Cord Blood Banking Services Market
Cord Blood Banking Services Market (Private and Public Cord Blood Banks) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
Press Release :
Stem cells are capable of producing all the three types of blood cells produced in human body i.e. red blood cells, platelets and white blood cells. Researchers have discovered that stem cells can be used for the treatment of 80 different diseases including thalassemia, sickle cell anemia, leukemia diabetes and cardiac diseases. The major sources for stem cell banking are storing of peripheral blood and bone marrow, umbilical cord blood (UCB) is by far considered as the largest component for hematopoietic stem cells. Donated cord blood has become one of the most reliable sources for stem cells over the last decade and is thus considered as a valuable biological resource. The chances of cord blood sample matching with the patients that is closely in relation to the baby whose sample is to be used are 39% more than the sample obtained from the public banks. Cord blood banking services is a promising and a fast growing segment in the field of next generation stem cell therapy and national cord blood registries are changing perception and look of the industry.
Cord blood can be stored in either of the two ways, banking in private cord blood banks or donating in public cord blood banks. Private cord blood banks collect and store cord blood for the use of baby and close family members only. Collection and storage of the cord blood is charged to the parents of the baby. And secondly the cord blood can be donated to a public bank where the cord blood unit is stored and is publically available for the suitable match. All the charges of storage and maintenance of the cord blood unit obtained from public bank are taken from the patient or patient’s family for whom the unit is going to utilize in transplantation process. Though globally the number of private cord blood banks are more as compared to public banks, number of units stored in public banks are more than units of cord blood banks stored in private banks globally.
The amount of stem cells required for the transplantation process vary depending on person’s weight and age. The major disadvantage of cord blood storing in private cord blood bank is that the single unit of the cord blood contains insufficient amount of stem cells and becomes difficult to treat adults using stem cell transplant. On the other hand, cord blood units stored in public banks is available to any patient matching with the blood unit sample stored in public banks globally. And hence multiple units can be utilized for single patient to meet the requirement of the stem cells in transplantation procedure.
Taking inability of the privately stored cord blood units to meet the requirement of the amount of stem cell into consideration healthcare professionals are focusing on enhancing cord blood inventory in public banks so that demand for the cord blood units can be matched. Gynecologists, pediatricians and obstetricians recommend to store cord blood in private banks only if the family has history of the disease that can be treated using stem cells.
Geographically North America is dominating the global cord blood banking services market followed by Europe. Governments taking initiative to regulate the cord blood banking industry in the country and implementation of hybrid model to reduce the attrition between private cord blood banking and public cord blood banks is driving the growth of cord blood banking services market. Asia-Pacific is lucrative market owing to increased cord blood banking in countries like China and India. Contribution of Asian countries in banking cord blood is expected to increase further as medical tourism industry is booming in this region. Growing awareness about cord blood banking and treatments that can cure blood borne diseases using stem cells in cord blood is increasing. Countries like France, Italy and UAE have banned private banking of the cord blood. Governments of these countries are actively participating in establishing nationwide public banks to enhance the inventory of the cord blood units.
Cord blood stem cells have gained much attention in recent years thanks to their ability to repopulate blood and treat a number of medical conditions. This has also brought the importance of umbilical cord blood banking into focus, leading to several such banks being set up across the world. The foundation for the growth of the cord blood banking services market has already been laid in developed and emerging countries, and the growth of the market will continue as new advances in technology are reported.
The report studies the cord blood banking services market on the basis of service vendor and geography. By service vendor type, the market is segmented into public cord blood banks and private cord blood banks. Likewise, on the basis of geography, the report segments the cord blood banking services market into North America (United States and Canada), Europe (UK, France, Spain, Italy, Belgium, and Germany), Asia Pacific (China, India, Australia, Philippines, New Zealand, and Japan), and Rest of the World (Argentina, Brazil, Russia, and the Middle East).
Overview of the Cord Blood Banking Services Market
Owing to the fact that cord blood banking is pivotal to the wider adoption of stem cell therapy, there is no dearth of conducive factors for the growth of the cord blood banking services market. It is expected that the global cord blood banking services market will log a compounded annual growth rate (CAGR) of 5.6% from 2013 through 2019. In 2012, the cord blood banking services market stood at US$12.4 bn. The market is expected to rise to US$15.23 bn by the end of 2019.
As parents become more aware about the advantages offered by stem cell therapy, the adoption rates will also rise. This factor will play a crucial role in helping the cord blood banking services market expand over the next few years. In terms of units, the number of private cord blood banks is higher than that of public banks. However, when analyzed from the standpoint of units stored, it is the public cord blood banks that assume the leading position.
This market is currently brimming with opportunities, but faces restraints because the high cost of stem cell therapy deters consumers from opting for the same. Companies wanting to venture into this space have to be compliant with a variety of accreditation requirements as well as a series of storage and handling mandates. This is yet another challenge that companies in the cord blood banking services market find themselves faced against. Nevertheless, the enormous white space that exists in emerging economies will help mitigate some of these restraints that exist in the cord blood banking services.
North America is the dominant regional market for cord blood banking services whereas Europe ranks second globally. The sizeable cord blood banking services markets in these countries can be credited to supportive government policies and more consumers here opting for stem cell therapy. Cord blood banking in China and India has gained momentum in recent years; this will open a new window of opportunity for cord blood banking service providers.
Companies Profiled in the Cord Blood Banking Services Market
The report analyzes the current size, capacity, revenue, and other relevant details pertaining to leading private and public cord blood banks. Market players profiled in the report include: Cord Blood America, Inc., China Cord Blood Corporation, Cord Blood Registry Systems, Inc., Cryo-Cell International, Inc., Cordlife Group Ltd., NeoStem, Inc., Cryo-Save Group AV, and ViaCord, Inc.
The 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
- United States
- New Zealand
Rest of the World
- Middle Eastern Countries