Cord Blood Banking Service Market Is Projected To Grow Due To Increasing Application Of Stem Cell Therapy In Disease Treatment Till 2022: Grand View Research, Inc.
The global market for cord
blood banking (CBB) service is expected to reach over USD 12
billion by 2022, growing at an estimated CAGR of around 11% from 2015 to 2022,
according to a new report by Grand View Research, Inc. Key drivers of the
market include increasing application of stem cell therapy in disease
treatment, and rising prevalence of life threatening genetic disorders.
Moreover, increasing spending
capacity is fueling the demand for advanced healthcare facilities including
prevention and treatment. As a result, parents are increasingly demanding CBB
Service to ensure safety of their child’s future. Furthermore, private players
are practicing marketing activities which are creating awareness about the
availability of the CBB Service and their benefits.
In addition, governments
worldwide are promoting public CBB to develop ethnically diverse cord blood
repository which would increase the chances of finding suitable human leukocyte
antigen (HLA) match for the patients. As a result, availability of the
ethnically rich CB repository coupled with anticipated rise in the stem cell
therapies and bone marrow transplants, is expected to spur the CBB Service
during the forecast period.
Japan Cord Blood Banking service Market, By Bank Type,
2012 - 2022 (USD Billion)
Browse full research report on Cord
Blood Banking Service Market
Further key findings from the report suggest:
- Private bank
segment accounted for the largest market share in 2014. High cost of
collection, processing, and storage along with the maximum awareness
created by marketing activities practiced by the players resulted in large
market share of private banks in the world.
- Rising
government support and no storage and collection costs are the major
factors anticipated to drive the public banking segment during the
forecast period from 2015 to 2022 with highest CAGR.
- North America
dominated the global market and was followed by Europe in 2014. Dominance
of North America is accounted by government support and high penetration
rate of stem cell therapy in the U.S. and Canada. Moreover, high awareness
and insurance coverage of cord blood banking and stem cell therapies is
further boosting the growth of the market in North America.
- Densely
populated emerging countries of Asia Pacific are anticipated to show
significant growth during the forecast period from 2015 to 2022. Factors
such as increasing investment by global players, government support and
rising healthcare expenditure are anticipated to boost the cord blood
banking Service market in Asia Pacific.
- Global cord
blood banking Service market is highly fragmented with presence of many
private and public players. Few global players operate in various
geographies through subsidiaries. While local players are operating
independently in respective geographies.
- Key players
of this market include China Cord Blood Corporation, Cord Blood America,
Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International,
Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program,
ViaCord, Inc. and Virgin Health Bank
For more information: http://www.grandviewresearch.com
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