The vendor landscape of the global umbilical cord blood banking market is highly fragmented owing to the presence of several small scale vendors, with the top three vendors collectively accounting for a meagre 7% of the market in 2016, observes Transparency Market Research in a recent report. The rising number of private cord blood banking companies in the global market is expected to make the market further competitive. Although the market is fragmented, it is highly regulated, on domestic as well as international fronts.
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Private Blood Banks to Remain Most Preferred Storage Option
In terms of type of storage, the global umbilical cord blood banking market earned a large share in its overall revenue from the private cord banks segment. The segment accounted for a massive
65.0% of the global market in 2016 and is expected to remain the dominant segment despite high initial as well as yearly costs incurred for the processing, testing, and storage of cord blood units in private banks. The high level of assurance and security to cord blood provided by private banks, the provision of complete ownership rights to the donor, and flexible collection sites are some of the key factors compelling end-users to prefer private cord banks instead of public cord banks.
North America presently dominates the global umbilical cord blood banking market, accounting for over 38% of the global umbilical cord blood banking market in 2016. The North America market is expected to exhibit strong growth in the next few years due to the increasing demand for stem cell research and public awareness about cord blood banking. Demand for cord blood banking in North America is high in the U.S., which held 83.8% market share in 2016, followed by Canada.
Rising Rate of Hematopoietic Stem Cell Transplantation Drives Market
The key factors encouraging expectant parents to preserve cord blood include the vast rise in the rate of hematopoietic stem cell transplantation, the vast advancements in cord blood processing and storage technologies, increased awareness about stem cell therapy, and increase in applications of cord blood cells in treatment of various diseases. The market expanded at a rapid pace in the past decade also due to the active role of public and private bodied in educating the parental population about the process and benefits of cord blood banking.
Umbilical cord blood is a rich source of primitive hematopoietic stem cells. Therefore, it has a strong regenerative potential for stem cell-based therapy for the treatment of non-hematological and hematological diseases. Umbilical cord blood is also used as an alternative to bone marrow treatment. Hematopoietic stem cell transplantation is the treatment of stem cells, usually derived from peripheral blood, bone marrow, or umbilical cord blood. The transplantation is mostly performed for the treatment of bone marrow or blood cancers. Increasing incidences of cancer along with adoption of stem cell treatment in developed countries such as the U.S., the U.K., and Germany have boosted the demand for umbilical cord blood banking, which, in turn, is expected to propel the market.