CORD BLOOD BANKING SERVICES MARKET ANALYSIS

Global cord blood banking services market is estimated to be valued at US$ 33.8 billion in 2023 and is expected to exhibit a CAGR of 6.1 % during the forecast period (2023-2030).

Analysts’ views on global cord blood banking services market:

Increasing prevalence of chronic diseases, new launches of cord blood banks, and strategies, like mergers, acquisitions, and collaboration are expected drive the global cord blood banking services market growth over the forecast period. For instance, according to the data published by the World Health Organization, on February 3, 2022, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020, or nearly one in six deaths. Moreover, diabetes caused about  2.0 million deaths while cardiovascular and respiratory diseases caused nearly 17.9 million and 4.1 million deaths in 2020, respectively, worldwide. Increasing prevalence of these diseases increases the need to carry out alternative treatment methods that can cure cancers effectively. Stem cells obtained from cord blood is one such approach.

Figure 1. Global Cord Blood Banking Services Market Share (%), By Type, 2023

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Global Cord Blood Banking Services Market– Drivers

Increasing research and development activities in use of cord blood for treatment of chronic diseases

Increasing research and development in the field of use of cord blood for treatment of chronic diseases is expected to drive the global cord blood banking services market growth over the forecast period. For instance, on May 11, 2021, SingHealth Group, a Singapore-based healthcare institute’s SingHealth Duke-NUS Academic Medical Centre (AMC), carried out test of novel technology that expands the number of blood forming stem cells from stored umbilical cord blood (UCB) in a first-in-man study in Singapore by collaborating with Cordlife Group Limited, Singapore based consumer health company . This is the first time a home-grown UCB cell therapy is being tested on humans. The technology has the potential to increase treatment options for patients suffering from blood cancers or blood related conditions. Based on pre-clinical studies the synthetic compound used in technology appears to be able to expand banked cord blood stem cells to generate sufficient quantity for adult transplant patients while maintaining its quality.

Increasing strategies like acquisitions by key market players

Increasing strategies like acquisitions by key market players is expected to drive the global cord blood banking services market growth. For instance, in April 2021, CordVida, a Brazil-based biotechnology company, was acquired by CryoHoldco, a Mexico-based stem cell bank. The acquisition of laboratory of CordVida will benefit CryoHoldCo to consolidate the laboratory operations in São Paulo for all their companies in Brazil.

Figure 2. Global Cord Blood Banking Services Market Share (%), By Region, 2023

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Global Cord Blood Banking Services Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global cord blood banking services market over the forecast period, owing to increasing launches of products. For instance, on April 19, 2023, Americord Registry LLC, a U.S.-based biotechnology company, announced U.S. Food and Drug Administration (FDA) approval of Gamida Cell product Omisirge, an innovative therapy that expands the number of cord blood stem cells used for treatment. This approval revolutionizes the field of regenerative medicine and highlights the increasing importance of cord blood banking.

Global Cord Blood Banking Services Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.

However, the COVID-19 pandemic had negative impact on the global cord blood banking services market, due to reduced number of donors and receivers of cord blood. For instance, according to an article published by the Journal of Blood Research on March 31, 2021, fear of vertical transmission of coronavirus, increased morbidity of cord blood transplantation (CBT) recipients due to coronavirus infections and unavailability of adult donor for collection due to COVID-19 infection are some of the major reasons of reduced use of cord blood banks. It was observed that numbers of volunteer adult stem cell donors decreased dramatically for several months after March 2020, compared to 2018 and 2019, and then it was recovered since July 2020.

Global Cord Blood Banking Services Market Segmentation:

Global cord blood banking services market report is segmented into type and region

Based on Type, the global cord blood banking services market is segmented into public cord blood banking services and private cord blood banking services. Out of which, the private cord blood banking services segment is expected to dominate the market due to increasing launches of new private cord blood banks.

Based on Region, the global cord blood banking services market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these, North America segment is expected to dominate the market over the forecast period due to increasing launch of new products based on cord blood for treatment of chronic diseases in North America region.

Among all segmentation, the type segment has the highest potential due to increasing launches of private cord blood banks by the key market players. For instance, on August 29, 2022, Stemcyte, a U.S.-based cord blood regenerative therapeutics company, announced it has received U.S. FDA approval for Phase II clinical trials for post COVID syndrome (PCS) using umbilical cord blood stem cell therapy. StemCyte aims to treat PCS by infusing umbilical cord blood that is capable of anti-inflammation and tissue repair.

Global Cord Blood Banking Services Market Cross Sectional Analysis:

Introduction of new technologies to treat different diseases by key market players in Asia Pacific region is expected to drive growth of by type segment in the region. For instance, on January 10, 2022, Cordlife Group Limited, a Singapore-based consumer health company, announced that its Indonesian subsidiary, PT. Cordlife Persada (“Cordlife Indonesia”), is partnering with Dharmais Cancer Hospital, Indonesian National Cancer Centre, to provide stem cell cryogenic storage services for adult leukemia patients who may require cellular therapy if chemotherapy fails to eradicate cancer cells. The collaboration aims to use Cordlife’s expertise in stem cell cryopreservation and cryogenic storage. Cordlife Indonesia will provide cryogenic storage services for peripheral blood stem cells and peripheral blood lymphocyte cells, which will be used in cellular therapies.

Global Cord Blood Banking Services Market: Key Developments

On August 10, 2020, CBR Systems, Inc., a U.S.-based private newborn stem cell bank partnered with Nantkwest Inc., a U.S.-based clinical-stage Immunotherapy Company to develop a COVID-19 treatment leveraging newborn stem cells. CBR will provide research-donated umbilical cord tissue-derived mesenchymal stem cells (MSCs) to NantKwest for efficient and robust expansion utilizing their proprietary modular, closed bioreactor system from NantKwest affiliate ImmunityBio, Inc. Such applications of cord blood can increase demand of cord blood bank in forecast period.

On October 13, 2020, American Cryostem Corp, a U.S.-based biotechnology company, announced that it has entered into an agreement with BioTherapeutic Labs (BTL) Corp., a U.S.-based Umbilical Cord Tissue Manufacturing Company. The Agreement includes BTL marketing CRYO's products and services, and collaborative R&D efforts related to developing and improving protocols utilizing both CRYO's ATCell autologous mesenchymal stem cells and BTL's human umbilical cord-based product lines. Such agreements will increase market reach of cord blood services and increase demand of market.

On October 14, 2021, Americord Registry LLC, a U.S.-based biotechnology company, announced successful opening of its new research and development (R&D) and cell processing laboratory in New York City. The new R&D center is to drive innovation in regenerative medicine, providing solutions to families facing challenging clinical needs. Product discoveries will advance the use of stem cells in clinical research for applications ranging from cancers to neurologic and auto-immune disorders. New R&D centers will increase the innovative application of cord blood stem cells for disease treatment.

On September 23, 2021, CBR Systems, Inc., a U.S.-based private newborn stem cell bank, announced that more than 10,000 families have been enrolled in the Newborn Possibilities Program (NPP) offered by the company's newborn stem cell preservation bank, Cord Blood Registry. Children diagnosed with serious conditions and those born with low Apgar scores indicates the potential for future pediatric developmental disability. In such cases preserving their umbilical cord for future use is crucial. Such patients can take advantage of umbilical cord preservation and newborn stem cell treatments through the NPP. The program also supports the training of healthcare providers, which will help them identify infants who could benefit from potential newborn stem cell treatments. This will increase demand for cord blood bank services.

Global Cord Blood Banking Services Market: Key Trends

Strategies like collaborations by key market players

Introduction of strategies like collaborations by key market players can drive growth of market. On June 11, 2020 Cryo-Cell International, Inc., a U.S.-based cord blood bank, has entered into a patent option agreement with Duke University. The six-month exclusive option agreement gives Cryo-Cell an option to obtain a license to manufacture and sell products based on Dr. Joanne Kurtzberg’s patents. The patents are mainly based on novel cord blood and birthing tissue based cellular therapeutics. Dr. Joanne Kurtzberg is an internationally renowned expert in pediatric hematology/oncology, pediatric blood and marrow transplantation, umbilical cord blood banking and transplantation, a pioneer in cell therapies based on umbilical cord blood and novel applications of cord blood in the emerging fields of cellular therapies and regenerative medicine.

Clinical trials by key market players on stem cells obtained from cord blood

Clinical trials by key market players on stem cells obtained from cord blood can drive growth of market. On September 21, 2020, Cordlife Group Limited, a Singapore-based consumer health company, announced its collaboration with Center for Regenerative Medicine of Makati Medical Center, a Philippine-based medical center for provision of donated cords and launch of mesenchymal stem cell banking service in the Philippine through its subsidiary Cordlife Medical Phils Inc. Cordlife will collect the umbilical cord following the birth of a baby. Upon collection, the company will work with MMC-CRM to isolate and expand MSCs from the umbilical cord. The expanded cells will be stored at the Cordlife Philippines’ cryogenic storage facility. These can be retrieved whenever needed for cellular therapies.

Global Cord Blood Banking Services Market: Restraints

High cost of cord blood banking services

The high cost of cord blood banking services is expected to hamper the global cord blood banking services market growth. For instance, according to an article published by the Journal Bone Marrow Transplantation on January 2020, in developing countries, the processing and banking expenses also represent a significant cost. The cost for collecting, testing, and registering is nearly between US$ 1350 to US$ 2350. Further US$ 100 to US$ 175 are required as annual storage and maintenance fees. Additional storage tissue, such as placental tissue or umbilical cord tissue, can cost even more, adding an additional $800 to $1,300 a year, on average.

To counterbalance this restraint, a reimbursement policies should be introduce.

Lack of awareness among pregnant women

In emerging economies, lack of awareness among pregnant women is expected to hamper the global cord blood banking services market growth. For instance, according to an article published in Journal Cell and tissue banking on December 19, 2022, most pregnant women are not aware of the importance of cord blood. Very few people knows about functioning of the public cord blood banks. Therefore, this option is not widely used despite the benefits of stem cell transplantation for a variety of chronic disease treatments. Thus, this factor restricts the market growth.

To counterbalance this restrain, more awareness should be raised.

Global Cord Blood Banking Services Market - Key Players

Major players operating in the global cord blood banking services market includes China Cord Blood Corporation, Cord Blood America, Inc., CBR Systems, Inc., Cordlife Group Ltd., Cryo-Cell International, Inc., StemCyte, Inc., Americord Registry, Cryo-Save Group AV, NeoStem, Inc., Blood Centers of America, and ViaCord, Inc.

*Definition: Cord Blood Banking refers to the collection and preservation of blood derived from the umbilical cord. Umbilical cord blood is a potential source of progenitor cells and can be used for tissue and organ regeneration. Increasing R&D of methods to enhance the therapeutic potency of cord blood cells along with advancements in cord blood processing, is expected to propel the growth of the global cord blood banking services market over the forecast period. Furthermore, the increasing prevalence of cancer and the increasing number of blood donation centers is also anticipated to assist the growth of the market.