An increasing number of patients suffering from life-threatening genetic disorders will play a crucial role in augmenting cord blood banking market share in the future.
An increasing number of patients suffering from life-threatening genetic disorders will play a crucial role in augmenting cord blood banking market share in the future. Extensive research and development activities aimed at finding new therapeutic methodologies for cord blood banking stem cells will drive future trends in the industry.
Hemophilia is a severe genetic disorder in which the blood does not clot properly while bleeding. Based on a study conducted during 2012-2018, the number of males suffering from hemophilia accounts for 33,000 in the United States. As per an estimation by the World Health Organization (WHO), nearly 1 in every 2000 new-born babies in the European Union are found to be affected by a hereditary disease of cystic fibrosis.
The growing prevalence of the genetic disease in developed nations is estimated to boost demand for cord blood baking in the coming years. According to a Global Market Insights, Inc., report, global cord blood banking industry size will surpass US$23 billion by 2025. Described below are some prominent factors driving the market outlook.
Private cord blood banking to grow substantially
The private cord blood banking market share was estimated to be worth US$13.7 billion in 2018. Benefits associated with the preservation and long-term storage of cord blood cells in private banks are likely to drive private cord blood banking demand in near future.
Growing awareness about these benefits along with the availability of various discount offers for long-term storage of cord blood cells certainly lead to increasing number of private cord blood banks in near future.
Consistent requirement for blood storage services
The storage services market size is expected to grow substantially at a 5.6% CAGR between 2019 and 2025 on account of rising awareness about cord blood cell storage in private blood depository banks. Also, several initiatives undertaken by the government to encourage parents and mothers for cord blood cell donations of newborn babies will augment demand for these services considerably.
The application of cord blood cells in the treatment of cancer is anticipated to dominate the overall market due to the growing prevalence of chronic diseases across the globe. The potential of cord blood cells to be widely applicable in the effective treatment of non-Hodgkin's lymphoma and leukemia will accelerate its application in combating chronic ailments.
To access sample pages of this report titled, “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, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/request-sample/detail/3268
Wide access to cord blood banking at hospitals
Cord blood banking market size from hospitals is estimated to reach US$13.2 billion by 2025 on account of the rising need for stem cells for the treatment of genetic disorders. Hospitals provide superior medical facilities and holistic treatment options to large number of patients. The escalating prevalence of hereditary diseases, substantial expansion of healthcare infrastructure, and growing preference of patients towards availing advanced medical facilities shall drive consumer inclination towards hospitals for the treatment of chronic diseases.
With as many as 80 genetic and idiopathic diseases being currently cured, the growing emphasis of various research institutes on developing novel therapies for brain injuries and neurological disorders through cord blood stem cells will bolster the industry outlook significantly.
Rising cord blood banking in Spain and India
Spain cord blood banking market accounted for the largest share in 2018 and is projected to hit US$1,992.3 million by 2025. Growing preference for storing cord blood in private and public banks will help maintain a steady demand for blood products in the region. Also, the presence of favorable government policies and a well-structured cord blood bank network will lead to exponential business growth in the country.
India market is expected to grow at a 6.9% CAGR up to 2025. With an aim to make stem cells available at an affordable cost, numerous initiatives have been undertaken by non-government organizations. Similar trends in near future will provide a sustainable environment for the regional cord blood banking industry expansion.
Leading cord blood banking organizations include Jeevan Stem Cell Foundation, FamiCord, ViaCord LLC, Americord, Cryo-Save AG, LifeCell, Global Cord Blood Corporation, Cordlife, Singapore Cord Blood Bank, and CBR Systems, Inc.
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