Cord blood banking refers tocollection and preservation of blood derived from the umbilical cord. Umbilicalcord blood is a potential source of progenitor cells, which can be used forreconstitution of tissue, organs, and other functional areas.
Statistics:
The global CordBlood Banking Services Market is estimated to account for US$ 42.9 Bn interms of value by the end of 2027.
Global Cord Blood BankingServices Market: Drivers
Advancements in cord bloodprocessing is expected to propel growth of the global cord blood bankingservices market over the forecast period. For instance, in June 2019, ThermoGenesisCorp., a wholly owned subsidiary of Cesca Therapeutics, entered into astrategic agreement with Cordlife Group Limited to provide its proprietary,next-generation AXP II System, for the rapid processing of cord blood units, toCordlife's India processing facility.
Global Cord Blood BankingServices Market: Opportunities
R&D of methods to enhance thetherapeutic potency of cord blood cells is expected to offer lucrative growthopportunities for players in the global cord blood banking services market. Forinstance, in January 2020, researchers at Biomedical Research Institute,MEDIPOST Co., Ltd., South Korea, reported analysis of the effects of spheroidumbilical cord blood-derived mesenchymal stem cells (MSCs) and suggested a newtherapeutic approach, 3D spheroid formation of MSCs, in order to enhance theregeneration process in the course of osteoarthritis.
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Global Cord Blood BankingServices Market: Restraints
There are various accreditationorganizations such as American Association of Blood Banks, American Associationof Tissue Banks, Clinical Laboratory Improvement Amendments, Therapeutic GoodsAdministration, and others, which maintain standard and quality of cord bloodbanking. Regular updates in the standards and inspection by authorities requiresthe facilities to update their facilities regularly. These activities involvehuge costs and documentation, which may increase final cost of product. This inturn is expected to hinder growth of the market.
Key Takeaways:
The global cord blood bankingservices market was valued at US$ 26.8 Bn in 2019 and is forecast to reach avalue of US$ 42.9 Bn by 2027 at a CAGR of 6.1% between 2020 and2027.Increasiong prevalence of cancer is expected to assist the market growth.
Public Cord Blood Banking Servicessegment held dominant position in the global cord blood banking services marketin 2019, accounting for 52.7% share in terms of value, owing to increasingadvancements in cord blood processing during the forecast period
Market Trends
Major players in the market arefocused on adopting M&A strategies to expand their product portfolio. Forinstance, in September 2019, CBR Systems, Inc. acquired Natera, Inc.’s Evercordcord blood and tissue banking business.
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Increasing awareness regardingcord blood banking is expected to aid in growth of the market. For instance, inNovember 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 accreditingorganizations that provide cell therapy. Its standards currently apply on stemcells derived from sources such as umbilical cord blood, peripheral blood andbone marrow. The scope of JACIE accreditation applies on use of stem cells suchas hematopoietic stem cells and therapeutic cells to be used for therapeuticpurpose.
Global Cord Blood BankingServices Market: Competitive Landscape
Major players operating in theglobal cord blood banking services market include, China Cord BloodCorporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd.,Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-SaveGroup AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc.
Global Cord Blood Banking ServicesMarket: Key Developments
July 2019: CBR Systems, Inc.started the process to transition to next-generation AXP II System ofThermoGenesis, a wholly owned subsidiary of Cesca Therapeutics, for the rapidprocessing of cord blood units
June 2019: Blood Centers ofAmerica partnered with Team Liquid, a multi-regional, professional esportsorganization, to raise awareness of the importance of blood donation and toencourage donations
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