Cord Blood Banking Market 2019 by Type of Bank, Application, End-use & Region to 2025: GMI
SELBYVILLE, Delaware, Aug. 6, 2019 /PRNewswire/ -- Latin America cord blood banking market presents a lucrative growth opportunity at a robust CAGR of 5.8%. High growth rate is attributed to favorable government norms and policies coupled with rising prevalence of chronic diseases. Countries like Brazil, Mexico and Colombia are focused on increasing the cord blood bank connectivity through various government funding programs. Moreover, there are various new players making efforts to enter the market to explore new growth avenues in the upcoming years.
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Europe cord blood banking market is estimated to reach USD 7.6 billion by 2025. High growth is attributable to increasing efficient initiatives implemented by the European Union and various organizations will boost demand for cord blood banking. Moreover, uniform regulations implemented by the European government regarding support of voluntary and free donations, procedures to standardize the testing of donated tissues and cells, and procedures to ensure document safety and traceability will further augment European umbilical cord blood banking market growth.
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Public cord blood banks are forecasted to show considerable growth rate of 6.1% CAGR across the forecast timeframe. High growth rate is attributed to various government initiatives for encouraging expectant mothers to donate cord blood cells in public banks. Additionally, various funding initiatives will further boost segmental growth in the future. For instance, increasing funding from UK's National Health Services for supporting the establishment of public cord blood banks will spur industry growth.
Global Cord Blood Banking Market is poised to surpass USD 23 billion by 2025; according to a new research study published by Global Market Insights, Inc. Increasing government initiatives for establishment and development of cord blood banks will act as the major growth rendering factor. For instance, U.S. government launched Sibling Donor Cord Blood Program with the support of Children's Hospital Oakland Research Institute (CHORI) & ViaCord for providing free cord blood cells to families across U.S. Funding from government and private organizations ensure smooth functioning and expansion of cord blood banks network, thus leading to industry growth in the future.
Increasing use of cord blood cells for regenerative medicine purposes coupled with growing number of clinical tests for regenerative medicines will drive the demand for cord blood stem cells across the forecast timeframe. In the last decade, the use of cord blood units released from public banks are witnessing a shift towards use in clinical trials of regenerative medicines. Use of umbilical cord blood for regenerative medicine purposes is one of the major drivers that will boost industry growth.
Browse key industry insights spread across 161 pages with 230 market data tables & 9 figures & charts from the report, "Cord Blood Banking Market Size By Type of Bank (Public, Private), By Services (Processing, Storage), By Application (Cancer, Blood Disorders, Immuno-deficiency Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome), By End-use (Hospitals, Research Institutes, Specialty Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Belgium, China, Japan, India, Australia, Singapore, Brazil, Mexico, Saudi Arabia, UAE), Application Potential, Price Trends, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/cord-blood-banking-market
Storage services segment of cord blood banking market is forecast to reach USD 4.5 billion by 2025. Various offers and discounts provided by cord blood banks for long-term storage of cord blood cells will spur segmental growth. Additionally, various marketing strategies adopted by private cord blood banks for encouraging expectant parents to opt long-term storage will foster segment growth.
Cancer segment of cord blood banking market accounted for market share of 35.4% in 2018. Various government organizations are constantly spreading awareness and providing funds to support stem cell transplants for cancer treatment that will enable patients to obtain effective treatment regimen, thereby augmenting the cord blood treatment growth for cancer. Moreover, the ability of cord blood to treat various cancers will boost the segmental growth.
Research institutes segment is forecasted to show robust growth rate of 6.4% across the forecast timeframe. High growth rate is attributed to growth in number of clinical trials for exploring new diseases that can be successfully treated by using cord blood stem cells. Additionally, growing pervasiveness of genetic disorders will positively impact segmental growth.
Prominent industry players in cord blood banking market include Singapore Cord Blood Bank, CBR Systems, ViaCord LLC, Cordlife, FamiCord, Cryo-Save, Americord, Global Cord Blood Corporation, LifeCell and Jeevan Stem Cell Foundation. The industry players focus on development of new strategies and capture larger market share. For instance, in January 2018, LifeCell has announced to develop large scale manufacturing of Mesenchymal Stem Cells (MSCs) thereby making them capable of being used in the several therapeutic areas. This new development will assist the company to expand its product portfolio.
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