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Global Umbilical Cord Blood Banking Market is Expected to Reach USD 27.07 Billion by 2026, Driven by the Emerging Trend of the Cord Tissue Storage
According to a new report by EMR titled, 'Global Umbilical Cord Blood Banking Market Report and Forecast 2021-2026', the global market for umbilical cord blood banking reached a value of USD 20.42 billion in 2020. The market is further expected to grow at a CAGR of 5.8% in the forecast period of 2021-2026 to reach USD 27.07 billion by 2026.
The market for umbilical cord blood banking is being driven by the emerging trends of the cord tissue storage and allogeneic hematopoietic stem cell transplantation. Further, the Asia Pacific region is the rapidly growing region for the umbilical cord blood banking industry. This can be attributed to the rising prevalence of chronic diseases in the region. Moreover, increasing awareness regarding the potential applications of cord blood and the rising number of live births are supporting the market growth of umbilical cord blood banking in the Asia Pacific. China, followed by India, has the highest number of live births around the world.
The major key players in the industry are CBR Systems, Inc. and Cryo-Cell International, Inc. (OTCMKTS: CCEL). Further, the Cesca Therapeutics’ (Nasdaq: KOOL) subsidiary ThermoGenesis, which is a market leader in automated cellular processing, announced in July 2019 that CBR® (Cord Blood Registry), the country’s biggest newborn stem cell storage bank, has started to transition to ThermoGenesis' next-generation AXP® II System for the swift processing of cord blood units. ThermoGenesis maintains its role of being a sole supplier of critical devices and disposables to the CBR, which is used in the processing of cord blood samples.
Market Analysis by Storage Operation, Service Type, Application, and Region:
- The umbilical cord blood banking industry, on the basis of storage operation, is divided into private UCB banks and public UCB banks.
- Based on service type, the industry is segmented into sample preservation and storage, sample analysis, sample processing, and sample collection and transportation.
- By application, the industry is categorised into bone marrow failure syndrome, metabolic disorder, leukaemia, immune deficiencies, and lymphoma.
- Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
- The global umbilical cord blood banking industry is being driven by the inflating disposable income of the population.
- The rising prevalence of chronic diseases is aiding the market growth of umbilical cord blood banking.
- In addition, the market is invigorating due to the many initiatives taken by several government associations to boost the awareness regarding the product.
Key Offerings of the Report:
- The EMR report gives an overview of the global market for umbilical cord blood banking for the periods (2016-2020) and (2021-2026).
- The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the storage operations, service types, applications, and major regions of umbilical cord blood banking.
- The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.
CBR Systems, Inc., Cryo-Cell International, Inc., Smart Cells International Ltd., Global Cord Blood Corporation, and Stemcyte India Therapeutics Pvt. Ltd, among others, are the key players in the global umbilical cord blood banking market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.
EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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