Published by news degree
Posted on August 3, 2021
Increasing application of cord blood and stem cells in genetic disease treatment is primarily driving the global cord blood banking services market towards growth. Furthermore, increasing awareness about the benefits, wide availability of service providers coupled with insurance coverage are some of the factors propelling the demand for cord blood banking services globally.
According to the current analysis of Reports and Data, the global cord blood banking services market was valued at USD 21.41 billion in 2018 and is expected to reach USD 52.24 billion by year 2026, at a CAGR of 12.4%. Umbilical cord blood (UCB) was once considered a waste product and was discarded with the placenta after delivery. With advances in medicine, it was found to be a rich source of life-saving hematopoietic stem cells and has saved many lives in the recent years. Cord blood stem cell transplantation are performed at various centers all across the world for a variety of diseases including genetic, hematologic, immunologic, metabolic, and oncologic disorders. Moreover, a number of cord blood banks have been successfully established in the recent years in order to encourage parents to bank their children’s UCB for autologous use or for directed donor allogeneic use for a family member for future purposes.
UCB can be collected from the placenta during the third stage of labor or after the delivery of placenta. This process does not pose any serious risk to the baby or mother. UCB is collected from the source umbilical vein into a sterile closed system collection bag containing an anticoagulant solution. Then the bag is transported to the cord blood bank, where it is tested, processed and cryopreserved for future purposes. The first publicly funded cord blood bank was established in New York in 1993. Cord blood units stored in public banks are available for the patients in need worldwide. A patient from any corner of the world can access the cord blood units in a public bank through search performed by various registries worldwide, if they get HLA-matched. The donors are not charged for the storage process. The recipients who will be using the cord blood units for their treatment will be charged. In a private bank, UCB is stored privately for a particular family which opts for cord blood storage, and can be utilized by the family as the need arise. As cord blood units stored in private banks are not available for the general population. Developing nations such as China and India being the second most populous country, possesses a great potential in the field of cord blood banking. Certain private cord blood banks in the United States, Belgium, Canada, etc. have adopted the adopted strategy. These adopt various policies in which both public and private banking can be incorporated. A bank might offer both public and private banking and the family are allowed to make an informed decision. Advances are being made each day in providing greater safety to the patient. New methods of separating the stem cells from all other blood components have resulted in a product that consists of only stem cells
Constant attempts are being continuously made to spread awareness of the phenomenon of umbilical blood (stem cell) banking that has created a significant sensation in the population. Another fact is the lack of awareness regarding the utility of cord stem cells and its uses among the general population as well as the medical personnel including the pediatricians and obstetricians. While on the other hand, stringent regulatory requirements, ethical issues and dilemma in choosing private or public bank are the major factors hindering the growth of the market. In addition, high cost of storage, collection and risk of non-usability of the unit stored with private bank are further limiting the growth of the global cord blood banking services market.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented the Anti cord blood banking services market on the basis of service type, application, and region:
Service Type (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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John W
Head of Business Development
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Direct Line: +1-212-710-1370
E-mail: [email protected]
Read Full Press Release: https://www.reportsanddata.com/press-release/global-cord-blood-banking-services-market
The post Cord Blood Banking Services Market Size To Reach USD 52.24 Billion By 2026 – Reports and Data first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.
Increasing application of cord blood and stem cells in genetic disease treatment is primarily driving the global cord blood banking services market towards growth. Furthermore, increasing awareness about the benefits, wide availability of service providers coupled with insurance coverage are some of the factors propelling the demand for cord blood banking services globally.
According to the current analysis of Reports and Data, the global cord blood banking services market was valued at USD 21.41 billion in 2018 and is expected to reach USD 52.24 billion by year 2026, at a CAGR of 12.4%. Umbilical cord blood (UCB) was once considered a waste product and was discarded with the placenta after delivery. With advances in medicine, it was found to be a rich source of life-saving hematopoietic stem cells and has saved many lives in the recent years. Cord blood stem cell transplantation are performed at various centers all across the world for a variety of diseases including genetic, hematologic, immunologic, metabolic, and oncologic disorders. Moreover, a number of cord blood banks have been successfully established in the recent years in order to encourage parents to bank their children’s UCB for autologous use or for directed donor allogeneic use for a family member for future purposes.
UCB can be collected from the placenta during the third stage of labor or after the delivery of placenta. This process does not pose any serious risk to the baby or mother. UCB is collected from the source umbilical vein into a sterile closed system collection bag containing an anticoagulant solution. Then the bag is transported to the cord blood bank, where it is tested, processed and cryopreserved for future purposes. The first publicly funded cord blood bank was established in New York in 1993. Cord blood units stored in public banks are available for the patients in need worldwide. A patient from any corner of the world can access the cord blood units in a public bank through search performed by various registries worldwide, if they get HLA-matched. The donors are not charged for the storage process. The recipients who will be using the cord blood units for their treatment will be charged. In a private bank, UCB is stored privately for a particular family which opts for cord blood storage, and can be utilized by the family as the need arise. As cord blood units stored in private banks are not available for the general population. Developing nations such as China and India being the second most populous country, possesses a great potential in the field of cord blood banking. Certain private cord blood banks in the United States, Belgium, Canada, etc. have adopted the adopted strategy. These adopt various policies in which both public and private banking can be incorporated. A bank might offer both public and private banking and the family are allowed to make an informed decision. Advances are being made each day in providing greater safety to the patient. New methods of separating the stem cells from all other blood components have resulted in a product that consists of only stem cells
Constant attempts are being continuously made to spread awareness of the phenomenon of umbilical blood (stem cell) banking that has created a significant sensation in the population. Another fact is the lack of awareness regarding the utility of cord stem cells and its uses among the general population as well as the medical personnel including the pediatricians and obstetricians. While on the other hand, stringent regulatory requirements, ethical issues and dilemma in choosing private or public bank are the major factors hindering the growth of the market. In addition, high cost of storage, collection and risk of non-usability of the unit stored with private bank are further limiting the growth of the global cord blood banking services market.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/2248
Further key findings from the report suggest
Request a discount on the report @ https://www.reportsanddata.com/discount-enquiry-form/2248
For the purpose of this report, Reports and Data have segmented the Anti cord blood banking services market on the basis of service type, application, and region:
Service Type (Revenue, USD Million; 2016–2026)
Application (Revenue, USD Million; 2016–2026)
Regional Outlook (Revenue in USD Million; 2016–2026)
Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/2248
Thank you for reading our report. To know more about the customization of the report or further query about the report, please get in touch with us. Our team will ensure the report is well suited to your requirements.
Explore Reports and Data’s Prime Analysis of the global Healthcare & Pharmaceutical Industry:
Somatostatin Market @ https://www.google.com.ua/url?q=https://www.reportsanddata.com/report-detail/somatostatin-market
Medical Skull CT Market @ https://www.google.cl/url?q=https://www.reportsanddata.com/report-detail/medical-skull-ct-market
Veterinary Chemistry Analyzer Market @ https://www.google.com.co/url?q=https://www.reportsanddata.com/report-detail/veterinary-chemistry-analyzer-market
Diagnostic Biomarkers Market @ https://www.google.co.ve/url?q=https://www.reportsanddata.com/report-detail/diagnostic-biomarkers-market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
Contact Us:
John W
Head of Business Development
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
Read Full Press Release: https://www.reportsanddata.com/press-release/global-cord-blood-banking-services-market
The post Cord Blood Banking Services Market Size To Reach USD 52.24 Billion By 2026 – Reports and Data first appeared on News Degree | Hub for Latest and Trending News from Around the Globe.
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