The U.S. cord blood banking services market is estimated to reach USD 16.59 billion by 2030, registering a CAGR of 11.73% during the forecast period, according to a new report by Grand View Research, Inc. Cord blood is a significant source of hematopoietic stem cells for autologous and allogeneic transplantation in children with certain fatal diseases. Similarly, CB transplantation represents a promising method for the treatment of certain hematologic malignancies, immunodeficiencies, hemoglobinopathies, and metabolic diseases. In addition, research studies involving the extraction of healthy T-cells from CB for use in immunotherapy-based cancer treatment have shown positive results.
Such studies indicate the rising focus on the use of CB for the treatment of chronic diseases. Thus, propelling the market growth. The growth can also be attributed to the increase in the use of CB & stem cells in disease treatment. Rising awareness about the benefits of CB banking, a growing range of service providers, and improving insurance coverage are likely to further drive the market during the forecast period. However, the high cost of storage & collection and the risk of non-usability of units stored with private banks are expected to limit the growth of the market to a certain extent. The impact of the COVID-19 pandemic on the economy and the resultant decrease in consumer spending power led to fewer parents using CB bank services.
Although the collection of CB by trained professionals was still allowed in most hospitals, several factors, such as logistical constraints, limited availability of staff, and implementation of social distancing policies, restricted the revenue generation activities for CB banks, which negatively affected the industry. Furthermore, several non-profit organizations are undertaking initiatives to raise awareness regarding the storage of CB. For instance, in July 2022, the Association for the Advancement of Blood & Biotherapies (AABB) organized several activities for this purpose and shared social media graphics and complementary resources highlighting CB usage in stem cell transplants. It also emphasized the use of CB in various research applications in the AABB Newsfeed. Such initiatives are boosting overall awareness about CB banking and can positively affect market growth.
Request a free sample copy or view report summary: U.S. Cord Blood Banking Services Market Report
In 2021, the private bank segment had the highest revenue share due to private banks’ wide range of customers, potentially arise to their more enticing marketing strategies than public banks
By component, the CB segment dominated the market in 2021 due to the growing incidence of chronic diseases and the rise in the birth rate in the U.S.
California accounted for the largest revenue share in 2021 and will expand further at a steady CAGR from 2022 to 2030
This is due to the high prevalence of diseases, the presence of major companies, the high usage of CB for the treatment of chronic diseases, and supportive government regulations
Grand View Research has segmented the U.S. cord blood banking services market based on bank type, component, and states:
U.S. Cord Blood Banking Services Bank Type Scope Outlook (Revenue, USD Million, 2018 - 2030)
U.S. Cord Blood Banking Services Component Scope Outlook (Revenue, USD Million, 2018 - 2030)
U.S. Cord Blood Banking States Regional Outlook (Revenue, USD Million, 2018 - 2030)
List of Key Players of the U.S. Cord Blood Banking Services Market
Cryo-Cell International, Inc.
Lifeforce Cryobank Sciences, Inc.
Stem Cell Cryobank, Inc.
New Jersey Cord Blood Bank
This report has a service guarantee. We stand by our report quality.
Your transaction & personal information is safe and secure.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
Avail customized purchase options to meet your research needs:
"The quality of research they have done for us has been excellent..."