Axiom MRC estimated the global umbilical cord blood banking market value at US$ 5.60 Billion in 2017 and it is expected to grow at a CAGR of 13.6% from 2019 to 2024. The global umbilical cord blood banking market has been segmented based on type of storage, application, end-user and geography. Based on types of storage, the global umbilical cord blood banking market has been segmented into public cord blood banks, private cord blood banks, and coordinated public and private cord blood banks. Based on applications, the global umbilical cord blood banking market has been segmented into cancer, blood diseases, metabolic disorders, immune diseases, osteoporosis, and others. The various end-users of the umbilical cord blood banking are hospitals, pharmaceutical companies, and research institutes. Among the various types of storage, private blood banking accounted for larger share of the market. This segment is further expected to remain dominant in the near future growing at a CAGR of 13.9% from 2019 to 2024. The market for umbilical cord blood banking in public banks is also expanding owing to improving coordination between public banks and collecting hospitals and hence, this segment would also achieve significant growth in the coming years till 2024.
Based on geography, the global umbilical cord blood banking market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America, includes countries U.S., Canada, and Mexico whereas Europe, includes Germany, France, UK, Italy, and Rest of Europe. Asia Pacific, includes China, Japan, India, Australia, and Rest of Asia Pacific. Latin America, includes Brazil, Argentina, and Rest of Latin America. Middle East & Africa, includes South Africa and Rest of MEA.
The key factor driving growth of global umbilical cord blood banking market is the expanding portfolio of diseases that can be cured by the use of umbilical cord blood and rising awareness in emerging economies. Furthermore, the global umbilical cord blood banking market is growing rapidly due to growing prevalence of chronic diseases coupled with regenerative medicine. In addition, government initiatives and rising efforts from various associations to create awareness are other factors driving the growth of this market. On the contrary, strict regulatory scenario in the global umbilical cord blood banking market is hampering the rapid expansion of this market. The regulatory body checks for the standardization of recruitment, collection, donor screening, transport, testing, processing, storage, freezing, and distribution and further checks on the thresholds of quality. Furthermore, the high cost of storage and collection is another factor that limits the market growth.
Among the regions North America accounted largest market share in the global umbilical cord blood banking market; it is further projected to dominate the global market by 2024. The sheer dominance of this region can be attributed to the high awareness among people for umbilical cord blood banking and rising demand for stem cell research in this region. The global market is dominated by key players such as AlphaCord, Americord, CBR Systems, Inc., China Cord Blood Corporation, CorCell, Cord Blood America, Inc., Cryo-Cell International, Inc., Cryo-Save AG, Cordlife Group Ltd., FamilyCord, LifeUSA, LifeCell, Maze Cord Blood, StemCyte Inc., Vita 34 AG, ViaCord Inc, among others.