Several couples in recent years have realized the potential of umbilical cord blood, making cord blood banking a priority. By choosing to bank cord blood, parents not only open up the possibility of saving their child’s life if it is threatened by a disease, but also the life of a family member, relative, or a stranger. Cord blood refers to blood extracted from the umbilical cord and the placenta after the baby is born. The reason cord blood is stored in medical facilities across the world is that the blood cells it contains have the ability to renew themselves.
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Rising Awareness about Cord Blood Banking Gives an Impetus to Blood Banking Services
As more and more parents are realizing the importance of saving cord blood, banking units that offer services such as collection and preservation are booming, especially in Latin American countries. The top players in the Latin America cord blood baking services market are Banco de Cordon Umbilical (BCU), Redcord S.A., America Cell Biobank, Inc., and CrioCenter. These banks are either private cord blood banking services or public cord blood banking services. Most of them are operating in countries such as Brazil, Colombia, Argentina, and Mexico.
Growing Stem Cell Research Promotes Cord Blood Banking
Umbilical cord blood has a huge potential to be the source of progenitor cells that are usually used for the reconstitution of organs, tissues, and other functional areas. Today, cord blood transplantation is being used for treating a variety of diseases such a sarcoma, leukemia, lymphoma, and several other immune conditions and metabolic disorders. In the last twenty years, the stem cell therapeutics industry has also experienced a surge due to increasing investment and growing research and development.
Private Cord Blood Banking Services Toughen the Competition in the Market
The rise in technological and infrastructural development in Latin American countries has encouraged research into stem cell therapy, which has given cord blood banking a positive momentum. Most cord blood banking services in Latin America are being funded by governments. However, as private players are slowly making their way into the Latin American market, they are likely to make the scenario highly competitive for the existing players.
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In the coming years, countries in Latin America are expected to make a serious effort at reducing the limitation of public and private cord blood banking by executing a hybrid model. This model will entail the storage of cord blood for a dual purpose. One part of it will be used for the child or for the donor family, while the second portion will be used as a public donation. With the myriad possibilities that cord blood banking services offer and the remarkable progress in stem cell research, saving this blood could prove to be lifeline for future generations.