Cord Blood Banking Market growth outlook with industry review and forecasts
Ocean View, DE -- (SBWIRE) -- 05/21/2020 -- Cord blood banking Market will exceed USD 23 billion by 2025; as per a new research report.
Increasing research and development activities to explore new therapeutic avenues for cord blood stem cells will boost industry growth in the future. A wide array of above 80 genetic and idiopathic diseases are being cured currently. Many research institutes are focusing on developing novel therapies using cord blood stem cells for brain injuries and neurological disorders, thus driving market growth.
Tremendous increase in number of patients suffering from life-threatening genetic disorders will act as a high impact rendering factor for cord blood banking market growth. As per the World Health Organization (WHO) estimates, in European Union, about 1 in 2000 new born babies are found to be affected by cystic fibrosis. With growing prevalence of genetic diseases, the demand for cord blood banking is estimated to grow in the future.
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Private cord blood banks segment accounted for revenue of USD 13.7 billion in 2018. Growing trend of long-term storage and preservation of cord blood cells in private banks will spur segment growth. Various discounted offers for long-term storage and rising awareness about benefits of cord blood banking will further propel industry growth in the future.
Growing awareness regarding cord blood cell storage in private cord blood banks will drive storage services market growth in the future ad will grow at 5.6% CAGR from 2019 to 2025. Various government initiatives for encouraging parents and mothers for donation of cord blood cells of the new born babies will further propel storage service market over the forecast timeframe.
Application of cord blood cells for the treatment of cancer is forecasted to dominate the overall market. Growing number of cancer patients and the potential of cord blood cells for effective treatment will boost segment growth. Growing application of cord blood for treatment of non-Hodgkin's lymphoma and leukemia will spur segment growth.
Hospitals business segment is expected to reach USD 13.2 billion by 2025 owing to growing need of stem cells for treatment of genetic diseases. Additionally, large number of patients prefer availing treatments in hospitals to gain holistic treatment options. Increasing prevalence of genetic diseases and growing healthcare infrastructure will boost industry growth.
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Spain cord blood banking market accounted for largest share in 2018 and is forecasted to reach USD 1,992.3 million by 2025. Increasing preference for storage of cord blood in public and private banks for treatment purposes will spur country growth. Moreover, favorable government support and presence of well-established cord blood bank network will further foster Spain cord blood banking market growth.
India cord blood banking market is forecasted to expand at 6.9% CAGR over the forecast period. Initiatives taken by various non-government organizations to provide funding for public cord blood bank with an aim to make stem cells available to Indian population at affordable prices will favor cord blood banking industry growth across the forecast timeframe.
Few of the prominent market players involved in global cord blood banking market are CBR Systems, Inc., Cordlife, Cryo-Save AG, FamiCord, Global Cord Blood Corporation, Americord, LifeCell, Jeevan Stem Cell Foundation, Singapore Cord Blood Bank and ViaCord LLC. Key players are engaged in research and development initiatives to enhance their market foothold and expand geographic reach. For instance, in January 2014, CBR Systems, Inc. announced the beginning of FDA-regulated study of cord blood stem cells to treat acquired hearing loss. This new research enabled the company to cover more aspects of applications related to cord blood thus, expanding its services platform.