Umbilical cord is the connecting cord from fetus to the placenta which allows blood to carry nutrition and oxygen to the baby in the womb. Umbilical cord blood banking (UCB) or cord blood banking involves in collection of cord blood and extracting and cryogenically freezing the stem cells of the immune system for future medical purpose. The tissues of umbilical cords contain Haemopoitetic Stem Cell (HSC) which have greater proliferative and colony forming capacity. HSC collected from tissues works as an alternative for HSC of bone marrow providing treatment of various immune diseases such as myelomas, leukemias, lymphomas and myeloproliferative neoplasms, and blood disorders.
Umbilical cord blood is considered to be the safest decision owing to the non-invasiveness and least risk to the child and mother. Additionally, UCB is expected to be a probable source of progenitor cells, which are used for reconstitution of organs and tissues. With naïve technologies, UCB are used for treatment of various diseases such as bronchopulmonary dysplasia, diabetes mellitus, malignant solid tumors, hepatic alteration, cardiovascular disorders, neurological diseases, inborn metabolic disorders, and hematologic malignancies.
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Various applications for chronic diseases treatment, cost effective therapy, and easy extraction methods for cord blood is expected to drive the industry demand. Furthermore, intact genetic structures, lower incidence & severity of graft, and lower incidence of viral transmission is also impacting the market growth industry positively. Moreover, rising awareness regarding the benefits, varied availability of donors along with insurance coverage are few of the factors thrusting the demand for UCB market globally.
Additionally, increasing disposable incomes and appropriate payment plans accessed by the market players are also fueling the growth for cord blood banking services. Although, high cost for storage, lack of donors, least count of HSC in each donation, collection and risk of non-usability of the unit stored with private bank are the major factors hindering the growth of the market.
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The global umbilical cord blood market is segmented into storage type, end-user, and application. On the basis of storage, the market is segmented into public banks, private banks and hybrid banks. Private Banks offers UCB storage for personal use of the donor’s family with storage charges. Despite of hefty charges, private banks are the first choice of parents to store cord blood owing to various factors such as flexible collection sites, secured access, and complete ownership rights. The end-usermarket is segmented as hospitals, pharmaceutical research, and research institutes. The application segment covers treatment of various disorders such as cancers, blood disorders, metabolic disorder, and osteopetrosis.
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North America region is anticipated to dominate the UCB market owing to extensive presence of private companies creating huge public awareness. Europe region also accounts after North America market owing to the high healthcare expenditure and rising awareness programs. Though, government restrictions for private banks establishment in some of the regions such as Italy & France are decelerating the growth of Europe market.
Asia Pacific regional market is estimated to grow over the forecast period owing to awareness in emerging countries such as India, China, Hong Kong and, Japan. Booming healthcare sector and accelerating investment by international companies to take advantage on the geographical spread are some of the factors estimated to stimulate the market in the region. Furthermore, growing medical tourism is also expected to fuel the demand for UCB services in the region.
Cord blood banking market is witnessed as the most distinguished and competitive market involving large number of players such as Cordlife Group Limited, Cryo-Save AG, China Cord Blood Corporation, National Cord Blood Program, Cord Blood America, Inc., Lifeforce Cryobanks, CBR Systems, Inc., Cryo-Cell International Inc and Virgin Health Bank.a