Cord blood banking is an innovative concept that has been gaining traction in recent years. A cord blood bank is a facility to store stem cells, which can be further used to regenerate several types of cells and tissues, including healthy blood cells. Several research studies are being conducted across the globe for the use of cord blood as a potential treatment for medical conditions that, as of now, have no cure. The prominent sources for stem cell banking comprise collecting and storing umbilical cord blood (UCB) and peripheral blood and bone marrow. As of now, these are considered as the most efficient sources of hematopoietic stem cells.
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According to a new research study by Transparency Market Research, in 2012, the global cord blood banking services market was worth US$12.4 bn and is anticipated to be worth US$15.2 bn by the end of 2019. The market is projected to showcase a healthy 5.60% CAGR between 2013 and 2019.
Cord blood can be stored in two ways: donating in public cord blood banks or private cord blood banks. In a public cord blood bank, cord blood can be donated and the unit is stored and is made available publicly for a suitable match; on the other hand, private cord blood banks charge parents of the baby to collect and store the cord blood, which is only used for the baby and its close family members. In these cases, the storage and maintenance charges of the cord blood unit are collected from the patient or family members for whom it is going to be used. As of now, the number of private banks across the globe is more than that of public banks; nevertheless, the number of cord blood units stored in public banks is more than that stored in private banks.
Rising Applications of Cord Blood Cells to Boost Demand for Cord Blood Banking Services
Parents across the globe are ready to take all possible efforts to keep their child healthy and happy. Increasing parental awareness and acceptance of cord blood banking is expected to boost the demand for cord blood banking services in the coming years. In addition, the advancement in cord blood banking services is also one of the major factors propelling this market. Moreover, the presence of untapped opportunities in developing nations and increasing applications of cord blood cells for treating several medical conditions are the biggest opportunities for market players, which are attracting several organizations to set up banks across the globe.
On the flip side, the global cord blood banking services market is anticipated to witness slow development due to cost constraints, rigid storage units and laboratories, accreditation needs, and lack of cord blood units in the near future. Some of the prominent players in this market are China Cord Blood Corporation, ViaCord, Inc., NeoStem, Inc., Cryo-Cell International, Inc., Cord Blood Registry Systems, Inc., and Cord Blood America, Inc.
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In 2013, North America dominated the global cord blood banking services market. By the end of 2019, Asia Pacific is projected to develop high growth opportunities owing to the rising disposable income and supportive government initiatives in the region. The global cord blood banking services market is presently governed by Clinical Laboratory Improvement Amendments, Foundation for the Accreditation of Cellular Therapy, the American Association of Blood Banks, Human Tissue Authority, American Association of Tissue Banks, NetCord, and others.