What is Cord Blood Banking Services Market Scope?
Cord blood banking service is the process of collecting the cord blood and extracting and cryogenically freezing its stem cells and other cells of the immune system for potential future medical use. Growing demand for cord blood has been observed in recent years due to their increased rate of application in treatment for various life-threatening diseases is the major driver for the global cord blood banking services market. Growing awareness among the public regarding the huge availability of service providers is likely to propel the growth of cord blood banking services market globally over the forecast period.
The Cord Blood Banking Services market study is being classified by Type (Processing and Storage), by Application (Leukaemia, Genetic Disorders, Immune Deficiencies and Others) and major geographies with country level break-up. According to AMA, the Global Cord Blood Banking Services market is expected to see growth rate of 11.87%
The Players having a strong hold in the market are Global Cord Blood Corporation, CorCell Companies, Inc., CBR Systems, Inc., and Cordlife Group Limited. Research Analyst at AMA predicts that Players from European and United States will contribute to the maximum growth of Global Cord Blood Banking Services market throughout the predicted period.
Global Cord Blood Corporation (China), CorCell Companies, Inc. (United States), CBR Systems, Inc (United States), Cordlife Group Limited (Singapore), Cryo-Cell International, Inc.(United States), Cryo-Save AG (Netherlands), Lifeforce Cryobank Sciences, Inc. (United States), PerkinElmer (United States) and Virgin Group (United Kingdom) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are AlphaCord LLC (United States), ATCC (United States), California Cryobank Stem Cell Services LLC (United States) and Smart Cells International (United Kingdom).
Analyst at AMA have segmented the market study of Global Cord Blood Banking Services market by Type, Application and Region.
On the basis of geography, the market of Cord Blood Banking Services has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
on 13th September 2019, CBR has announced the asset acquisition of Natera, Inc.’s Evercord newborn stem cell business. The mutually beneficial move brings together two of the industry’s most respected newborn stem cell storage companies. The acquisition helps CBR in working closely with Natera to ensure a smooth transition for customers and ordering clinics.
On 23rd August 2019, Cordlife Group Limited has announced that its subsidiary Cordlife Sciences (India) Pvt. Ltd. has appointed Cordcell Bangladesh Ltd as their marketing agent in Bangladesh, further expanding the Group’s presence in Asia to a total of 10 countries. This move allows the Group to capture surging demand for quality healthcare in one of the world’s next great growth markets due to the rise of a progressive Middle and Affluent Class.
Influencing Market Trend
- Increasing Clinical Trials in Regenerative Medicine
- Growing Prevalence of Life-Threatening Genetic Diseases
- Increasing Awareness Pertaining to Therapeutic Application of Cord Blood
- Increase in Death Rate Associated with Complications during Childbirth And Prevalence of Cancers, such as Lymphoma, Leukemia, Various Genetic Diseases, such as Edwards Syndrome, and Others
- Lack of Uniformity in Regulatory Policies
- Low Acceptance Rate in Developing Economies
Key Target AudienceCord Blood Banking Services Providers, Research Organizations and Consulting Companies, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors, End Users and Others
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