Albany, NY -- (SBWIRE) -- 05/15/2014 -- "Cord Blood Banking Services Market (Private and Public Cord Blood Banks) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", the global cord blood banking services market was valued at USD 12.40 billion in 2012 and is expected to grow at a CAGR of 5.6% from 2013 to 2019, to reach an estimated value of USD 15.23 billion in 2019.
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Cord blood banking (CBB) is one of the fastest growing segments of the healthcare industry. Factors such as increasing awareness, initiatives taken by governments to regulate the CBB industry, an increasing number of diseases that can be treated using stem cell therapy and growing concerns about developing worldwide cord blood inventory will have an impact on the current model of the cord blood banking industry.
The global cord blood banking services market is segmented on the basis of type of service vendor and geography. Based on service vendor type the cord blood banking market is classified into private cord blood banks and public cord blood banks. The market share of private cord blood banks is larger than the public cord blood banks as private banks charge the service right from the collection of the cord blood followed by storage and processing charges, spends more on advertising and incentives as compared to public banks. It is expected that the global market for private banks will reach USD 11.58 billion in 2019 with the market growing at CAGR of 1.9% from 2013 to 2019. The shift from storing cord blood in private banks to public banks is growing the market share of public cord blood banks globally.
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The United States, and some of the European countries such as the U.K. and Spain, are leading in cord blood banking services. Asian countries like China and India are emerging markets with higher population growth rate. UAE, Qatar and Saudi Arabia are some of the lucrative markets in RoW.
North America currently dominates the market but in future developing countries in Asia will lead the market. Growth drivers in the North American market are increasing awareness about the cord blood banking services, stem cell therapy and affordable cost.
Some of the key market players operating in this market include Cord Blood America, Inc., NeoStem, Inc., Cryo-Cell International, Inc., Cord Blood Registry Systems, Inc. and China Cord Blood Corporation.
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Global cord blood banking services market is segmented as follows:
- Based on type of service vendor
- Private cord blood banks
- Public cord blood banks
- Based on Geography
- North America
- United States
- New Zealand
- Rest of the World
- Middle Eastern Countries
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The field of cord blood banking is a fast-growth field, driven by medical necessity and consumer demand. It is also a recent industry, as it was not until 1974 that it was first proposed that stem and progenitor cells were present in human cord blood and 1983 that umbilical cord blood was proposed as an alternative source of stem cells for transplant. In 1988, the first successful cord blood transplant occurred, but it was not until 1995 that the first private cord blood bank began operations.
Furthermore, it was not until July, 2010, when the Cord Blood Registry became the first private U.S. cord blood bank to offer umbilical cord tissue storage. In the two years that have since passed then, the number of private U.S. cord blood banks offering cord tissue storage has risen to nine. This represents an average of one new U.S. cord blood bank adding cord tissue storage every 3 months. If this rate continues, half of all private U.S. cord blood banks will offer cord tissue storage within two years.
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