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Global Cord Blood Banking Services Market was valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 4.3 Bn by 2028, Likely to Grow with the CAGR of 12.8% During the Forecast Period.
The potential driver of Cord Blood Banking Services is a rising utilization of stem cell therapies in the treatment of illnesses along with an increase of life-threatening genetic disorders worldwide. In recent years, customers are becoming aware of the advantages of cord blood banking services. The services constitute various advantages that include securing the future of the child in terms of their health. Moreover, the organizations offering these services are involving in various marketing and promotional activities that are contributing to an increase in the demand for cord blood banking services in the global market. The governments of different countries are also involved in promoting the cord blood banking services that are creating awareness among the customers regarding cord blood banking services that could support in finding suitable leukocyte antigen match for the patients suffering from different patients.
The Rising Healthcare Industry In Developing Countries To Drive The Demand For Cord Blood Banking Services
The healthcare industry is growing worldwide because of an increase in health ailments. The governments are also supporting the healthcare industry that is boosting the growth of the healthcare market. Thus, Cord Blood Banking Services are also contributing to the development of the healthcare industry in the global market.
Private bank Segment held a prominent share in Global Cord Blood Banking Services Market in 2019
The Private bank segment had registered the highest revenue for cord blood banking services in 2019. Increased cost in gathering, processing, and storage along with an increased awareness generated through the marketing activities are being practised by companies contributing to the high revenue share of private banks globally. The private banks are also increasing market presence by the supportive policies enforced by the governments that had plunged its market demand. The healthcare industry is also observed to be growing in the market by suitable policies that are substantiating the market growth of private bank segments.
North America Is Expected To Dominate The Cord Blood Banking Services Market During The Forecast Period
The North Americas region is estimated for the highest market share in the global cord blood banking services contributing to the increase of service providers, growing awareness on the long-term advantages associated with cord blood storage, increasing investments in public banking, and decrease in the cost associated in the storage of cord blood. The North American market occupies a significant market share in the cord blood banking industry. Drivers including per capita income, an increase of storage services along with an increased adoption rate of advanced technologies contributed to the highest market demand.
Global cord blood banking services market is fragmented among the number of local and global players. The companies offering these services are expanding their market presence through partnership and investments are competing in the global market.
Key players operating in the global cord blood banking services market are ViaCord, Inc., Cord Blood America, Inc., Cordlife Group Limited, CBR Systems, Inc., Cryo-Save AG, Cryo-Cell International, Inc., China Cord Blood Corporation, National Cord Blood Program, Lifeforce Cryobanks, Virgin Health Bank, CryoHoldco, CordVida, Americord, and Vita34.
Global Cord Blood Banking Services Market Key Segments
Global Cord Blood Banking Services Market, By Bank type
Global Cord Blood Banking Services Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America