The global cord blood banking (CBB) service market size was valued at over USD 5.0 billion in 2014. The increasing application of cord blood and stem cells in disease treatment is primarily driving the global cord blood banking service market towards growth. Furthermore, increasing awareness about associated benefits, the wide availability of service providers coupled with insurance coverage are some of the factors propelling the demand for cord blood banking service globally.
Moreover, growing spending capacity and suitable payment plans offered by the market players are fueling the demand for cord blood banking service. Increasing incidences of cancer and other life-threatening genetic diseases are further anticipated to boost the number of patients require to undergo bone marrow transplant.
For instance, according to Leukemia Research Foundation, U.S. alone has approximately, 761,659 patients suffering from Hodgkin’s or non-Hodgkin’s lymphoma, another condition widely treated with stem cell therapy. Therefore, demand for suitable CB unit is expected to grow swiftly in the near future resulting in significant growth in the demand for public banking.
On the other hand, stringent regulatory requirements, ethical issues, and dilemma in choosing private or public bank are the major factors hindering the growth of the global cord blood service market. In addition, the high cost of storage and collection and risk of nonusability of the unit stored with the private bank are further limiting the growth of the global cord blood banking service market.
Japan Cord Blood Banking service Market, By Bank Type, 2012-2022 (USD Billion)
Globally two types of cord blood banks: public and private are available. Private banks dominated the global CBB servicing market in 2013 owing to cost for collection and storage of CB unit charged to parents. Moreover, the marketing activities practiced by the private players are resulting in the increased customer base of private players compared to public banks. Considering all the above-mentioned factors together, private banking service segment was leading the global market.
However, greater chances of finding a suitable match for the patient’s blood coupled with the risk of nonusability of the blood unit stored in a private bank in genetic disorders are some of the factors anticipated to boost the growth of the public banks in the near future. Moreover, governments are progressively investing in public banks to increase the repository of genetically wide variety of units stored. As a result, public banking service segment is anticipated to show significant growth during the forecast period of 2015 to 2022.
The global cord blood banking service market has been segmented into North America, Europe, Asia-Pacific, Latin America and MEA. North America dominated the global market in 2014 owing to the wide presence of private players coupled with high awareness among the population. Europe accounted for the second largest market after North America in 2014 owing to high healthcare expenditure and awareness regarding available service. However, government restrictions in establishing private banks in some of the countries such as France and Italy are challenging for the growth of the market in Europe.
The Asia-Pacific market is estimated to grow at the fastest rate during the forecast period of 2014 to 2022 owing to the presence of emerging countries such as China, Japan, India, and Hong Kong. Increasing investments in the healthcare sector, escalating investment by global players to maximize the geographic reach and thereby expand market share are some of the factors anticipated to spur the Asia Pacific cord blood banking service market. Moreover, the booming medical tourism industry is expected to stimulate the demand for CB units in this region.
Major participants of the cord blood banking service market are involved in improving user awareness and suitable payment plans to attract customers. Key players of the cord blood banking service market include China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc. and Virgin Health Bank.
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