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Global Umbilical Cord Blood Banking Market Projected to Reach USD 16.6 Billion by 2024 at a CAGR of 13.97% from 2019 to 2024 – Axiom MRC

Via: ReleaseWire

Updated 7:00 AM CST, Thu, November 16,2017

The Global Umbilical Cord Blood Banking Market is dominated by North America with a largest market share. Many leading companies are operating in the U.S. with large number of cord blood banks and research laboratories.

New York, NY -- (ReleaseWire) -- 11/16/2017 -- Axiom Market Research & Consulting published a new report on Global Umbilical Cord Blood Banking Market by Type of Storage, Application and End User, forecasts upto 2024. The global market is valued at USD 5.9 billion in 2017 and is projected to reach USD 16.6 billion by 2024 at a CAGR of 13.97% from 2019 to 2024.

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The Global Umbilical Cord Blood Banking market is studied on the basis of type of storage, application and end users. The primary types of storage of the umbilical cord blood are private banks, public banks, and co-ordinated public and private banks. The market is studied for major applications of cord blood such as cancer, blood diseases, metabolic diseases, immune diseases and osteoporosis. The end users considered in the study are hospitals, research institutes and pharmaceutical companies. Global umbilical cord blood banking market report is studied across various countries of North America, Europe, Asia Pacific, and Middle East & Africa.

Key players of global umbilical cord blood banking market include AlphaCord, Americord, CBR Systems, Inc., China Cord Blood Corporation, CorCell, Cord Blood America, Inc., Cryo-Cell International, Inc., Cryo-Save AG, Cordlife Group Ltd., FamilyCord, LifeUSA, LifeCell, Maze Cord Blood, StemCyte Inc., Vita 34 AG, ViaCord Inc, among others.

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Among the various types of storage, private blood banking accounted for larger share of the market. This segment is further expected to remain dominant in the near future growing at a CAGR of 14.39% from 2019 to 2024. The market for umbilical cord blood banking in public banks is also expanding owing to improving coordination between public banks and collecting hospitals and hence, this segment would also achieve significant growth in the coming years till 2024.

Today, umbilical cord blood has become a very important topic of study as it is being used as a live-saving medical treatment. This has given rise to large number of umbilical cord blood banks that store the cord blood on behalf of the patients. Increasing advances in healthcare, rising awareness about the advantages of cord blood stem cells, increasing willingness of the people for storing the cord blood and continuous research and development in this field is driving the market for umbilical cord blood banks. These blood banks are getting well equipped with storage of cord blood and are expanding their presence all over the world. They have great marketing techniques which trigger the people to store the cord blood in banks. These banks offer expectant parents a biological insurance policy that can be used in the event of a child or family member's life-threatening illness. Thus, there is a huge potential in the market.

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