Cord Blood Banking Market Size to Cross USD 27.55 Bn by 2033

Prathamesh

4 weeks ago

The global cord blood banking market size surpassed USD 16.81 billion in 2023 and is anticipated to be worth around USD 27.55 billion by 2033, growing at a CAGR of 5.06% from 2024 to 2033.

Key Points

North America led the market with the biggest market share of 38% in 2023
By type of bank, the cord blood banking market’s private bank segment is expected to grow significantly during the forecast period.
By services, the processing segment dominated the market in 2023.
By application. The cancer segment significantly contributes to the market and is anticipated to grow at a notable CAGR during the forecast period.
By end-use, the hospital segment dominated the market in 2023.

Cord Blood Banking Market Size 2024 to 2033

The cord blood banking market has witnessed significant growth in recent years, driven by the increasing awareness about the therapeutic potential of cord blood stem cells and advancements in cord blood processing and storage technologies. Cord blood banking involves the collection, processing, and storage of stem cells obtained from the umbilical cord blood of newborns. These stem cells have the ability to differentiate into various cell types and are used in the treatment of a wide range of diseases, including blood disorders, immune system disorders, and certain types of cancer. The market is characterized by the presence of both public and private cord blood banks, offering a range of services to expectant parents.

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Growth Factors:

Several factors contribute to the growth of the cord blood banking market. One of the key drivers is the increasing prevalence of chronic diseases, such as leukemia, lymphoma, and sickle cell anemia, which require stem cell transplantation for treatment. Additionally, growing research and development activities focused on expanding the therapeutic applications of cord blood stem cells are driving market growth. Moreover, rising investments in healthcare infrastructure, particularly in emerging economies, are expanding access to cord blood banking services, further fueling market expansion.

Region Insights:

The cord blood banking market exhibits regional variations in terms of market size, regulatory framework, and adoption rates. North America accounts for a significant share of the market, attributed to factors such as high healthcare expenditure, well-established healthcare infrastructure, and supportive government initiatives. Europe also holds a considerable market share, driven by increasing awareness and favorable reimbursement policies. In Asia-Pacific, the market is witnessing rapid growth due to rising healthcare expenditure, increasing birth rates, and growing awareness about the benefits of cord blood banking.

Cord Blood Banking Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 5.06%
Global Market Size in 2023	USD 16.81 Billion
Global Market Size by 2033	USD 27.55 Billion
U.S. Market Size in 2023	USD 4.47 Billion
U.S. Market Size by 2033	USD 7.33 Billion
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Type of Bank, By Services, By Application, and By End Use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Cord Blood Banking Market Dynamics

Drivers:

Several drivers are propelling the growth of the cord blood banking market. One of the primary drivers is the increasing adoption of stem cell therapies for the treatment of various diseases, including genetic disorders, hematological malignancies, and autoimmune disorders. Additionally, advancements in cord blood processing and storage techniques, such as cryopreservation and automated processing systems, are enhancing the viability and potency of stored stem cells, driving demand for cord blood banking services. Moreover, supportive government initiatives aimed at promoting stem cell research and expanding healthcare infrastructure are boosting market growth.

Opportunities:

The cord blood banking market presents numerous opportunities for expansion and innovation. One such opportunity lies in the development of novel applications for cord blood stem cells, including regenerative medicine, tissue engineering, and gene therapy. Furthermore, increasing collaborations between cord blood banks and research institutions are facilitating the development of advanced stem cell therapies and expanding the potential applications of cord blood stem cells. Moreover, the growing trend of delayed cord clamping during childbirth is creating opportunities for the collection of higher volumes of cord blood, thereby increasing the availability of stem cells for banking purposes.

Restraints:

Despite the promising growth prospects, the cord blood banking market faces certain restraints that could hinder its expansion. One of the primary challenges is the high cost associated with cord blood banking, including collection, processing, and storage fees, which may limit access to these services, particularly in low- and middle-income countries. Moreover, ethical concerns surrounding the commercialization of cord blood and the lack of standardized regulatory frameworks in some regions pose challenges to market growth. Additionally, the limited availability of matching donors for cord blood transplantation remains a significant barrier to the widespread adoption of cord blood banking services.

Recent Developments

In April 2022, Aspen Neuroscience, Inc. commenced a groundbreaking patient screening study, the Trial-Ready Cohort Study, in collaboration with multiple clinical screening sites across the United States. This study marks a crucial initial step toward submitting an Investigational New Drug (IND) application to the United States Food & Drug Administration. Aspen Neuroscience’s objective is to explore the potential of ANPD001, an iPSC-derived cell replacement therapy, for treating Parkinson’s disease.
In April 2022, TreeFrog Therapeutics introduced The Stem Cell SpaceShot Grant, a grant program offering USD 100,000 in research funding exclusively dedicated to advancing the field of stem cell biology and regenerative medicine. This initiative supports innovative research projects, fostering progress and breakthroughs in understanding and applying stem cells.
In September 2022, ExCellThera aimed to enhance patients’ access to cord blood transplants. Cord blood transplants, characterized by not requiring exact HLA matching, offer a significant advantage over adult sources of stem cells. The company’s efforts contribute to improving the accessibility and efficacy of this medical intervention.
In March 2022, Cryo-Cell International, Inc. reported its purchase agreement for a newly constructed 56,000 sq ft facility within the Regional Commerce Center in the Research Triangle, NC. This facility is anticipated to expand Cryo-Cell’s cryopreservation and cold storage business, introducing a new service called ExtraVault. The closure is subject to customary conditions.