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(Health-NewsWire.Net, October 29, 2021 )
Market Overview
The procedure of collecting cord blood, removing and cryogenically freezing its stem cells and other immune system cells for future medical use is known as cord blood banking.
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Market Dynamics
The increasing use of umbilical cord blood and the rise in the incidence of blood cancer are expected to drive the growth of umbilical cord blood banking market.
Increasing use of umbilical cord blood is driving the growth of umbilical cord blood banking market
Cord blood stem cells have been employed in transplant therapy and can now help treat approximately 80 diseases. Cord blood stem cells are used in transplants to help rebuild healthy blood and immune systems destroyed by the disease. Cord blood has been used in clinical research trials for previously considered incurable disorders, such as autism and brain damage.
In the last few years, cord blood stem cells have been expanding beyond transplant medicine into fields of regenerative medicine. Cord blood is used in regenerative medicine in a different way than it is in transplant medicine. Rather than developing new blood and immune system as in transplants, cord blood is used instead.
There are various advantages of employing umbilical cord blood stem cells for transplantation. The first benefit is that collecting and processing umbilical cord blood is relatively simple. Cord blood, which was once thought to be a waste product after birth, may now be easily stored. The cord blood is soon available for use after it is stored and delivered to a storage facility. They also provide decreased risk of disease transmission.
Market Segmentation:
By Service type
• Sample Preservation and Storage
• Sample Analysis
• Sample Processing
• Sample Collection and Transportation
By Application
• Bone marrow failure Syndrome
• Leukaemia
• Metabolic disorder
• Lymphoma
• Others
By Storage option
• Public UCB banks
• Private UCB banks
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Geographical Analysis
North America region is expected to dominate the umbilical cord blood banking market
North America umbilical cord blood banking market is expected to dominate with increasing prevalence of blood disorders and increased use of umbilical cord blood banking in this region. For instance, in the US, an estimated combined total of 186,400 people are expected to be diagnosed with leukemia, lymphoma or myeloma in 2021.
An estimated 1,519,907 people in the United States (US) are living with or in remission from leukemia, lymphoma, myeloma, myelodysplastic syndromes (MDS) or myeloproliferative neoplasms (MPNs). Umbilical cord blood has an growing and important role in the treatment of leukemia, lymphoma, sickle cell anemia and other life-threatening diseases. Hence, with increasing prevalence of leukemia in North America, the demand for umbilical cord blood is estimated to drive the market.
The community's health is aided by public cord blood banking. Public banks collect qualified cord blood donations from healthy pregnancies and store them in case one of them matches a patient in need of a stem cell transplant. “Be The Match” is the name of the donor registry in the United States.
Cord blood transplants are more likely to occur patients with a rare genetic type. Parents must deliver their baby to a hospital that allows cord blood donations to donate cord blood to a public bank. Public cord blood banking is strongly advocated by both the American Medical Association (AMA) and the American Academy of Pediatrics.
Competitive Landscape
Some of the major key players in the umbilical cord blood banking market are China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Limited, Cryo-Cell International, Inc., Cryo-Save AG, Lifeforce Cryobanks, National Cord Blood Program, ViaCord, Inc., Virgin Health Bank, CordVida, Americord, CryoHoldco, and Vita34.
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
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