The global market for cord blood banking (CBB) service is expected to reach over USD 12 billion by 2022, growing at an estimated CAGR of around 11% from 2015 to 2022, according to a new report by Grand View Research, Inc. Key drivers of the market include increasing application of stem cell therapy in disease treatment, and rising prevalence of life threatening genetic disorders.
Moreover, increasing spending capacity is fueling the demand for advanced healthcare facilities including prevention and treatment. As a result, parents are increasingly demanding CBB Service to ensure safety of their child’s future. Furthermore, private players are practicing marketing activities which are creating awareness about the availability of the CBB Service and their benefits.
In addition, governments worldwide are promoting public CBB to develop ethnically diverse cord blood repository which would increase the chances of finding suitable human leukocyte antigen (HLA) match for the patients. As a result, availability of the ethnically rich CB repository coupled with anticipated rise in the stem cell therapies and bone marrow transplants, is expected to spur the CBB Service during the forecast period.
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Further key findings from the study suggest:
- Private bank segment accounted for the largest market share in 2014. High cost of collection, processing, and storage along with the maximum awareness created by marketing activities practiced by the players resulted in large market share of private banks in the world.
- Rising government support and no storage and collection costs are the major factors anticipated to drive the public banking segment during the forecast period from 2015 to 2022 with highest CAGR.
- North America dominated the global market and was followed by Europe in 2014. Dominance of North America is accounted by government support and high penetration rate of stem cell therapy in the U.S. and Canada. Moreover, high awareness and insurance coverage of cord blood banking and stem cell therapies is further boosting the growth of the market in North America.
- Densely populated emerging countries of Asia Pacific are anticipated to show significant growth during the forecast period from 2015 to 2022. Factors such as increasing investment by global players, government support and rising healthcare expenditure are anticipated to boost the cord blood banking Service market in Asia Pacific.
- Global cord blood banking Service market is highly fragmented with presence of many private and public players. Few global players operate in various geographies through subsidiaries. While local players are operating independently in respective geographies.
- Key players of this market include China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc. and Virgin Health Bank
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.