The cord blood banking services market is a rapidly growing industry that is gaining immense popularity among expecting parents. Cord blood banking services offer a safe and reliable way to store stem cells from the umbilical cord blood of newborn babies, which can be used for the treatment of various diseases. In this report, we will discuss the current trends and future prospects of the cord blood banking services market.
Market Analysis:
Cord Blood Banking Services Market Size is estimated to reach $3.6 billion by 2027. Furthermore, it is poised to grow at a CAGR of 11.8% over the forecast period of 2022-2027 The rising prevalence of chronic diseases, increasing investments in stem cell research, and growing awareness about the benefits of cord blood banking services are some of the key factors driving the growth of this market.
North America is the largest market for cord blood banking services, followed by Europe and Asia-Pacific. The increasing demand for stem cell therapies, favorable regulatory policies, and advanced healthcare infrastructure are some of the factors contributing to the growth of the market in these regions.
Drivers of the Cord Blood Banking Services Market
- The Growth of Blood Cancer Cases Boosts Market Demand
Blood cancer, a condition that affects the production and functioning of blood cells, including leukemia, lymphoma, and myeloma, is on the rise. The disease often starts in the bone marrow, leading to the formation of abnormal blood cells. The main causes of blood cancer include exposure to radiation or certain chemicals like benzene, infection of HIV or HTLV-1 viruses, genetic history, and disorders. According to the Leukemia and Lymphoma Society, in 2021, one person in the US is diagnosed with leukemia, lymphoma, or myeloma every three minutes, and every nine minutes, one patient dies from blood cancer in the country. This rising prevalence of blood cancer is driving the growth of the cord blood banking services market.
- Expansion of Healthcare Infrastructure Stimulates Market Growth
The COVID-19 pandemic has highlighted the need for better healthcare infrastructure worldwide. To tackle such crises in the future, countries are investing heavily in developing better healthcare infrastructure. For instance, the Build Back Better Act by Commonwealth Fund includes a $100 million investment in 2022, $150 million by 2023, $500 million by 2024-2026 to support public health activities at the CDC, $1.4 billion for public health laboratories, and $1.3 billion for public health emergency response. Such investments in the healthcare sector will help to strengthen the market for allied healthcare services, including cord blood banking services, and drive market growth.
Key Players:
The cord blood banking services market is highly competitive, with several key players operating in the market. Some of the major players in the market include Cord Blood America, Inc., ViaCord, Cryo-Cell International, Inc., Cordlife Group Limited, and Americord Registry LLC.
Conclusion:
In conclusion, the cord blood banking services market is a rapidly growing industry with immense potential for growth in the future. The increasing demand for stem cell therapies and growing awareness about the benefits of cord blood banking services are expected to drive the growth of the market in the coming years. With advancements in medical technology and healthcare infrastructure, the market is expected to witness significant growth and development in the future.
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