Cord Blood Banking Market Expected to Grow at 11.4% CAGR Through 2025
Umbilical cord blood or cord blood refers to the blood that stays inside the placenta and umbilical cord after delivery. Toward the end of term, maternal-fetal cell transfer takes place to better the immune system of both baby and mother, thereby preparing both for labor. Umbilical cord blood becomes a very rich source of stem cells. It also contains cells of the immune system.
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Umbilical cord blood refers to the process of collection of this cord blood, which is then extracted from the source and cryogenically frozen in its stem cells or other immune system cells. It is then stored for potential use for medical purposes in future.
Cord Blood America, Inc, Cryo-Cell International, Inc, Cordlife Group Limited, Cord Blood Registry Systems, Vita 34 International, and StemCyte Inc are few renowned companies in the global umbilical cord blood banking market.
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Transparency Market Research (TMR) has prepared a comprehensive study on the global umbilical cord blood banking market, for the period 2017 to 2025. The market is prophesized to rise at a promising growth rate of 11.4% CAGR during the period of review.
Rise in the Awareness to Fuel Growth of the Market in Asia Pacific
Considering geography, North America is likely to take lead in the global umbilical cord blood banking market. The regional dominance of North America in the market is attributed to increasing demand for umbilical cord blood for stem cell research. There are other factors as well that favor the growth of the market in years to come. Augmented investment by the various pharmaceutical companies coupled with improvement in the research and development infrastructure is likely to boost the global umbilical cord blood banking market.
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The Asia Pacific region is likely to emerge as a rapidly growing region in the global umbilical cord blood banking market. With the presence of a huge untapped market in Asia Pacific and immense potential for growth is estimated offer fuel growth of the regional market. In addition, augmented awareness about the benefits of umbilical cord banking in the region, particularly in China and India, is forecasted support rise of the global umbilical cord blood banking market toward prominence.
Rapid Technological Advancement Favor Growth of the Market in Forthcoming Years
The global umbilical cord blood banking market is likely to gather momentum mainly from the increasing awareness about its benefits across the globe. Blood forming stem cells find ample use in the treatment of several blood-related disorders. Apart from that, there is immense scope for the application of umbilical cord blood in the treatment of disorders that require cell-based therapies.
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Such preference for umbilical cord blood is owing to its capability of harvesting hematopoietic stem cells. Later on, these cells find use as an instant medical solution for many malignant as well as non-malignant blood diseases. Certain types of cancer, leukemia, few metabolic disorders, and sickle-cell anemia are some of the diseases that could be cured utilizing umbilical cord blood.
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