Over the last decade, the global cord blood banking market has emerged as one of the most crucial niche verticals of the healthcare industry, driven by the product demand in treatment of many life-threatening diseases including leukemia, thalassemia, and different kinds of cancers. As per The American Academy of Pediatrics, more than 30,000 stem cell transplants had been performed using cord blood by 2013, essentially demonstrating the criticality of stem cell cord blood banking institutions in treating fatal disorders with fewer complications and enhanced medical outcomes.
How an optimistic inclination of regional governments toward public cord blood banking institutions is propelling the cord blood banking industry trends?
Donating cord blood to a public bank is an altruistic act, as it is made available to cure or treat potential recipients globally. Public banks generally store only those cord blood units that are likely to contain a sufficient number of cells for a transplant, because they intend to bank as many blood units as possible for usage in established treatments. Moreover, it has been observed that the utilization rate of cord blood stem cells from a public bank is almost 30 times higher than the ones from private cord blood banks. Over the last few years, prominent nations and healthcare regulators across the world have unveiled numerous encouraging initiatives to strengthen the public cord blood banking ecosystem.
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The American Academy of Pediatrics, for instance, had released a policy statement in 2017 which called for a renewed emphasis on the development of public cord blood banking institutions and educate the masses about the advantages of the same. The policy statement further observed that an increasing number of states are mandating universal newborn screening for ailments which can be treated with stem cell transplantation – a factor that makes it imperative to establish new public cord blood banking institutions.
One of the major factors that is impelling the growth potential of public cord blood banking industry is the formulation of legislative provisions which promote new discoveries in the fields of regenerative medicine and cellular therapy. In this regard, it is quite prudent to take note of the legislative reauthorization of the Stem Cell Therapeutic and Research Act in the United States Senate and House of Representatives in 2015. The law would not only support the establishment of public cord blood banking institutions but would also grant USD 23 million each year for a period of five years to grow cord blood inventory in the nation.
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Apart from affirmative policy statements and legislative provisions, the public cord blood banking market is gaining traction due to the fact that some nations such as Italy and France do not permit the establishment of private cord blood banks. Furthermore, an increasing number of funding programs by regional governments to overhaul stem cell cord blood banking research is augmenting the public cord blood banking industry. In fact, as per a research report by Global Market Insights, Inc., the revenue share of public cord blood banking industry is slated to exceed USD 3,931 million by 2025.
Derived from the placenta of healthy newborn infants, cord blood was being discarded as medical waste until it was found to be an excellent source of stem cells which is used in hematopoietic stem cell transplantation to treat some diseases. As of now, the priority of the healthcare fraternity appears to follow provisions that would streamline, enforce, and enhance the operational and ethical standards including financial disclosures, informed consent policies, and conflict-of-interest policies for institutions, physicians, and organizations which form a significant component of cord blood banking market. As per reliable sources, the commercialization matrix of the cord blood banking industry is estimated to surpass USD 23 billion by 2025.