Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Umbilical cord blood banking or cord blood banking is the practice of preserving blood from the umbilical cord for future use. Such preserved cord blood is used in medical therapies in the similar fashion as that of stem cells derived from bone marrow.
Cord blood banking refers to collection and preservation of blood derived from the umbilical cord. Umbilical cord blood is a potential source of progenitor cells, which can be used for reconstitution of tissue, organs, and other functional areas.
The global cord blood banking services market is estimated to account for US$ 42.9 Bn in terms of value by the end of 2027.
Global Cord Blood Banking Services Market: Drivers
Increasing prevalence of cancer is expected to propel growth of the global cord blood banking services market over the forecast period. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
Moreover, increasing number of blood donor centers is also expected to aid in growth of the market. For instance, in April 2020, BioIVT, a provider of research models and services for drug and diagnostic development, started its new blood donor center on the Tufts University campus in Medford, Massachusetts, U.S., to support academic and pharmaceutical researchers involved in COVID-19, cell and gene therapy research.
North America held dominant position in the global cord blood banking services market in 2019, accounting for 49.0% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global Cord Blood Banking Services Market Share (%) Value, By Region, 2019
Global Cord Blood Banking Services Market: Restraints
Scarcity of compatible cord blood units is a major factor hindering growth of the market. There has been a shortage of cord blood units throughout North America particularly for minorities. Short supply of cord blood units across the globe particularly affects ethnic minorities.
Moreover, the average cost for collection, testing, and processing of cord blood units is around US$ 1,600 with the recurring annual charges of around US$ 100. Such chargeable services include testing for infectious diseases, typing, and contamination. Public banks do not charge for storage and collection of cord blood units. However, the ownership and the availability of blood units will depend on the bank. Such scenario is also expected to limit the market growth.
Cord Blood Banking Services Market Report Coverage
||Market Size in 2019:
||US$ 26.8 Bn
|Historical Data for:
||2016 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 42.9 Bn
|Geographies covered (27):
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
- Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East: GCC Countries, Israel, Rest of Middle East
- Africa: North Africa, Central Africa, South Africa
- By Type: Public Cord Blood Banking Services, Private Cord Blood Banking Services
China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc.
- Increasing prevalence of chronic disorders
|Restraints & Challenges:
Global Cord Blood Banking Services Market: Opportunities
R&D in use of cord blood in the treatment of neurodegenerative disorders is expected to offer lucrative growth opportunities for players in the global cord blood banking services market. For instance, in April 2020, researchers from University of L’Aquila, Italy, reported that suggest that cord blood serum -based eye drops might be successfully used to mitigate retinal neurodegenerative processes such as age-related macular degeneration.
Moreover, use of cord blood in cancer diagnosis and treatment is also expected to aid in growth of the market. For instance, in March 2020, researchers from Vinmec Healthcare System, Vietnam, reported that cryo umbilical cord blood mononuclear cells source is effective in generating allogeneic dendritic cells and their exosomes can be used for vaccinating against cancer.
The global cord blood banking services market was valued at US$ 26.8 Bn in 2019 and is forecast to reach a value of US$ 42.9 Bn by 2027 at a CAGR of 6.1% between 2020 and 2027.
Figure 2: Global Cord Blood Banking Services Market Value (US$ Bn), 2016 – 2027
Market Trends/Key Takeaways
Government initiatives to improve cord blood bank licensing is boosting growth of the market. For instance, in December 2019, China's National Health Commission issued a new policy allowing the relevant Provincial Health Commissions to approve cord blood bank licenses in 18 pilot Free Trade Zones in China.
Moreover, launch of new genetic screening tests is also offer conducive environment for market growth. For instance, in November 2019, CBR Systems, Inc., in collaboration with Sema4 –a health intelligence company, launched ReadyGen, a genetic screening test that analyzes a child's DNA for more than 200 conditions that can affect children before the age of 10.
American Association of Blood Banks (AABB) is a non-profit international association of institutions and individuals who are engaged in cell transplantation and transfusion medicine. The standards framed by the AABB are updated every two years and by its subject matter experts.
The AABB accredited cord blood banks are eligible to perform following tests upon cord blood banking:
- Tests for mothers: HIV-I and II, Hepatitis B and C, Syphilis, HTLV-I and II and CMV
- Tests for family: family health history
- Cord blood tests: red cell antibodies, CD+34, ABO, Rh, bacterial or fungal contamination and WBC
Whenever cord blood bank is transferred from any AABB accredited bank, the organization requires reporting of patient outcome from such blood bank. It should be noted that AABB accreditation does not need a specific cord blood processing procedure.
Global Cord Blood Banking Services Market: Competitive Landscape
Major players operating in the global cord blood banking services market include, China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc.
Global Cord Blood Banking Services Market: Key Developments
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in August 2019, StemCyte, Inc. renewed its partnership with Sharp HealthCare, which includes Sharp Mary Birch Hospital for Women & Newborns, a center in the U.S. offering maternity, neonatal, and women's surgical services.
Major players in the market are also focused on launching new products to expand their product portfolio. For instance, in July 2019, Americord Registry launched Placental Tissue 2.0, its newest stem cell banking product, which stores live amniotic membrane.