for cord blood and tissue for treatment of devastating diseases. Moreover, the U.S. will play a significant role in amplifying the North America share, owing to the rising prevalence of chronic ailments coupled with rising funding for stem cell research in the region. For instance, National Institute of Health (NIH) has invested USD 42 million in 2016 for umbilical cord blood stem cell research in the U.S. which further escalates the demand for storage in the coming years.
India umbilical cord blood banking market will grow at a rapid pace and should drive the Asia Pacific market share in the coming years. Rising patient pool, unavailability of matching donor for stem cell transplant for cancer treatment coupled with unaffordable treatment procedures will fuel the demand for storage of own blood cells for treatment of life-threatening diseases thereby stimulating the overall umbilical cord blood banking market growth in the future.
Key industry players include CBR Systems, AmeriCord, StemCyte, LifeCell, CorCell, CryoSave, Cryo-Cell, Cordlife, Cryoviva, ViaCord, Cell Care, China Cord Blood and FamilyCord. The companies are focusing on innovative product launch and strategic alliances to expand their business portfolio. In October 2016, Australia’s largest cord blood bank – Cell Care entered an acquisition agreement with Insception Lifebank which forms Canada’s largest repository. This strategy enables the combined entity to expand its R&D activities across the globe thereby augmenting business growth over the forecast period.