Getting Out Of The Static Curve To Decide The Growth Of Umbilical Cord Blood Banking Market
Persistence Market Research (PMR), a market intelligence and research firm, has recently published a market study on the global umbilical cord blood (UCB) banking market. According to the report, the worldwide UCB banking market stood at US$12.7 bn in 2013. Analysts at PMR anticipate the market to exhibit a moderate CAGR of 6.10% during the period from 2014 to 2020 and gain a market value of US$19.3 bn by the end of the forecast period.
In 2014, analysts valued this market at US$13.5 bn and it stood at US$10.9 bn in 2010.
The research report, titled “Global Market Study on UCB Banking: Asia-Pacific to Witness Highest Growth by 2020”, states that the rising incidence of chronic diseases, disorders, and injuries are the key driving factors fuelling the growth of the worldwide market for UCB banking. In addition to this, various initiatives by several government associations, intended to raise awareness regarding the importance as well as benefits of UCB banking, are also propelling the global UCB banking market to a great extent.
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Some of the major players operating in the UCB banking market:
- Cord Blood Registry Systems, Inc.
- Cordlife Group Limited.
- Cord Blood America, Inc.
- NeoStem Inc.
- Cryo-Cell International, Inc.
- Esperite NV.
- Smart Cells International Ltd.
- China Cord Blood Corporation.
Contrarily, the stringent regulations and procedures pertaining to license and accreditation are hampering the growth of the UCB banking market in the global arena. Apart from this, the high fee associated with banking of cord blood in private UCB banks is also projected to limit the global market for UCB banking over the forecast period, the report states.
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The report analyzes the global UCB banking market on two fronts: therapeutic application of UCB and storage option. By therapeutic application of UCB, the market is segmented into leukemia, lymphoma, metabolic/storage diseases, bone marrow failure syndromes, and immune deficiencies. On the basis of storage option, the market is classified into public UCB banks and private UCB bank.
According to the research report, Europe, North America, Asia Pacific, and the Rest of the World are the major regional markets for UCB banking. Among these, North America has acquired the leading position. The rising prevalence of chronic diseases also extensively drives the UCB banking market in this region.
The UCB banking market in Europe is also driven by the growing prevalence of diseases and disorders. The growing awareness regarding therapeutic applications of cord is also significantly contributing to the development of the UCB banking market in Europe.
The Asia Pacific market for UCB banking is also registering a steady growth. The increasing number of accidents and rising prevalence of fatal disorders are propelling the demand for cord blood banking in the region, notes the market study.
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