Tuesday, 12 July 2016
Global Cord Blood Banking Services Market Driven by Rising Awareness, Government Support
Cord blood banking refers to blood banks that specialize in storing stem cells from the umbilical cord blood. Cord blood and the stem cells it contains are becoming increasingly important in the global medical scenario due to the ability of stem cells to develop into various types of human cells. This ability has made their use practically imperative in several medical fields that deal with tissue and organ damage. The rising awareness about the utility of cord blood has driven the global cord blood banking services market and will continue to be a major factor in the market’s growth trajectory in the coming years.
According to a market report recently released by Transparency Market Research, the global cord blood banking services market was valued at US$12.4 bn in 2012. Exhibiting a steady 5.60% CAGR from 2013 to 2019, the market is expected to rise to a valuation of US$15.2 bn.
What are the major drivers for the global cord blood banking services market?
Since cord blood and the stem cells that are a part thereof can only be obtained at the culmination of a pregnancy, making parents more aware of the benefits of cord blood banking has emerged as a major driver for the global market. Several developed countries have been moderately successful in educating a significant part of the population about cord blood banking, which has allowed the market to establish a firm foothold in regions such as North America and Western Europe. Not only is cord blood banking a public good, but having access to cord blood stem cells also increases the chances of the baby’s own successful recovery from various diseases at any point in its life.
The global cord blood banking services market has also been driven by the rapid technological development observed in the sector, which has led to the process steadily becoming safer and more reliable. This has also been helped by the active role played by various healthcare bodies in spreading awareness about cord blood donation.
Why is it important to support the development of public cord blood banks?
The lack of public cord blood banks on a large scale has held the global cord blood banking services market back. While private cord blood banks store cord blood for use on the individual and their immediate family only, public cord blood banks operate as a network to supply cord blood wherever it is needed – much like a regular blood bank. While private cord blood banks are the more popular type of cord blood banks at present, public banks are expected to steadily increase in number over the next few years due to the growing government support afforded to this field.
Stem cells can help cure some of today’s deadliest and most widely prevalent diseases, such as leukemia, lymphoma, several disorders regarding proliferation of blood, and several congenital disorders. The use of stem cells in treating autoimmune diseases, cardiac diseases, and neurological diseases is also under trial and is likely to come to the fore in the coming years as long as the government support to this sector remains steady.
What are the major regional players in the global cord blood banking services market?
North America dominated the global cord blood banking services market in 2013 and is likely to retain the position over the forecast period. However, Asia Pacific is the market to be for cord blood banking market players in the coming years, as government support to healthcare upgrades is rising in this region and the increasing urban population is becoming both more aware about cord blood banking and capable of paying the relatively high prices of cord blood banking services. As prices level out over the coming years with increasing demand, Asia Pacific could well become the dominant regional market for cord blood banking services.