Market players have been widening their services into new regions to explore the market potential, widen their market share, and consequently gain more market share than before. The local cord blood banks are taking strides with the proven track record of service, expertise in the team, and investments by investors. Moreover, they aim to collaborate with healthcare facilities to add value to lives to their patients. They also created an online portal to help their customers in gaining storage facilities and carry out the distribution activity. The demand for cord blood banking services will increase in the coming years. According to the report published by Allied Market Research, the global cord blood banking services market is estimated to reach $4.5 billion by 2030. Following are some of the activities taking place across the world.
Cord blood stem cells banking is a lucrative market in North America and European countries. North America was the highest revenue contributor in 2020, with $400.1 million; however, LAMEA is expected to grow at a CAGR of 16.5%. Cost structure of the stem cell treatment has a major impact on the growth of stem cell application in developed countries. Similarly, stem cells collected from cord blood are used in treatment of rare diseases, including metabolic diseases and immune diseases. The overall cord blood banking services market has shifted its focus from clinical trials to commercialization.
Market players have adopted the strategy of expansion to raise their market share and explore the potential. Cryoviva Singapore, the cord blood banking services provider, expanded into the Bahrain market. The company highlighted that it made the move with an aim to provide cord component stem cells to every family in need. Rajesh Nair, the CEO of Cryoviva Singapore, stated that the proven track record of its cord blood bank, a team of experienced management and medical professionals, and backing from investors made the entry to Bahrain market possible. He added that the company will collaborate with healthcare facilities providing maternity services to offer added services to patients. The company plans to expand further into various countries in Middle East and ASEAN regions.
The trend of expansion continues with the launch of new services. One of the leading private cord blood banking services providers Cryo-Cell International, Inc. developed a new factory at North Carolina. The company developed a new facility for providing its cryopreservation and cold storage services through an introduction of new service known as ExtraVault. Through this new service, the company aims to utilize its expertise and provide biorepository facilities to various healthcare organizations and biopharmaceutical companies. Along with expertise and experience, the company will provide cost-effective solutions and electronics access to storage of reagents, biologics, vaccine samples, and other cold chain items. Customers will be able to view their repositories and place orders regarding distribution through an online portal. The expansion into new regions and the launch of new services will help market players in widening their customer base and raise their market shares.
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lack of man power and raw materials affected the supply chain of the global cord blood banking services industry. However, the market is projected to cover from the 1st quarter of 2023, due to reduced restrictions and reopening of the global cord blood banking services industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace with a start of 2022.
The key players that operate in this market include Americord Registry LLC, China Cord Blood Corporation, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., Cord for Life, National Cord Blood Program, Cordvida, Perkinelmer Inc., and Lifecell international Pvt. Ltd.
Transparency Market Research (TMR) has published a new report titled, ‘Cord Blood Banking Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’.
Such preserved cord blood is used in medical therapies in the similar fashion as that of stem cells derived from bone marrow.Cord blood banking is practiced for using the cord blood stem cells for the purpose or re-populating blood and treating various medical conditions.
This report studies the current market condition and future potential for the cord blood banking market.North America dominated the global cord blood banking services market in2018 and the trend is anticipated to continue during the forecast period.
Adoption of new technologies such as stem cell research, with higher awareness, significant health care spending in overall national budgets, early availability of advanced technologies, and higher penetration of research activities across the country are expected to drive the market in North America.Asia Pacific is likely to be a highly lucrative market for retinal disorders and it is expected to expand at a high CAGR during the forecast periodRequest COVID Analysis on Cord Blood Banking Services Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1741High Incidence of genetic disorders and rise in hematopoietic stem cell transplantation rates to Drive MarketHigh incidence of genetic disorders is likely to drive the market.
Increasing number of people with cancer is fuel the demand for cord blood banking services.Rise in hematopoietic stem cell transplantation rates is also major factor for boosting the growth of the cord blood banking services market.
The transplantation is mostly performed for the treatment of bone marrow or blood cancers.Request Customization on Cord Blood Banking Services Market Report –https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1741Private Cord Blood Bank Segment to Dominate MarketBased on type, the global cord blood banking services market has been divided into private cord blood bank and public cord blood bank.
The global Cord Blood Banking Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the cord blood banking market include Cordlife, Singapore Cord Blood Bank, ViaCord LLC, CBR Systems, FamiCord, Cryo-Save, Americord, LifeCell, Global Cord Blood Corporation, Jeevan Stem Cell Foundation.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Cord Blood Banking Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/cord-blood-banking-market/download-sampleMarket DynamicsCord blood banking is gaining robust popularity with the emergence of regenerative medicine.
Cord blood is currently approved by the FDA to treat nearly 80 diseases and is under process to support more.
Researchers are exploring cure mechanisms, which may be instrumental in treating other conditions that have been untreatable up to this point.
In-depth study of the Cord Blood Banking Services Industry that helps to provide answers and relevant questions regarding the Emerging trends and Growth opportunities.
It helps identify each of the major growth barriers aside from identifying the trends in the Cord Blood Banking Services market.Global cord blood banking services market accounted for USD 1,142 million in 2017 and is expected to grow at a CAGR of 13.9% during the forecast period 2019–2026.Get Access to Report Sample: https://straitsresearch.com/report/cord-blood-banking-services-market/request-sampleMajor Key players covered in this report:Cordlife Group Limited (Singapore), CBR Systems, Inc. (U.S.), Cryo-Cell International, Inc (U.S.)., Cryo-Save AG (Netherlands), Lifeforce Cryobanks(U.S.), National Cord Blood Program(U.S.), ViaCord, Inc.(U.S.) and Virgin Health Bank(U.K).By Bank Type, Private, Public, HybridBy Services, , Collection and Transportation, Processing, Analysis, StorageThe Cord Blood Banking Services Market report offers an in-depth analysis of the Global Market and several important aspects related to it.
It provides its readers with great knowledge about current market dynamics, current market valuation, and past statistics as well.
This helps researchers in the study of the market’s performance so far and predicting the further performance for the forecasted period.
Various major market aspects such as demand and supply, revenue growth patterns market shares, and market trends are analyzed thoroughly while the drafting of this Cord Blood Banking Services report.The report has been prepared after studying the different parameters ruling the Cord Blood Banking Services Market and the forecast period has been estimated from 2021-2026.
These factors can be projected to have their individual effects on the market, or they can have interconnected impacts.
