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Cord Blood Banking Services Market: New Cutting-Edge Innovations in Cord Blood Banking Technology to Bode Well with Market, Reports TMR

Posted on Oct 10, 2016

The Latin America (LATAM) cord blood banking services market has been fragmented into public and private banks. The penetration of dominant competitive strategies, a robust research and development setup, and the financial support by private cord blood banks has largely improved the competitive rivalry in public banks within the corn blood banking services market. The top players operating in this market are America Cell Biobank, Inc., CrioCenter, Redcord S.A, and Banco de Cordon Umbilical (BCU). In this market, the presence of a number of alternative treatment methods including bone marrow transplants, etc., raise the threat of substitutes. In addition, the increasing competition between public and private cord blood banks will result in low bargaining power of suppliers. 

The cord blood banking services market in LATAM is predicted to touch US$445.3 mn by 2023. On the basis of type of storage, the segment of private cord blood banking services holds a significant share in the market due to the increasing occurrence of genetic disorders and better diagnosis of these kind of diseases because of cutting-edge diagnostic services. On the other hand, the soaring cost of private cord blood banking services may restrain the development of this segment in nations such as Peru, Argentina, Mexico, Brazil, and others. In addition, a number of LATAM nations will be taking initiatives in order to reduce the drawbacks of both private and public banking by the introduction of a hybrid model.

Colombia to Hold Promising Opportunities in Market

On the basis of geography, Mexico and Brazil represented a collective share of 54.6% in 2014 owing to the improving healthcare infrastructure, the soaring population, and the increasing disposable income of individuals residing in these nations. On the other hand, Colombia is predicted to be the most swiftly developing market in the forecast period owing to the rising government support, the increasing awareness, and a number of initiatives being taken by local cord blood banking service providers.

Increasing Familiarity with Benefits of Cord Blood Banking to Bolster its Demand

The LATAM cord blood banking services market is fuelled by the growing advancements in cord blood banking technology. In addition, the growing awareness amongst people in Latin America on the benefits and processes of cord blood banking will provide impetus to the development of this market. Furthermore, the growing awareness in expectant parents in key LATAM nations in Mexico and Brazil has also increased the demand for cord blood banking, as stated by a TMR analyst.

On the other hand, the dearth of cord blood units is amongst the prime concerns in the market for cord blood banking services. The collection of cord blood has been proven safe and painless for both mother and child. However, the huge prices of private banking can come up as a key hurdle in the market, particularly in under-developed and developing countries. “Nonetheless, the growing research for breakthrough technologies by utilizing cord blood stem cells is predicted to be amongst the top opportunities in this market,” says a TMR analyst. Furthermore, rejection issues and ethical dilemmas are rarely seen in case of cord blood stem cells, thus raising their employment in treating chronic diseases globally.

This information is based on the findings of a report published by Transparency Market Research titled, “Cord Blood Banking Services Market (Private & Public Storages) - LATAM Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023

The Latin America (LATAM) cord blood banking services market has been segmented as follows:

  • Type of Storage
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services
  • Country
  • Colombia
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services
  • Brazil
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services
  • Argentina
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services
  • Mexico
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services
  • Rest of Latin America (LATAM)
    • Private Cord Blood Banking Services
    • Public Cord Blood Banking Services

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