Umbilical cord blood has been harvesting for more than 25 years. Since first attempts this practice, which represents a real therapeutic opportunity to treat several pathologies, builded more and more scientific consensus. Umbilical cord blood stem cells can replace all immune system and blood elements that could be damaged. Umbilical cord blood has become a important product in the healthcare area in recent years owing to increasing awareness about the utility of stem cells in the treatment of a wide variety of diseases. The umbilical cord blood banking is the method of preserving/conserving blood from the umbilical cord for the future use. This preserved cord blood is utilized in remedial treatments in the similar perspective as that of stem cells obtained from bone marrow. The umbilical cord blood stem cells aids in treatment of various disorders such as leukemia, lymphomas, medullar aplasia, thalassemia, and severe immune system deficiencies.
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UMBILICAL CORD BLOOD BANKING MARKET OUTLOOK
The key factor driving growth of global umbilical cord blood banking market is the expanding portfolio of diseases that can be cured by the use of umbilical cord blood and rising awareness in emerging economies. Furthermore, the global umbilical cord blood banking market is growing rapidly due to growing prevalence of chronic diseases coupled with regenerative medicine. In addition, government initiatives and rising efforts from various associations to create awareness are other factors driving the growth of this market. On the contrary, strict regulatory scenario in the global umbilical cord blood banking market is hampering the rapid expansion of this market. The regulatory body checks for the standardization of recruitment, collection, donor screening, transport, testing, processing, storage, freezing, and distribution and further checks on the thresholds of quality. Furthermore, the high cost of storage and collection is another factor that limits the market growth.
UMBILICAL CORD BLOOD BANKING SEGMENTAL OVERVIEW
The global umbilical cord blood banking market has been segmented based on type of storage, application, end-user and geography.
Based on types of storage, the global umbilical cord blood banking market has been segmented into public cord blood banks, private cord blood banks, and coordinated public and private cord blood banks. Based on applications, the global umbilical cord blood banking market has been segmented into cancer, blood diseases, metabolic disorders, immune diseases, osteoporosis, and others. The various end-users of the umbilical cord blood banking are hospitals, pharmaceutical companies, and research institutes. Among the various types of storage, private blood banking accounted for larger share of the market. This segment is further expected to remain dominant in the near future. The market for umbilical cord blood banking in public banks is also expanding owing to improving coordination between public banks and collecting hospitals.
UMBILICAL CORD BLOOD BANKING REGIONAL OVERVIEW
Based on geography, the global umbilical cord blood banking market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America, includes countries U.S., Canada, and Mexico whereas Europe, includes Germany, France, UK, Italy, and Rest of Europe. Asia Pacific, includes China, Japan, India, Australia, and Rest of Asia Pacific. Latin America, includes Brazil, Argentina, and Rest of Latin America. Middle East & Africa includes South Africa and Rest of MEA. Among the regions North America accounted largest market share in the global umbilical cord blood banking market, it is further projected to dominate the global market. The sheer dominance of this region can be attributed to the high awareness among people for umbilical cord blood banking and rising demand for stem cell research in this region. Asia Pacific is projected to be the untapped regional market when compared to developed regions; hence it has better opportunity. Asia Pacific region is anticipated to grow at a fastest CAGR over the forecast period owing to due to vast development in healthcare facilities and growing knowledge of stem cell banking in the countries such as China, and India.
UMBILICAL CORD BLOOD BANKING MARKET KEY PLAYERS
The global market is dominated by key players such as AlphaCord, Americord, CBR Systems, Inc., China Cord Blood Corporation, CorCell, Cord Blood America, Inc., Cryo-Cell International, Inc., Cryo-Save AG, Cordlife Group Ltd., FamilyCord, LifeUSA, LifeCell, Maze Cord Blood, StemCyte Inc., Vita 34 AG, and ViaCord Inc, among others.
UMBILICAL CORD BLOOD BANKING MARKET KEY DEVELOPMENTS
November 2019: ExCellThera introduced trial of drug to expand umbilical cord blood for stem-cell transplants in cancer.
August 2017: Life cell launched new improved and advanced umbilical cord stem cell collection kit made of stainless steel to address the key concern of protection of the unit during transit from the hospital to the preservation center.
June 2015: Canadian Blood Services’ Cord Blood Bank, a national, public health-care resource has been officially launched. Expectant mothers who give birth at participating hospitals can now help build an ethnically diverse stem cell bank in Canada by donating their baby’s cord blood.
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