The rise in awareness related to the benefits of using cord blood stem cells for the treatment of chronic diseases, such as cancer, has led to an increase in the government initiative leading to an increase in number of cord blood banks, which is expected to fuel the market growth of cord blood banking services.

The global cord blood banking services market accounted for $1,126 million in 2016, and is estimated to reach at $2,772 million by 2023, registering a CAGR of 13.8% from 2017 to 2023. North America was the highest revenue contributor in the global market in 2016; however, Asia-Pacific is expected to witness the highest growth rate during the forecast period.

Government authorities have supported research and clinical trials of cord blood stem cells, thus increasing the interest of healthcare companies to invest in research and commercialization of cord blood stem cell therapies.

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The private cord blood banks are privately owned banks where the parents can store the cord blood of newborn for future use such as for treatment of certain chronic disease. In private banks, charges are incurred for the collection, processing, and storage of cord blood. Thus, the public cord blood banks possess competitive advantages in developed regions such as North America and Europe.

Drivers, Restraints, and Opportunities

The impact of the driving factors is expected to surpass the effect of restraints. Moreover, advancement in therapeutic application, untapped opportunities in the developing regions, and initiatives to spread awareness are expected to provide new avenues for the growth of market in the near future.

High cost associated with the processing, difficulty in finding a match in the donor list of public cord blood banks, and legal & ethical issues related to collection of cord blood are expected to hamper this growth. Conversely, advancement in the stem cell therapeutics and presence of untapped potential in the developing and developed regions are expected to provide various opportunities to the cord blood banking services.

Key Findings of the Cord Blood Banking Services Market:

• The private cord blood bank segment is anticipated to grow at the highest rate during the analysis period.
• Germany was the highest revenue-generating country in the European market in 2016, and is expected to continue its dominance during the forecast period.
• In 2016, North America dominated global cord blood banking services market, and is estimated to continue this trend in the near future.
• China is expected to grow at the highest rate in the Asia-Pacific region.
• Latin America was the largest contributor in the LAMEA region.

Key market players-

• 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.
• Virgin Health Bank
• CordVida
• Americord
• CryoHoldco
• Vita34.

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