Cord blood banking services market studied was anticipated to witness a CAGR of 11.5% during the forecast period. 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. The rise 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 fuel the market. As per estimates published by The United Nations Children's Fund (UNICEF) in November 2018, every year, about 3 million children die worldwide from pneumonia. The report also says that the most common underlying conditions are chronic lung disease of prematurity, congenital heart disease, etc. Additionally, increased awareness among the public regarding the huge availability of service providers is likely to propel the growth of cord blood market services globally.
Key Market Trends
Private Banks by Application Segment is Expected to Hold the Major Market Share in the Cord Blood Banking Services Market
Private banks are expected to account for the largest share of revenue in the global cord blood services market. The dominance of the segment can be attributed to the huge customer base of private banks. The increased adoption is due to their attractive marketing practices compared to that of public banks. Furthermore, the higher charges per the cord blood unit collected and stored are likely to contribute to the highest revenue in the global market. On the other hand, the public bank segment is anticipated to witness the highest CAGR during the forecast period. The lucrative growth can be due to rising investments. The rise in demand is due to initiatives by the government and healthcare authorities to increase the repository of a genetically wide variety of units stored in public banks. Additionally, the rising preference for public banks has been increased in recent years to avoid the risk associated with unused blood units stored in a private bank.
North America Dominates the Market and it is Expected to do the Same in the Forecast Period
North America is expected to dominate the cord blood services market, owing to the rise in the prevalence of various cancers, such as leukemias and lymphomas, among all the age groups. The rising volume of patients with damaged bone marrow or defective immune system in the region. An increased number of genetic disorders, like Down syndrome among new-born babies in the United States which holds a significant revenue share in the North American market. According to the World Health Organization report published in 2018, down syndrome continued to be the most common chromosomal disorder, affecting 6,000 babies born in the United States each year. As per American Cancer Society statistics for 2020, about 60,530 new cases of leukemia are estimated to be registered in the United States, leading to an increased volume of hematopoietic stem cell transplantations boosting the market. Furthermore, rising advancements preference among the couples for earlier diagnosis is likely to create a new opportunity for the global Cord blood services market over the forecast period.
The cord blood services market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the Cord Blood Banking Services market. Some prominent players are implementing mergers and acquisitions, expanding their geographical footprint. For instance, in September 2019, Cord Blood Registry acquired Natera Inc.'s Evercord, cord blood, and tissue banking business. The acquisition helps CBR in working closely with Natera to ensure a smooth transition for customers and ordering clinics. Such strategic alliances are expected to fuel the market. Some of the companies which are currently dominating the market are Global Cord Blood Corporation, CBR Systems Inc., PerkinElmer Inc. (ViaCord LLC), Cryo-Cell International, and Cordlife Group Limited.
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