Global Cord Blood Banking Services Market Report 2024: Size, Growth & Trends
- The Business Research Company forecasts the market size will reach $35.03 billion by 2028, expanding at a 7.0% CAGR.
- The demand for cord blood banking services is increasing due to the rising prevalence of genetic disorders.
- Recent data indicates that 1 in 25 children in the UK has a genetic disorder, affecting around 30,000 young children annually.
Cord Blood Banking Services Market Overview
The cord blood banking services market is growing rapidly. The Business Research Company forecasts the market size will reach $35.03 billion by 2028, expanding at a 7.0% CAGR.
Key Market Information
- Market Size in 2024: $26.71 billion
- Forecast Period: 2024-2033
- Base Year: 2023
Market Segmentation
The cord blood banking services market covers several segments:
-
By Component:
- Cord Blood
- Cord Tissue
-
By Service:
- Collection and Transportation
- Processing
- Analysis
- Storage
-
By Application:
- Cancer
- Blood Disorders
- Metabolic Disorders
- Immune Disorders
- Other Applications
- By End User:
- Hospitals
- Pharmaceutical Research
- Research Institutes
Growth Drivers
The demand for cord blood banking services is increasing due to the rising prevalence of genetic disorders. Genetic disorders arise from DNA abnormalities, often linked to factors like older maternal age. Cord blood banking offers a rich source of stem cells for treating these conditions.
Recent data indicates that 1 in 25 children in the UK has a genetic disorder, affecting around 30,000 young children annually. This increasing rate drives demand for cord blood services.
Recent Developments
In April 2022, Global Cord Blood Corporation acquired Cellenkos Inc. for $1 billion. This acquisition allows the Corporation to enter the cell therapy market, enhance biotechnology efforts, and address medical needs using umbilical cord blood.
Leading Companies
Key players in the market include:
- PerkinElmer Inc
- AMAG Pharmaceuticals Inc
- China Cord Blood Corporation
- LifeCell International Pvt. Ltd
- Global Cord Blood Corporation
- Cryo-Cell International
- Future Health Biobank
Regional Insights
North America currently leads the cord blood banking services market. However, Asia-Pacific is expected to grow the fastest in the coming years. The report covers various regions, including:
- Asia-Pacific
- Western Europe
- Eastern Europe
- North America
- South America
- Middle East
- Africa
Conclusion
The cord blood banking services market is poised for substantial growth driven by increasing rates of genetic disorders and ongoing advancements in therapy technologies. As market demand rises, notable players are adapting strategies and exploring new opportunities, particularly in emerging regions.