Albany, NY -- (SBWIRE) -- 11/24/2017 -- "Advancement in cord blood banking technology is one of the major factors driving the growth of the global cord blood banking services market," says a TMR analyst. The process employed in the storage of blood from umbilical cord varies for each company depending on their technological capacity. Therefore, technological advancements enabling smooth and efficient processing of cord blood throughout the life span will reduce cost and encourage the establishment of more facilities for preserving cord blood.
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Increased acceptance and rising awareness among parents about the benefits of cord blood arealso driving the growth of this market. Due to adequate knowledge about the benefits of cord blood among expectant parents and availability of cord blood banking facilities, cord blood banking services in developed countries is on the rise. On the other hand, lack of adequate infrastructure and high costs involved in cord blood banking process are reasons for the slow growth of the cord blood banking services market in developing regions.
Lack of cord blood units is impeding the growth of the global cord blood banking services market, says a TMR analyst. According to information of 'Be the Match Registry' of National Marrow Donor Program (NMDP), only 190,000 cord blood units are available which creates a huge difference to the information availability of over 10 million potential donors.
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Need for accreditation for cord blood banking services is also hampering the growth of this market. Global operations of cord blood banking services require accreditation from internationally recognized organizations for maintaining standard and quality of cord blood banking services. These activities involve huge costs and documentation that lead to increased cost for customers. Also, it restricts the entry of players that have less financial capacities.
The global market for cord blood banking services is anticipated to be worth US$26.81 bn by 2019, states TMR. Private cord blood banking services display dominance on the basis of type of storage option in this market.
Currently, North America is the leading market for cord blood banking services due to a high investment in R&D in stem cell research, well laid out government regulations, and adequate knowledge of cord blood banking among the population. However, Asia Pacific is expected to display a substantial 9.1% CAGR between 2013 and 2019 in this market due to increasing penetration of multinational private cord blood banks in the emerging economies of this region.
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Partnerships and agreements are what leading players in this market are looking forward to expand their geographical reach. A case in point is Cord Blood America Inc. The company entered into a partnership with Bonco Vida Corp. based in Puerto Rico, by which the former would provide cord blood stem cell collection and storage services to customers of the latter.
Mergers and acquisitions are other strategies that companies in the market are adopting to enhance their presence globally.
The global cord blood banking services market is highly fragmented and is characterized by the presence of dispersed public and private cord blood banks operating in parts of the world, states a new study by Transparency Market Research (TMR). The strong R&D setup, robust competitive strategies, and financial stability of private cord blood banks give them a competitive edge over public banks and are thus successful in attracting customers worldwide. Some of the key players in this market are Cord Blood America Inc., Cordlife Group Ltd., Cryo-Save Group AV, Cord Blood Registry Systems Inc., Cry-Cell International Inc., and ViaCord Inc.
Focus on research and development is one of the key growth models that leading companies in this market are adopting. In this regard, Cord Blood Registry Systems Inc. and Cry-Cell International have set benchmarks for cord blood preservation and processing for other players to follow suit.
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