CORD BLOOD BANKING SERVICES MARKET ANALYSIS

Cord Blood Banking Services MarketSize and Trends

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).

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.

Market Trends:

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.

Market Trends: 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.