Global Cord Blood Banking Services Market Size

Cord Blood Banking Market Analysis

The cord blood banking services market was anticipated to witness a CAGR of 11.5% during the forecast period.

The COVID-19 pandemic had had a detrimental influence on global economies, as well as interrupted various healthcare services such as cord blood and blood component services. Major companies in the cord blood banking space saw a dropped in subscriptions as well as a dropped in revenue. For instance, as per the updates in July 2022, by Global Cord Blood Corporation, new subscribers for cord blood donation fell 15.2% year over year ("YoY") because of anti-pandemic measures and fewer infants in operating territories. Revenues fell 1.7% year on year to RMB297.2 million (USD 46.9 million), as an increase in storage costs largely offset a fall in processing fees due to a decrease in new subscribers. Even though there was limited evidence of vertical transfer, the fear of virus spread hindered the expansion of the cord banking sector. This was one of the primary factors for large players' income declines. Furthermore, numerous scientific experiments have been undertaken to investigate the use of cord blood and birthing tissues on COVID-19 patients, which has aided in reducing the impact of COVID-19 on the cord blood banking business. The sector gained traction quickly after clinical studies for COVID-19-based cell therapies were approved.

The market is primarily driven by the rising prevalence of genetic diseases and various initiatives taken by the government to create awareness. The blood and blood-forming organs are involved in the hematological disease. It encompasses thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and other disorders, and their frequency is constantly increasing. The global increase in leukemia cases has increased the demand for cord blood cells. According to the updates in July 2022, by National Heart, Lungs and Blood Institute, sickle cell disease is a collection of genetic red blood cell abnormalities that damage hemoglobin, the protein responsible for transporting oxygen throughout the body. Every year, more than 100,000 people in the United States and 20 million people globally are affected by the illness. Thus, the growing prevalence of genetic diseases is expected to boost market growth over the forecast period. Additionally, increased awareness among the public regarding the huge availability of service providers is likely to propel the growth of cord blood market services globally. For instance, updates in July 2021, in the United States, July is declared as "Cord Blood Awareness Month." The Parent's Guide to Cord Blood Foundation has sponsored the campaign, which aims to promote awareness among expectant parents and the broader public about the necessity of preserving umbilical cord blood and the precious stem cells it contains. Thus, the availability of such campaigns in each country is expected to raise awareness among individuals, thereby increasing market growth throughout the forecast period.

The market players are adopting various strategies such as product launches, developments, collaborations, partnerships, and expansions to increase market share. For instance, in May 2021, Cordlife and SingHealth Duke-NUS Academic Medical Centre launched a collaboration. This strategy will help the company develop new technology connected to stem cells and blood therapies, as well as grow its market share.

Thus, due to the above-mentioned factors, the studied market is expected to grow significantly during the study period. However, the small size of the study population and ethical concerns, and highly expensive collection and storage procedures may restrain the market growth over the forecast period.