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

• Cord blood banking services market is growing at a CAGR of 2 %in Asia Pacific followed by North America and Europe, with 12.2 % and 11.8 % CAGR, respectively. High cord blood banking services market across the globe is the key factor to accelerate the market growth during forecast period across all regions.
• As of 2018, Cord blood segment is the dominating cord blood banking services market which holds 32.5% of the global market and generates highest revenue.
• Cord tissue and placenta segment are also growing on a high pace and thus covers 27.5% and 30% of the market share with a CAGR of 12.1% and 12.2%.
• Private segment has the highest market share of 35% and was valued at USD 7.49 billion and is expected reach USD 17.83 billion by 2026.
• Hybrid segment has the highest CAGR of 13.3% and hence growing on a high speed in the global forecasts period.
• Asia Pacific is expected to account for the 30% of the global cord blood banking services market. Developing nations such China, and India are likely to witness high growth
• The marketing activities practiced by the private players are resulting in the increased customer base of private players compared to public banks. Considering all the above mentioned factors together, private banking service segment was leading the global market.
• Key participants include China Cord Blood Corporation, Cord Blood America Inc., CBR Systems Inc., Cord life Group Limited, Cryo-Cell International Inc., Cryo-Save AG, Life-force Cry banks, National Cord Blood Program, via cord, Inc. And Virgin Health Bank.

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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)

• Private
• Public
• Hybrid
• Others

Application (Revenue, USD Million; 2016–2026)

• Cord blood
• Cord tissue
• Placenta
• Others

Regional Outlook (Revenue in USD Million; 2016–2026)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of the Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Middle East & Africa
• Latin America
  • Brazil

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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.