Cord Blood Banking Market Size to Rake USD 27.55 Bn by 2033

The global cord blood banking market size reached USD 16.81 billion in 2023 and is anticipated to hit around USD 27.55 billion by 2033, growing at a CAGR of 5.06% from 2024 to 2033.

Key Points

North America led the market with the biggest market share of 38% in 2023
By type of bank, the cord blood banking market's private bank segment is expected to grow significantly during the forecast period.
By services, the processing segment dominated the market in 2023.
By application. The cancer segment significantly contributes to the market and is anticipated to grow at a notable CAGR during the forecast period.
By end-use, the hospital segment dominated the market in 2023.

Cord Blood Banking Market Size 2024 to 2033

Cord blood banking involves the collection and preservation of umbilical cord blood for potential medical use in the future. Cord blood, rich in hematopoietic stem cells, has emerged as a valuable source for treating various diseases, including blood disorders, immune deficiencies, and certain cancers. The cord blood banking market has witnessed significant growth due to the increasing awareness about the therapeutic potential of cord blood stem cells and advancements in medical research and technology. This market encompasses both public and private cord blood banks, catering to the diverse needs and preferences of individuals and healthcare institutions globally.

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Growth Factors

Several factors contribute to the growth of the cord blood banking market. One significant factor is the rising prevalence of hematological disorders and cancers, driving the demand for stem cell-based therapies. Additionally, the expanding applications of cord blood stem cells in regenerative medicine and cell-based therapies have fueled market growth. Moreover, supportive government initiatives and funding for stem cell research, coupled with growing investments by key market players, have further propelled market expansion. Furthermore, the increasing trend of delayed parenthood and the growing number of cesarean deliveries have led to a higher availability of cord blood for banking, augmenting market growth.

Region Insights:

The cord blood banking market exhibits significant regional variations, influenced by factors such as healthcare infrastructure, regulatory frameworks, and awareness levels. North America holds a prominent share in the market, driven by the presence of well-established cord blood banks, favorable government policies, and high healthcare expenditure. Europe follows suit, characterized by increasing adoption of cord blood banking services and advancements in stem cell research. In the Asia-Pacific region, rapid urbanization, improving healthcare infrastructure, and rising disposable incomes are contributing to market growth. Emerging economies in Latin America and the Middle East also present lucrative opportunities for market players, supported by growing awareness and increasing investments in healthcare.

Cord Blood Banking Market Dynamics

Drivers:

Several drivers are shaping the growth trajectory of the cord blood banking market. Technological advancements, such as automation and cryopreservation techniques, have enhanced the efficiency and reliability of cord blood banking procedures, driving market growth. Moreover, the growing prevalence of genetic disorders and chronic diseases necessitates the development of innovative therapeutic approaches, stimulating demand for cord blood banking services. Additionally, increasing collaborations between cord blood banks and research institutions for clinical trials and research projects contribute to market expansion. Furthermore, the growing trend of personalized medicine and the potential of cord blood stem cells in personalized therapies are driving market growth.

Opportunities:

The cord blood banking market is ripe with opportunities for expansion and innovation. One significant opportunity lies in the development of novel stem cell-based therapies for a broader range of diseases, including neurological disorders and autoimmune conditions. Moreover, expanding the geographical reach of cord blood banking services, particularly in underserved regions, presents substantial growth opportunities. Additionally, diversifying service offerings to include other types of stem cells, such as placental tissue-derived stem cells, could further enhance market penetration and revenue generation. Furthermore, strategic partnerships and collaborations with healthcare providers and pharmaceutical companies can facilitate the development and commercialization of innovative therapies, unlocking new avenues for growth.

Restraints:

Despite its growth prospects, the cord blood banking market faces certain restraints and challenges. One key restraint is the high cost associated with cord blood banking, limiting access to these services for certain socio-economic groups. Moreover, ethical and regulatory concerns surrounding the collection and use of cord blood stem cells pose challenges to market expansion. Additionally, the limited availability of qualified healthcare professionals trained in cord blood banking procedures and stem cell therapies hinders market growth. Furthermore, concerns regarding the long-term viability and efficacy of stored cord blood units, as well as the need for standardized storage and processing protocols, present challenges to the market.

Recent Developments

In April 2022, Aspen Neuroscience, Inc. commenced a groundbreaking patient screening study, the Trial-Ready Cohort Study, in collaboration with multiple clinical screening sites across the United States. This study marks a crucial initial step toward submitting an Investigational New Drug (IND) application to the United States Food & Drug Administration. Aspen Neuroscience's objective is to explore the potential of ANPD001, an iPSC-derived cell replacement therapy, for treating Parkinson's disease.
In April 2022, TreeFrog Therapeutics introduced The Stem Cell SpaceShot Grant, a grant program offering USD 100,000 in research funding exclusively dedicated to advancing the field of stem cell biology and regenerative medicine. This initiative supports innovative research projects, fostering progress and breakthroughs in understanding and applying stem cells.
In September 2022, ExCellThera aimed to enhance patients' access to cord blood transplants. Cord blood transplants, characterized by not requiring exact HLA matching, offer a significant advantage over adult sources of stem cells. The company's efforts contribute to improving the accessibility and efficacy of this medical intervention.
In March 2022, Cryo-Cell International, Inc. reported its purchase agreement for a newly constructed 56,000 sq ft facility within the Regional Commerce Center in the Research Triangle, NC. This facility is anticipated to expand Cryo-Cell's cryopreservation and cold storage business, introducing a new service called ExtraVault. The closure is subject to customary conditions.