U.S. Cord Blood Banking Services Market to Touch USD 21.59 Bn by 2032

According to Nova one advisor, the U.S. Cord Blood Banking Services Market Size accounted for USD 6.97 billion in 2022 and is estimated to achieve a market size of USD 21.59 billion by 2032 growing at a CAGR of 12.73% from 2023 to 2032.

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Key Takeaways:

• By Bank Type, the U.S. U.S. Cord Blood Banking Services market was valued at USD 7.9 million in 2022 and expected to witness growth at a CAGR of 12.2% from 2023 to 2032.
• In 2022, the private bank segment had the highest revenue share due to private banks’ wide range of customers, potentially arise to their more enticing marketing strategies than public banks
• By component, the CB segment dominated the market in 2022 due to the growing incidence of chronic diseases and the rise in the birth rate in the U.S.
• California accounted for the largest revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2032
• This is due to the high prevalence of diseases, the presence of major companies, the high usage of CB for the treatment of chronic diseases, and supportive government regulations

Cord blood is a significant source of hematopoietic stem cells for autologous and allogeneic transplantation in children with certain fatal diseases. Similarly, CB transplantation represents a promising method for the treatment of certain hematologic malignancies, immunodeficiencies, hemoglobinopathies, and metabolic diseases. In addition, research studies involving the extraction of healthy T-cells from CB for use in immunotherapy-based cancer treatment have shown positive results.

Such studies indicate the rising focus on the use of CB for the treatment of chronic diseases. Thus, propelling the market growth. The growth can also be attributed to the increase in the use of CB & stem cells in disease treatment. Rising awareness about the benefits of CB banking, a growing range of service providers, and improving insurance coverage are likely to further drive the market during the forecast period. However, the high cost of storage & collection and the risk of non-usability of units stored with private banks are expected to limit the growth of the market to a certain extent. The impact of the COVID-19 pandemic on the economy and the resultant decrease in consumer spending power led to fewer parents using CB bank services.

Although the collection of CB by trained professionals was still allowed in most hospitals, several factors, such as logistical constraints, limited availability of staff, and implementation of social distancing policies, restricted the revenue generation activities for CB banks, which negatively affected the industry. Furthermore, several non-profit organizations are undertaking initiatives to raise awareness regarding the storage of CB. For instance, in July 2022, the Association for the Advancement of Blood & Biotherapies (AABB) organized several activities for this purpose and shared social media graphics and complementary resources highlighting CB usage in stem cell transplants. It also emphasized the use of CB in various research applications in the AABB Newsfeed. Such initiatives are boosting overall awareness about CB banking and can positively affect market growth.

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Report Scope of the U.S. Cord Blood Banking Services Market

Bank Type Insights

The private bank type segment accounted for the maximum share of more than 98.30% in 2022. This can be attributed to the large customer base of private banks, owing to their more appealing marketing strategies over public banks. Furthermore, higher costs per CB unit collected and retained at private banks are contributing to the higher revenue generated by this segment. The hybrid bank segment, on the other hand, is expected to register the fastest CAGR during the forecast period. A hybrid CB banking system combines aspects of both public & private banking systems and is expected to grow considerably over the forecast period.

A hybrid model is shifting beyond the traditional division of public & private CB banking, as the former offers both options of donating CB and family banking. Many of the private banks, including StemCyte, Celebration Stem Cell Centre, Core 23 BioBank, and New Jersey Cord Blood Bank, prefer a hybrid model for operations. Furthermore, the inclination of end-users toward hybrid banking due to the advantages associated with it is fueling the demand for hybrid banks. The hybrid banking model improves access to global CB transplants and personalized banking. Thus, driving the market for hybrid banks and further boosting industry growth.

Component Insights

In 2022, CB dominated the industry and accounted for the maximum share of more than 51.15% of the overall revenue. The segment is likely to expand further at a steady growth rate retaining its dominant position throughout the forecast period. An increase in the prevalence of chronic diseases is boosting the demand for cord plantation applications, regenerative medical treatments, and the overall number of CB providers, all of which are driving market growth. Furthermore, an increasing number of births occurring in the U.S. is a major contributing factor to the growth of this segment.

On the other hand, the cord tissue component segment is expected to register the fastest growth rate during the forecast period. The ongoing study of different applications of cord tissues indicates that the segment has high growth potential. Parkinson’s disease, multiple sclerosis, Type 1 diabetes, rheumatoid arthritis, and cerebral palsy are among the currently approved applications. Furthermore, rising awareness about the benefits of tissue storage is expected to drive segment growth.

States Insights

On the basis of states, the market has been further categorized into Arizona, California, Florida, Kentucky, New Jersey, Texas, Massachusetts, and the rest of the U.S. California dominated the overall market and accounted for the maximum share of more than 18.90% of the overall revenue in 2021. The segment is likely to expand further at a steady growth rate maintaining its dominant industry position throughout the forecast period.

The high share can be attributed to a significant number of CB banks present in public and private domains. Furthermore, the state is highly ethnically diverse, which makes it suitable for a more diverse collection of cord blood donations from its population. In addition, several government initiatives, such as the Umbilical Cord Blood Community Awareness Campaign, are undertaken in the state, which is likely to boost the market growth in California.

Some of the prominent players in the U.S. Cord Blood Banking Services Market include:

• California Cryobank
• StemCyte, Inc.
• Cryo-Cell International, Inc.
• Lifeforce Cryobank Sciences, Inc.
• Stem Cell Cryobank, Inc.
• Norton Healthcare
• Viacord
• MiracleCord, Inc.
• New Jersey Cord Blood Bank
• Carter BloodCare

Segments Covered in the Report

This report forecasts revenue growth and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Cord Blood Banking Services market.

• Bank Type Scope
  • Private
  • Public
  • Hybrid
• Component Scope
  • Cord Blood
  • Cord Tissue
  • Placenta
• States
  • Arizona
  • California
  • Florida
  • Kentucky
  • New Jersey
  • Texas
  • Massachusetts

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