The global umbilical cord blood banking market size was estimated to be US$ 14.7 billion in 2022 and is expected to reach US$ 23 billion by 2032 at a CAGR of 4.6%.
The report titled ‘Global Umbilical Cord Blood Banking Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032’ offers strategic visions into the global umbilical cord blood banking market along with the market size (Revenue - US$ Mn). The said research study covers in-depth analysis of multiple market segments based on type of storage bank, application, end-user and study across different topographies.
The report is also inclusive of competitive profiling of the leading umbilical cord blood banking companies, and their latest developments. Umbilical cord blood banking refers to collection and storage of blood from the umbilical cord of the new born baby. The umbilical cord blood contains stem cells which can be potentially used for the treatment of various diseases that require stem cell transplants.
Some of the most common diseases that may make use of umbilical cord blood include leukemia or lymphoma, sever sickle cell diseases, aplastic anemia, and severe combines immunodeficiency among others. The key advantages of using umbilical cord blood as compared to other competing methods such as bone marrow include safe and non invasive collection procedure, abundant supply, low contamination, higher proliferation capacity, and reduced risk of GvHD among others.
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.
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, osteopetrosis, 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 expanding at a CAGR of 13.9% from 2018 to 2024. The market for umbilical cord blood banking in public banks is also expanding owing to improving coordination between public banks and collecting hospitals and hence, this segment would also achieve significant growth in the coming years till 2024.
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 comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. North America accounted for the largest share in the global umbilical cord blood banking market; it is further projected to dominate the global market by 2024.
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. The global umbilical cord blood banking market is fragmented with a large number of vendors offering cord blood banking services. Furthermore, with rise in the number of private cord blood banks, the market is further anticipated to become more competitive.
Some of the key players in the global umbilical cord blood banking market include Pfizer, Inc., Glaxosmithkline, Plc, Merck & Co., Inc., Sanofi Pasteur, CSL Limited, Emergent Biosolutions, Inc., Johnson & Johnson, Medimmune, LLC, Astellas Pharma Inc., Serum Institute of India, and Bio-Manguinhos among others.
Segmentation Overview:
By Storage bank:
By Application:
By End-user:
By Region
The umbilical cord blood banking market is expected grow at a CAGR of 4.6% from 2023 to 2032.
The umbilical cord blood banking market size is expected to reach US$ 23 billion by 2032
The umbilical cord blood banking market was estimated to be US$ 14.7 billion in 2022.
The sample report for the Umbilical Cord Blood Banking Market can be obtained on demand from the website. Also, the 24*7 chat support & direct call services are provided to procure the sample report.
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.
Major players operating in the global Umbilical Cord Blood Banking market include Pfizer, Inc., Glaxosmithkline, Plc, Merck & Co., Inc., Sanofi Pasteur, CSL Limited, Emergent Biosolutions, Inc., Johnson & Johnson, Medimmune, LLC, Astellas Pharma Inc., Serum Institute of India, and Bio-Manguinhos among others..
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