The global cord blood banking services market is expected to reach a value of US$ 64.7 Mn by the end of 2027, states an assessment by Transparency Market Research (TMR). Further, the TMR report highlights that the market is prognosticated to register growth at a CAGR of 10.9% during the forecast period, from 2019 to 2027.
The global cord blood banking services market outlook provides in-depth analysis of major factors impacting on the market growth. Hence, this study covers thorough assessment on the growth drivers, restraints, R&Ds, regional analysis, competition landscape, and emerging trends in the cord blood banking services market. This aside, it sheds light on the recent developments in the cord blood banking services market.
Cord blood banking services find wide application in the treatment of different genetic disorders including cancer and others. Hence, rise in the prevalence of such type of diseases globally is creating notable business opportunities in the cord blood banking services market.
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The cases of leukemia, lymphoma, sarcoma, and immune conditions are being increasing in the recent years across many nations including China, the U.S., European Countries, and India. This aside, the World Health Organization notes that approximately 509,590 of new patients with Non-Hodgkin lymphoma were found in 2018. Furthermore, about 248,724 death were caused owing to Non-Hodgkin lymphoma. These factors are prognosticated to drive the sales growth in the global cord blood banking services market in the forthcoming years.
The government authorities of several countries around the world are increasing funding in order to develop advanced healthcare infrastructure. This factor is expected to fuel the expansion of cord blood banking services market in the years ahead, notes a TMR report.
Rise in Popularity of Stem Cell Therapy Drives Market Expansion
The understanding pertaining to the use of stem cell therapy for the treatment of different health disorders is being increasing in the recent years globally. This factor is fueling the growth avenues in the cord blood banking services market. This aside, the cord blood banking services market is being driven by surge in the acceptance of cord blood banking across the healthcare sector of several developed and developing nations.
The government organizations across the globe are increasing initiatives in order to spread understanding about the stem cell therapy. This factor is expected to lead to revenue-generation opportunities in the cord blood banking services industry in the years ahead.
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Players Use Collaboration and Acquisition Strategies to Lead in Market Competition
Some of the leading players in the cord blood banking services market include California Cryobank Stem Cell Services LLC, Inc., Global Cord Blood Corporation, Cordlife Group Limited, CBR Systems, Inc., Cryo-Save AG, Cryo-Cell International, Inc, National Cord Blood Program, Lifeforce Cryobanks, Virgin Health Bank, and ViaCord, Inc.
The existence of many companies makes the competition levels in the cord blood banking services market highly intense. Thus, the market players are using organic as well as inorganic strategies such as acquisitions, partnerships, and collaborations in order to sustain in the highly competitive landscape of the market. In addition, enterprises are investing sizable amount in researches in order to develop and launch technologically advanced products. Such factors are expected to help in the rapid growth of the global cord blood banking services market in the near future.
The cord blood banking services market show presence in many regions including Europe, North America, Latin America, Middle East & Africa, and Asia Pacific. Among all, the market seems to gain notable growth prospects in North America owing to several key factors including the presence of sturdy healthcare infrastructure and early adoption of next-gen technologies in the regional healthcare industry.