Cord Blood Banking Services Market to Surpass US$ 51.3 Bn by 2030
Cord Blood Banking Services Market, By Type (Public Cord Blood Banking Services, Private Cord Blood Banking Services), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 33.8 Billion in 2023 and is expected to exhibit a CAGR of 6.1 % during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The strategies by key market players like acquisitions is expected to drive the global cord blood banking services market growth over the forecast period. For instance, on March 2, 2021, Global Cord Blood Corporation, a China-based provider of cord blood collection and laboratory testing, announced that it has received a non-binding proposal letter from Alternate Ocean Investment Company Limited, a Europe-based early-stage technology innovator company to acquire all of the outstanding ordinary shares of the company for US$ 5.00 per ordinary share in cash.
According to the proposal letter, Cordlife would issue approximately US$ 2,497.9 million ordinary shares in exchange for all of the outstanding shares of the company. Upon completion of the proposed transaction, the Company's ordinary shares will be delisted from the New York Stock Exchange and the Cordlife ordinary shares will continue to trade on Singapore Stock Exchange (SGX). Completion of the proposed transaction is subject to various conditions, including but not limited to, satisfactory completion of due diligence, approval by the board of directors and shareholders of Cordlife and the Company, applicable regulatory approvals and other customary conditions.
Global Cord Blood Banking Services Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries, such as India, China, Brazil, and others faced problems regarding transportation of drugs from one place to another.
COVID-19 had negative impact on the global cord blood banking services market due to increasing disruption of normal life of people due to nationwide lockdown and increasing COVID infection. For instance, according to an article published by Transplantation and Cellular Therapy on November 2022, due to the COVID-19 pandemic and the fear of possible vertical transmission, cord blood donation decreased, leading to a reduction of cord blood inventories world-wide. This had negative impact on growth of global cord blood banking services market.
Global Cord Blood Banking Services Market: Key Developments
Increasing strategies of acquisition by key market player is expected to drive the market growth.
For instance, on October 1, 2020 Covis Pharma GmbH, a Europe-based pharmaceutical company, announced that it has entered into a definitive agreement with AMAG Pharmaceuticals, Inc., a U.S.-based pharmaceutical company under which Covis will acquire AMAG for $13.75 per share in cash, or approximately US$ 498 million on a fully diluted basis and approximately $647 million on an enterprise basis, including debt obligations expected to be assumed or repaid net of cash. Amag pharmaceutical is developing products that treat iron deficiency anemia in adult patients. Through this transaction Covis will unlock value for all of stakeholders, employees and patients through the effective and efficient management of products.
Browse 22 Market Data Tables and 20 Figures spread through 150 Pages and in-depth TOC on Global Cord Blood Banking Services Market, By Type (Public Cord Blood Banking Services, Private Cord Blood Banking Services) and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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https://www.coherentmarketinsights.com/market-insight/cord-blood-banking-services-market-3913
Key Takeaways of the Global Cord Blood Banking Services Market:
- Global cord blood banking services market is expected to exhibit a CAGR of 1 % during the forecast period. Awareness programs by government organizations is expected to accelerate growth of this market. United States Department of Health and Human Services’ National Health Information Center has designated July as National Cord Blood Awareness Month. For instance, on July 20 2021, on occasion of cord blood awareness month, information on umbilical cord blood, cord blood banks, and hematopoietic stem cell therapy (HSCT) is given by Association for the Advancement of Blood & Biotherapies (AABB). The additional information is also provided by initiatives like Parent’s Guide to Cord Blood Foundation, Save the Cord Foundation, Be the Match.
- Among type, private cord blood banking services, segment is expected to dominate the global cord blood banking services market over the forecast period, owing to increasing use of cord blood in private banking services. For instance, on August 24, 2021, LifeCell International Pvt. Ltd., an India-based stem cell bank, announced the milestone of preserving 60,000 qualified cord blood units in its ever-growing repository of Indian origin stem cells. Currently, cord blood stem cells have found life-saving applications in the treatment of more than 80 cancerous and non-cancerous disorders including multiple myeloma, thalassemia, aplastic anemia, and more.
- Among region, North America is expected to be the dominant region in the global cord blood banking services market, owing to the increasing clinical trials of cord blood as treatment in the region. For instance, on March 10, 2022, Fred Hutchinson Cancer Research Center, U.S. based cancer research institute announced it has started enrolling of people living with HIV and advanced leukemia for new clinical trials using donated umbilical cord blood with genes naturally resistant to human immunodeficiency virus (HIV), the virus that causes AIDS. It was found that there were no detectable virus in the tests after 14 months of stopping drugs. This showed that the person was cured of HIV. This patient appears to be only the third person ever cured of HIV. The phase 2 trials will start with 10 patients with leukemia and are also HIV positive. These patients will receive treatment for cancer by transplanted stem cells from cord blood. The cord blood in this trial is from donors with rare genes that gives resistance to HIV. Participants in the trial also get a second infusion of cord blood-derived cells meant to give patients a burst of protection against infection.
- 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.
