Stem cell-based therapies have increasingly become popular and are being accepted as a promising treatment for chronic disorders.
Stem Cell Umbilical Cord Blood Industry Overview:
Stem cell-based therapies have increasingly become popular and are being accepted as a promising treatment for chronic disorders. The sources of these cells are used for hematopoietic reconstruction. Umbilical cord blood is the most recently identified source of stem cells. Over the last couple of years, the clinical applications of umbilical cord blood-based stem cell therapy have broadened due to the rise in the penetration of chronic diseases. What’s more, umbilical cord blood transplants have gained more acceptance over the last few years.
Apart from umbilical cord blood transplant, immunotherapy, regenerative medicine, and tissue engineering. Moreover, umbilical cord blood banking has gained popularity due to the involvement of professional healthcare organizations and intensive research. According to Allied Market Research, the global stem cell umbilical cord blood market is expected to reach $10.13 billion by 2027, growing at a CAGR of 16.9% from 2020 to 2027. Rise in spending capacity and suitable payment plans, availability of genetic testing, fertility, and reproduction assisted services, and the use of stem cells as a treatment for chronic diseases drive the market growth.
Impact of COVID-19 Pandemic on Stem Cell Umbilical Cord Blood Market (Pre & Post Analysis)
However, in 2020, the outbreak of the COVID-19 pandemic led to have a negative impact on the growth of the stem cell umbilical cord blood market, especially in the initial period. The implementation of global lockdown restricted the functioning hours of all endoscopy procedures across the world. In order to maintain the social distancing norms, most of the departments in the hospitals were closed and few of them were opened with limited staff. Nevertheless, the global stem cell umbilical cord blood market is going to get back on track with a steady pace, once the lockdown is completely over.
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Top Leading Players:
- Cordlife Group Limited
- Cord Blood America
- Cryo-Cell International
- Medipost
- Americord Registry
- Esperite
- China Cord Blood Corporation
- LifeCell Inetrnational
- ViaCord
- Vita34 AG
As stem cells can make every type of cell in the blood including white cells, red cells, and platelets, they are vital for maintaining blood production throughout a person’s life. Thus, they are now primarily used for bone marrow transplants to treat blood diseases. Some studies indicate that umbilical cord blood contains other types of stem cells which even produce specialized cells such as nerve cells that are not found in the blood. However, these findings are still controversial among medical researchers but they present an extremely important opportunity for the stem cell umbilical cord blood market.
The use of stem cells such as MSCs and HSCs as therapy for both blood-related and non-blood disorders has presented a new development in medicine. Thus, doctors urge to save umbilical cord blood at every opportunity, instead of throwing it out. Stem cells may offer an opportunity to chronic patients to reap the benefits of the power of stem cells, especially in cases of regenerative disorders. While the number of umbilical cord blood transplants is still low in developing countries such as India, the number is expected to rise in the coming future. These countries have a great potential for umbilical cord blood banking due to the high birth rate and genetic diversity. Thus, the stem cells umbilical cord blood market would witness steadfast growth in the Asia-Pacific region in the coming years.
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