The cord blood banking services market size was valued at USD 33.9 billion in 2023 and is expected to reach USD 65.36 billion by 2034, growing at a compound annual growth rate (CAGR) of 6.15% from 2024 to 2034. This growth is primarily driven by the increasing prevalence of chronic diseases, advancements in research and development, and rising awareness.
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Cord Blood Banking Services Market: Revolutionizing Overall Health Care
The global cord blood banking services market is experiencing significant growth due to the increasing prevalence of chronic diseases, such as diabetes and cancer, advancements in regenerative medicine, and rising awareness about the therapeutic potential of cord blood stem cells. Being derived from the umbilical cord, these stem cells play a crucial role in managing various life-threatening diseases, such as lymphoma, leukemia, and sickle cell anemia. Cord blood banking has proved to be one of the key fields of contemporary medicine and one of the crucial sources for managing genetic disorders, hematologic diseases, and some types of cancer. In 2023, the Health Resources and Services Administration (HRSA) awarded a total of US$ 18.3 million to cord blood banks in the U.S. to increase the availability of high-quality cord blood units for transplant purposes. Furthermore, the World Marrow Donor Association (WMDA) reported a 30% increase in stem cell transplants in 2022, underscoring the rising demand for cord blood banking.
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Major Trends in the Cord Blood Banking Services Market
Increasing Demand for Stem Cell Therapies: The rising prevalence of chronic and genetic diseases is boosting the demand for cord blood stem cells in medical treatments. According to the World Health Organization (WHO), approximately 10 million new cases of hematological disorders are diagnosed annually, with a substantial portion of these cases benefiting from stem cell transplants. Cord blood stem cells, known for their adaptability and reduced risk of graft-versus-host disease, offer a higher compatibility rate than traditional bone marrow transplants. The increasing awareness of their therapeutic potential has spurred demand for these services across global healthcare systems. Moreover, the WHO emphasizes that cord blood-derived treatments have been instrumental in addressing various genetic disorders, further highlighting their pivotal role in modern medicine. These trends underscore the critical importance of cord blood banking services in meeting the growing need for innovative and effective treatments.
Technological Advancements in Cord Blood Processing: Innovations in cryopreservation and automated processing technologies are enhancing the efficiency and viability of cord blood stem cells. Advancements in cryopreservation are improving the effectiveness of cord blood stem cells in terms of their longevity and usability. The U.S. FDA has approved other sophisticated methods of storing cord blood, thus guaranteeing the efficacy of the cells even after several years of storage.
Shift Toward Private Cord Blood Banking: There is a rapid shift toward private cord blood banking due to the increasing demand for personalized healthcare solutions. Parents pay a certain amount of money. They want the cord blood for their kid to be preserved, collected, and stored for use in the future, especially where the child will be the matched donor. According to research by the National Institutes of Health (NIH), about three out of five parents in developed countries seek private umbilical cord blood banking. This is mainly due to the increasing awareness of the benefits of stem cells derived from umbilical cord blood in treating many inheritable and other persistent diseases.
Government Support and Public Banking Initiatives: Public cord blood banks play a pivotal role in making stem cell therapies accessible to underserved populations. The free cord blood banks are responsible for making stem cell therapies more easily accessible to the population in general or, rather, to even the needy and financially challenged populace. All these banks acquire, analyze, and preserve the donated umbilical cord blood for public use for transplantations and research purposes. Anti-discriminatory measures, such as the UK Stem Cell Strategy 2023, focus on improving the public banking system to facilitate greater access to healthcare.
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Regional Insights
North America Dominated the Cord Blood Banking Services Market
North America dominated the market with the largest share in 2024. This is mainly due to its advanced healthcare infrastructure and increased government support. The region has well-developed public and private blood banking sectors, and it strongly emphasizes research and development. Increased investments in stem cell and regenerative medicine further highlight the need for cord blood. Programs such as the C.W. Bill Young Cell Transplantation Program are increasing the availability of cord blood treatments in the region. Moreover, there is a heightened awareness of the therapeutic potential of cord blood stem cells, contributing to regional market expansion.
Asia Pacific: The Fastest-growing Region
Asia Pacific is expected to witness the fastest growth in the market during the forecast period. The regional market growth is attributed to the rising healthcare investments and government initiatives to improve healthcare infrastructure. China’s Healthy China 2030 Plan and India’s National Stem Cell Policy reflect the importance of expanding access to cord blood banking. These programs are geared at propelling cell treatments and improving regenerative products in the region. Furthermore, the rising demand for stem cell therapies drives the regional market growth.
Cord Blood Banking Services Market Segmentation
- By storage services, the private cord blood banks segment led the global market in 2024. This is primarily due to the increased demand for personalized and long-term storage solutions. These banks store stem cells for longer periods, which can then be used to treat various genetic disorders.
- By component, the cord tissue segment registered dominance in the market in 2024 due to the increased awareness of its potential for regenerative medicine, including its use in treating conditions like joint diseases, heart disease, and nerve damage.
- By application, the diabetes segment dominated the market in 2023. This is mainly due to the strong focus on exploring the potential of cord blood stem cells for treating type 1 diabetes. In addition, the increased prevalence of diabetes bolstered the segment.
Competitive Landscape
Key players competing in the cord blood banking services market include Americord Registry, Babycell, BioLife Solutions, Cordlife Group Limited, Cryo-Cell International, Inc., Cryoviva, FamiCord Group, LifeCell International, Medipost, NMDP Biosciences, StemCyte, Inc., and ViaCell, Inc. These companies are making efforts to drive innovation and expand their cord blood banking services.
· In September 2024, Cordlife Group, along with its subsidiaries, received approval to resume cord blood banking activities in Singapore in a controlled manner. The company introduced an upgraded processing and storage facility, featuring enhanced operational protocols and an advanced laboratory monitoring system.
· In February 2024, Americord, a leading private stem cell bank, announced the release of cord blood stem cells to a client’s grandmother in India for the treatment of motor neuron disease.
Market News
- In November 2024, Sidra Medicine, part of Qatar Foundation, launched Qatar’s first local cord blood banking service. This facility offers families the unique opportunity to preserve their newborns’ stem cells for potential future medical needs. Cord blood banking is a painless, non-invasive, and risk-free process that involves collecting and storing blood from a newborn’s umbilical cord and placenta, rich in hematopoietic stem cells that can be used to treat various medical conditions such as cancers, blood disorders, and immune system diseases.
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Segments Covered in the Report
By Storage Services
- Private Cord Blood Banks
- Public Cord Blood Banks
By Component
- Cord Tissue
- Cord Blood
By Application
- Diabetes
- Cancer
- Blood Disorder
- Immune Disorder
- Metabolic Disorder
- Others
By Region
- North America
- US
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Thailand
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Denmark
- Norway
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- South Africa
- UAE
- Saudi Arabia
- Kuwait
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