Global Umbilical Cord Blood Banking Market: Overview
The umbilical cord blood banking is the method of preserving/conserving blood from the umbilical cord for the future use. This preserved cord blood is utilized in remedial treatments in the similar perspective as that of stem cells obtained from bone marrow. Umbilical cord blood is considered to be a prospective source of progenitor cells, which can be utilized for reconstitution of organs, tissue, and other functional areas.
Cord blood transplantation is being suggested for different diseases which comprise conditions such as leukemia, sarcoma, metabolic disorders and even lymphoma.
Global Umbilical Cord Blood Banking Market: Growth Factors
The major important factors encouraging expecting parents to conserve cord blood are increased knowledge about stem cell treatment and rise in applications of cord blood cells for the treatment of various diseases thus propelling the growth of the umbilical cord blood banking market. Advancement in the storage technologies and the vast developments in the cord blood processing also positively contribute to the umbilical cord blood banking market. The market is growing at a rapid pace owing to the active role of private and public organizations in educating the individuals about the methods and advantages of cord blood banking. Umbilical cord blood is also utilized as a substitute for bone marrow treatment. Owing to these benefits it is expected that the global umbilical cord blood banking market will grow at a tremendous rate in the coming years.
Global Umbilical Cord Blood Banking Market: Segmentation
The umbilical cord blood banking market is classified into type, application, and end-user. Based on the type, the umbilical cord blood banking market is divided into private cord blood banks and public cord blood banks. Based on application, the market categorized into blood disorders, cancers, immune disorders, metabolic disorders, osteopetrosis, and others. Based on end-users, the umbilical cord blood banking market is divided into research institutes (scientific research), pharmaceutical research (drug discovery), and hospitals (medical applications).
Global Umbilical Cord Blood Banking Market: Regional Analysis
Regionally, North America is anticipated to lead the global umbilical cord blood banking market. The market in North America market is likely to grow at a significant rate in the coming years, mainly due to the growing demand for the umbilical cord blood in stem cell research. Other factors that are expected to trigger the umbilical cord blood banking market in North America are the growing investments by the pharmaceutical players and the improving research and development infrastructure.
The Asia Pacific is anticipated to dominate the market in terms of growth rate. It is expected that the umbilical cord blood banking market will have a huge growth potential due to vast development in healthcare facilities and growing knowledge of stem cell banking in the countries of Asia Pacific, such as China, India, and Indonesia. Also, Asia Pacific is projected to be the untapped regional market when compared to developed regions; hence it has better opportunity and prospect for development.
Global Umbilical Cord Blood Banking Market: Competitive Players
Some of the most important market players in the global umbilical cord blood banking market are ViaCord Inc., CBR Systems, Inc., Vita 34 AG, Cord Blood America, Inc., China Cord Blood Corporation, Cryo-Save AG, Cryo-Cell International, Inc., Cordlife Group Ltd., StemCyte Inc., and LifeCell, among others.
Global Umbilical Cord Blood Banking Market: Regional Segment Analysis
What Reports Provides