The Cord Blood Banking Services Market is estimated to be valued at US$ 33.8 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Cord blood is the blood left behind in the placenta and umbilical cord after childbirth. It contains stem cells that can be used to treat diseases like blood-related cancers and genetic disorders. Cord blood banking is a type of medical banking that involves the preserving of umbilical cord blood and umbilical cord tissue.

Market Overview:
Cord blood banking services market involves collecting, processing, analyzing and storing cord blood stem cells for medical use in curing diseases like blood-related cancers, immune disorders, metabolic diseases and neurological conditions. Stem cells from cord blood can treat over 80 diseases and conditions, offering greater clinical flexibility compared to bone marrow transplants. Cord blood banking provides families with potential life-saving treatment if their child or a close relative develops a life-threatening condition in future.

Market key trends:
The increasing prevalence of blood-related cancers and genetic disorders is driving demand for cord blood banking services globally. As per the World Health Organization, cancer burden has risen to 18.1 million new cases and 9.6 million deaths in 2018. Public cord blood banking is gaining importance owing to rising need for allogeneic transplants. Growing acceptance of stem cell therapies for treatment of diseases is also fueling the demand. Moreover, increasing R&D activity in the field of regenerative medicines using stem cells is expected to open new applications for cord blood banking services over the forecast period.

Porter’s Analysis

Threat of new entrants: High initial costs and regulatory requirements acts as entry barriers. The established brands have scale advantages that deter entry of new players.

Bargaining power of buyers: Customers have low bargaining power as there are limited substitutes for cord blood banking services and switching costs are high.

Bargaining power of suppliers: Cord blood banks face moderate bargaining power of raw material suppliers as the materials used are standardized.

Threat of new substitutes: Currently, there are limited substitutes for cord blood banking as it is only source for stem cells for transplantation.

Competitive rivalry: Intense competition exists amongst existing players to gain market share through service expansions, geographic expansions, and strategic acquisitions.

SWOT Analysis

Strengths: Cord blood contains stem cells that can treat over 80 diseases. Growing awareness about benefits of cord blood stem cells banking.

Weaknesses: High cost of collection and storage acts as deterrent. Success rate of transplantation from privately banked cord blood is relatively low.

Opportunities: Increasing incidence of cancers and genetic disorders drives the growth. Expanding into new applications areas like regenerative medicines presents new opportunities.

Threats: Stringent regulatory environment. Ethical concerns regarding commercial cord blood banking. Slow adoption in developing regions.

Key Takeaways

The global Cord Blood Banking Services Market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of chronic diseases. The market size is projected to reach US$ 33.8 Bn by 2023.

North America leads the global market, with the U.S. accounting for majority share due to technological advancements and rising awareness regarding benefits of cord blood stem cells. Asia Pacific is expected to witness fastest growth owing to rising healthcare expenditure and increasing healthcare infrastructure in developing countries such as India and China.

Key players operating in the Cord Blood Banking Services market size  include China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc. Major players are focused on collaborations and acquisitions to expand their network and service offerings.