CORD BLOOD BANKING SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

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.

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.

• High cost of cord blood banking services
• Lack of awareness among pregnant women