World News: 15:00 GMT Wednesday 15th May 2019. [Acumen Research and Consulting via Globe Newswire via SPi World News]
LOS ANGELES, May 15, 2019 (GLOBE NEWSWIRE) -- The Global is estimated to grow at CAGR above 5.5 % over the forecast time frame and reach the market value around USD 21 billion.
Cord blood and steaming cells are increasingly being used to treat genetic diseases, leading to a growth of the global cord blood banking market. In addition, increasing awareness of the benefits and widespread access to insurance-based services by service providers are some of the drivers of cable blood banking service demand globally.
In addition, increasing expenditure capacity and appropriate market players payment plans are boosting demand for these services. Increased cancer incidences and other life-threatening genetic diseases are also expected to increase the number of patients required for bone marrow transplantation. According to the Leukemia Research Foundation, for instance, about 761,659 patients with Hodgkin's or non-Hodgkin's lymphoma in the United States alone have been treated for another condition commonly with stem cells. Therefore, it is anticipated that the demand for the appropriate CB unit will grow fast in the near future and that the demand for public banking will grow considerably.
On the other hand, the major factors hindering the growth of the market are stringent regulatory requirements, ethical questions and dilemmas in the choice of a bank. Furthermore, the high cost of storing and collecting the unit stored by the private bank and the risk of non-usability further restrict the global growth of the CBB services market.
Two types of cord blood banks are available worldwide: public and private. Due to the large cost associated with collection and storage of the CB unit charged to parents, private banks captured the largest share of income in 2018. In addition, private player marketing activities lead to an increased private customer base compared with public banks. In light of all of the above factors, the private banking segment was the world leader.
More likely to match the patient's blood in combination with the risk of non-usability of the blood system stored in a private bank, however, are some of the main factors that will boost public banks ' growth in the near future. In addition, governments invest gradually in public banks to increase the genetically diversified repository of stored units. As a result, during the forecast period from 2019 to 2026, the segment public banking is expected to show significant growth.
Due to the broad presence of private players and the high public awareness, North America dominated the global market in 2018. As a result of high healthcare expenditure and awareness of available services, Europe was second biggest market in 2016 after North America. In some countries, however, such as France and Italy, government restrictions on the establishment of private banks are challenging market growth in Europe.
Few of the major actors in the industry in the global cord-blood banking market are Cryo-Save AG, FamiCord, CBR Systems, Inc., Cordlife, Hewlett-Packard, the Global Cord Blood Corporation, America, LifeCell, Singapore Cord Blood Bank, the Jeevan Stem Cell Foundation, and ViaCord, LLC. For instance, the Americord Registry announced in September 2017 that it would offer placental tissue banking on its own. The company can expand its service portfolio and stimulate revenue generation through this new service.
In 2005 C.W introduced the concept of cord blood banking. The 2005 National Cord Blood Inventory (NCBI) was established by the Bill Young Transplantation Program and the Stem Cell Therapeutic and Research Act. The objective of the Combined Entity was to improve the national supply of cord blood units donated publicly. Currently, the U.S. approved cord blood. Over 80 life threatening diseases are being treated by the FDA. With the continued support of the medical community and government in different nations, the market will expand quickly. In addition, in the next decade, researchers claim to be a standard treatment for cord blood cells, with several ongoing clinical trials currently being tested for possible future treatments.
Globe Newswire: 15:00 GMT Wednesday 15th May 2019
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