Umbilical cord blood, more popularly shortened as cord blood, is obtained from umbilical cord and placenta post-delivery, and contains a vast repository of blood-forming stem cells. Umbilical cord blood banking is an umbrella term for storing stem cells and all other associated cells. They have emerged as a potential alternative source of bone marrow transplantation. Being a vast source of primitive hematopoietic stem and progenitor cells, the clinical applications of umbilical cord blood is virtually limitless, hence the potential of cord blood banking.
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Which factors will fuel the expansion of the market?
In recent decades, umbilical cord blood is proving promising as having a potential application in the treatment of a wide spectrum of disease conditions characterized by hematological disorders and immunological defects such as leukemia, immune conditions, sarcoma, and lymphoma. In addition, the use of cord blood for treating certain genetic diseases in adult populations also points to the profound prospect.
The vast strides being made by hematopoietic stem cell transplantation in medical practice and rapid advances made in the area cord blood processing are striking trends behind the spectacular growth of the market. Advancements in storage technologies under cryogenic conditions are offering increased momentum to the growth of the market. Players focused on unleashing vast regenerative potential for stem cell-based therapies in treating non-hematological are also unlocking promising prospects.
According to estimates by Transparency Market Research, the opportunities in the umbilical cord blood banking is projected to surge from US$3,124.4 million in 2016 to US$8,178.1 million by 2025 end.
Will expansive nature of private cord blood banks cripple their demand among populations?
The major types of umbilical cord blood banking comprise public and private, with the latter offering facilities for the personal use of donor’s family at an exorbitant cost. Despite this, private cord blood banks continue to hold sway in the market being the highly preferred choice among populations. The average cost may hover anywhere around US$1,500 – $2,500 range, with an additional annual storage fee. Such huge costs, notwithstanding, the segment accounted for a major share of the storage types in the market in 2016 and is expected to rise at an impressive pace over the assessment period. Several notable factors account for this, such as: the benefit of a convenient collection sites, total ownership rights, and an easy availability once a match has been found.