Cord Blood Banking Services Market is accounted approximate USD 18.1 million in 2020 and it is expected to reach approximate USD 66.6 million by 2030 with a CAGR of 13.9% during forecast period.  Cord blood is the remaining blood in the umbilical cord and placenta after childbirth. Cord blood cells are the rich source of the stem cells and these stem cells are used to treat chronic diseases. Which includes immune system diseases, cancers, diabetes, and blood-related diseases these stem cells are collected from the nursing homes or hospitals and then they are stored in the cord blood banks for the future use. They can be stored in a blood bank for around 20 to 25 years. However an only a small amount of cord blood is available in the umbilical cord, it contains large numbers of the stem cells and it is the only type of stem cell that can be stored for future use. Cord blood banks are public and private and they usually charge an annual fee for maintenance and storage of the blood. An individual can store the blood from the umbilical cord into the cord bank for future use. According to the National Foundation for Cancer Research, new cases of cancer per year in the USA consist of 10% blood cancer patients. The market is expected to witness growth due to an increase in chronic diseases amongst the populace.

Market Segmentation:

Based on storage service, the cord blood banking services market is segmented into a public cord blood bank and private blood bank. On the basis of application, the market is segmented into cancer, blood disorders, and others. On the basis of the end-user, the market is segmented into hospitals and pharmaceutical research. And By region, the cord blood banking services market is segmented into North America, Europe, Asia Pacific, and RoW.

Market Dynamics and Factors:

Major driving factors of the market are growing chronic diseases and growing birth-rate amongst the populace. Countries such as the US have a high rate of chronic diseases. In addition to this, growing health concerns among the populace further boost the demand of the market. The growing healthcare sector will fuel the market during the upcoming years. Moreover, the diverse applicability of the stem cells supports this market. However, cord blood only found in the umbilical cord and it is in very less amount hence collecting stem cells and cord blood is the main challenge and opportunity in this market. Involvement of the public and private sector will also create new opportunities for the cord blood banking services market

Geographic Analysis:

North America had the highest shares of the cord blood banking services in 2016, it has dominated the market and expected to continue its supremacy in upcoming years due to the growing rate of chronic diseases, technological development, and technological advancement, and growing healthcare sector will propel the cord blood banking services market in North America. Asia Pacific is expected to witness rapid growth due to rising birth-rate and increasing chronic diseases growing healthcare sector in emerging countries such as China and India, and a growing population may affect the cord blood banking services market.

Competitive Scenario:

The key players in cord blood banking services market include Cord Blood America Inc., China Cord Blood Corporation, Cordlife Group Limited, CBR Systems Inc., Cryo-Cell International Inc., Lifeforce Cryobanks, Cryo-Save AG, National Cord Blood Program, Virgin Health Bank, ViaCord Inc., CordVida, CryoHoldco, Americord, and Vita34.

Cord Blood Banking Services Market Report Scope