Major players in the stem cell/cord blood banking market are AMAG Pharmaceuticals, Cordlife, Cryo-Cell International, Esperite, and Americord Registry LLC. The global stem cell/cord blood banking market is expected to grow from $8.
New York, Sept. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stem Cell/Cord Blood Banking Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151580/?utm_source=GNW
16 billion in 2020 to $8.61 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $12.51 billion in 2025 at a CAGR of 9.8%.
The stem cell/cord blood banking global market consists of sales of stem cell/cord blood banking services and related goods.Cord stem cells are referred to as regenerative medicines which help in regeneration of tissues or cells in the body.
Stem cells therapy is designed to aid the physician in performing medical treatment of different types of cancers, neurodegenerative diseases, graft-versus-host disease and heart diseases.
The stem cell/cord blood banking market covered in this report is segmented by cell type into adult stem cells, umbilical cord blood stem cells, embryonic stem cells. It is also segmented by service into collection, processing, analysis, storage; by bank type into public, private and by application into leukemia, anemia, thalassemia, autism, cerebral palsy, diabetes, others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Lack of awareness especially among pregnant women is a major restraint for the stem cell/cord blood banking market.This is mainly because a majority of pregnant women are unaware of the functioning of the public cord blood banks.
Hence, this option is not fully explored despite the advantages of stem cell transplantation in treating cancer. For example, according to the survey by International Journal of Reproduction, Contraception, Obstetrics and Gynecology (IJRCOG), only 45% of pregnant women were informed about the uses of umbilical cord blood during pregnancy, just 5% were aware about the cost of the procedure and less than 1% were aware about the availability of cord blood banking.
Pairing of cord blood and tissue storage with genetic testing services is an emerging trend in the stem cell/cord blood banking market.Such pairing is possible and efficient because of its complimentary services to the existing clients, thereby helping in expanding their product portfolio.
For example, genetic testing company Natera launched the Evercord cord blood and tissue storage service that enables expectant parents to collect, store and potentially retrieve their newborn’s cord blood and tissue for therapeutic use in transplantation and regenerative medicine applications.
In September 2019, CBR, a California Cryobank Life Sciences company acquired Natera’s Evercord cord blood and tissue banking business for an undisclosed amount.This acquisition will allow Natera to focus squarely on its core genetic testing business in reproductive health, oncology and organ transplantation.
Natera Inc, a genetic testing company that operates a CLIA-certified laboratory in San Carlos, California.
Increasing number of cancer patients is a major driver for the stem cell /cord blood banking market.Cancer diseases such as leukemia and multiple myeloma can be treated by stem cell transplant.
In stem cell transplant, treatment can be either done by autologous transplant in which the stem cells come from the same person who gets the transplant or by allogeneic transplant in which means the stem cells come from a matched related or unrelated donor.By using stem cells in the treatment of cancer, the blood forming stem cells which are damaged during chemotherapy can be restored.
According to the American Cancer Society, in 2019, around 606,880 deaths were caused in USA due to prevalence of the cancer which can be treated by transplanting the stem cells.
The US Food and Drug Administration (FDA) outlines guidance related to stem cells/cord blood banking in accordance with section 212 of the Small Business Regulatory Enforcement Fairness Act (Public Law 104-121).As per this act, stem cells sourced from cord blood for unrelated allogeneic use are regulated by the FDA, and, in order to distribute these products, distributors need to get a license from the FDA.
These licenses are provided by the FDA after reviewing the manufacturing and the storage conditions.In this regard, the American Association of Blood Banks (AABB) and other regulatory agencies also work with the FDA.
Hence, the regulatory scenario related to the stem cells/cord blood banking market is expected to keep a check on companies involved in this market.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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