Cord blood banking refers to
collection and preservation of blood derived from the umbilical cord. Umbilical
cord blood is a potential source of progenitor cells, which can be used for
reconstitution of tissue, organs, and other functional areas.
Statistics:
The global Cord
Blood Banking Services Market is estimated to account for US$ 42.9 Bn in
terms of value by the end of 2027.
Global Cord Blood Banking
Services Market: Drivers
Advancements in cord blood
processing is expected to propel growth of the global cord blood banking
services market over the forecast period. For instance, in June 2019, ThermoGenesis
Corp., a wholly owned subsidiary of Cesca Therapeutics, entered into a
strategic agreement with Cordlife Group Limited to provide its proprietary,
next-generation AXP II System, for the rapid processing of cord blood units, to
Cordlife's India processing facility.
Global Cord Blood Banking
Services Market: Opportunities
R&D of methods to enhance the
therapeutic potency of cord blood cells is expected to offer lucrative growth
opportunities for players in the global cord blood banking services market. For
instance, in January 2020, researchers at Biomedical Research Institute,
MEDIPOST Co., Ltd., South Korea, reported analysis of the effects of spheroid
umbilical cord blood-derived mesenchymal stem cells (MSCs) and suggested a new
therapeutic approach, 3D spheroid formation of MSCs, in order to enhance the
regeneration process in the course of osteoarthritis.
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Global Cord Blood Banking
Services Market: Restraints
There are various accreditation
organizations such as American Association of Blood Banks, American Association
of Tissue Banks, Clinical Laboratory Improvement Amendments, Therapeutic Goods
Administration, and others, which maintain standard and quality of cord blood
banking. Regular updates in the standards and inspection by authorities requires
the facilities to update their facilities regularly. These activities involve
huge costs and documentation, which may increase final cost of product. This in
turn is expected to hinder growth of the market.
Key Takeaways:
The global cord blood banking
services market was valued at US$ 26.8 Bn in 2019 and is forecast to reach a
value of US$ 42.9 Bn by 2027 at a CAGR of 6.1% between 2020 and
2027.Increasiong prevalence of cancer is expected to assist the market growth.
Public Cord Blood Banking Services
segment held dominant position in the global cord blood banking services market
in 2019, accounting for 52.7% share in terms of value, owing to increasing
advancements in cord blood processing during the forecast period
Market Trends
Major players in the market are
focused on adopting M&A strategies to expand their product portfolio. For
instance, in September 2019, CBR Systems, Inc. acquired Natera, Inc.’s Evercord
cord blood and tissue banking business.
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Increasing awareness regarding
cord blood banking is expected to aid in growth of the market. For instance, in
November 2019, Save the Cord Foundation celebrated World Cord Blood Day.
Regulations
Europe
Joint Accreditation Committee -
ISCT – EBMT (JACIE) is a non-profit establishment in Europe for accrediting
organizations that provide cell therapy. Its standards currently apply on stem
cells derived from sources such as umbilical cord blood, peripheral blood and
bone marrow. The scope of JACIE accreditation applies on use of stem cells such
as hematopoietic stem cells and therapeutic cells to be used for therapeutic
purpose.
Global Cord Blood Banking
Services Market: Competitive Landscape
Major players operating in the
global cord blood banking services market 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.
Global Cord Blood Banking Services
Market: Key Developments
July 2019: CBR Systems, Inc.
started the process to transition to next-generation AXP II System of
ThermoGenesis, a wholly owned subsidiary of Cesca Therapeutics, for the rapid
processing of cord blood units
June 2019: Blood Centers of
America partnered with Team Liquid, a multi-regional, professional esports
organization, to raise awareness of the importance of blood donation and to
encourage donations
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