Cord Blood Banking Market Size to Attain USD 27.55 Bn by 2033

The global cord blood banking market size is anticipated to hit around USD 27.55 billion by 2033 from USD 16.81 billion in 2023, growing at a CAGR of 5.06% from 2024 to 2033.

Key Points

North America led the market with the biggest market share of 38% in 2023
By type of bank, the cord blood banking market’s private bank segment is expected to grow significantly during the forecast period.
By services, the processing segment dominated the market in 2023.
By application. The cancer segment significantly contributes to the market and is anticipated to grow at a notable CAGR during the forecast period.
By end-use, the hospital segment dominated the market in 2023.

Cord Blood Banking Market Size 2024 to 2033

The cord blood banking market has witnessed significant growth in recent years, driven by the increasing awareness about the therapeutic potential of cord blood stem cells and advancements in cord blood processing technologies. Cord blood banking involves the collection, processing, and storage of stem cells from the umbilical cord blood for future medical use. These stem cells are rich in hematopoietic and mesenchymal stem cells, making them valuable for treating various hematopoietic and genetic disorders, as well as certain types of cancers.

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Growth Factors:

Several factors contribute to the growth of the cord blood banking market. Firstly, the rising prevalence of hematopoietic and genetic disorders, coupled with the increasing demand for effective treatment options, has spurred the adoption of cord blood banking services. Additionally, advancements in cord blood processing and storage techniques have improved the viability and therapeutic potential of stored stem cells, enhancing the attractiveness of cord blood banking among expecting parents.

Moreover, growing investments in research and development activities aimed at exploring the therapeutic applications of cord blood stem cells have expanded the scope of cord blood banking. Clinical trials investigating the use of cord blood stem cells in regenerative medicine, immunotherapy, and tissue engineering are further driving market growth. Furthermore, supportive government initiatives and regulations promoting the establishment of cord blood banks and ensuring the quality and safety of stored cord blood units have bolstered market expansion.

Region Insights:

The cord blood banking market exhibits a diverse regional landscape, with North America, Europe, Asia Pacific, and other regions contributing significantly to market growth. North America holds a dominant position in the market, attributed to the presence of a well-established healthcare infrastructure, high healthcare expenditure, and increasing awareness among the population about the benefits of cord blood banking. Moreover, favorable reimbursement policies and extensive research activities in the region further fuel market growth.

Europe is also a key regional market for cord blood banking, driven by supportive regulatory frameworks, growing investments in healthcare infrastructure, and rising awareness about the therapeutic potential of cord blood stem cells. The Asia Pacific region is witnessing rapid market expansion, fueled by increasing healthcare expenditure, rising birth rates, and growing initiatives to promote cord blood banking in countries such as China, India, and Japan.

Cord Blood Banking Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 5.06%
Global Market Size in 2023	USD 16.81 Billion
Global Market Size by 2033	USD 27.55 Billion
U.S. Market Size in 2023	USD 4.47 Billion
U.S. Market Size by 2033	USD 7.33 Billion
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Type of Bank, By Services, By Application, and By End Use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Cord Blood Banking Market Dynamics

Drivers:

Several drivers propel the growth of the cord blood banking market. One of the primary drivers is the increasing prevalence of hematopoietic and genetic disorders, such as leukemia, thalassemia, and sickle cell anemia, which necessitate the use of stem cell transplantation for treatment. Cord blood stem cells offer a viable alternative to bone marrow transplantation, as they are associated with lower risks of graft-versus-host disease and are readily available.

Furthermore, the growing trend of delayed parenthood and advancements in assisted reproductive technologies have led to a rise in the number of pregnancies at advanced maternal age, increasing the demand for cord blood banking services. Additionally, the expanding applications of cord blood stem cells in regenerative medicine, tissue engineering, and immunotherapy have spurred research activities and investment in cord blood banking infrastructure.

Opportunities:

The cord blood banking market presents numerous opportunities for growth and expansion. With ongoing research focusing on enhancing the therapeutic potential of cord blood stem cells and developing novel applications, there is a vast scope for innovation in cord blood banking technologies and services. Moreover, increasing collaborations between cord blood banks, research institutions, and pharmaceutical companies are facilitating the development of advanced therapies utilizing cord blood stem cells.

Furthermore, expanding healthcare access in emerging economies, coupled with rising disposable incomes and improving healthcare infrastructure, is creating a conducive environment for the growth of the cord blood banking market in these regions. Additionally, the emergence of private and public partnerships aimed at promoting cord blood banking and facilitating access to stem cell therapies for underserved populations presents significant opportunities for market expansion.

Restraints:

Despite the favorable growth prospects, the cord blood banking market faces certain challenges that may impede its growth trajectory. One of the key restraints is the high cost associated with cord blood banking services, including collection, processing, and storage fees, which may deter some individuals from opting for these services. Moreover, limited awareness among healthcare professionals and the general population about the benefits of cord blood banking and stem cell therapies poses a challenge to market growth.

Furthermore, ethical and regulatory concerns surrounding the commercialization of human tissues and cells, including cord blood stem cells, may restrict market expansion. Stringent regulatory requirements governing the establishment and operation of cord blood banks, as well as concerns regarding the quality and safety of stored cord blood units, also pose regulatory hurdles for market players. Additionally, the emergence of alternative sources of stem cells, such as bone marrow and adipose tissue, may pose competitive challenges to the cord blood banking market.

Recent Developments

In April 2022, Aspen Neuroscience, Inc. commenced a groundbreaking patient screening study, the Trial-Ready Cohort Study, in collaboration with multiple clinical screening sites across the United States. This study marks a crucial initial step toward submitting an Investigational New Drug (IND) application to the United States Food & Drug Administration. Aspen Neuroscience’s objective is to explore the potential of ANPD001, an iPSC-derived cell replacement therapy, for treating Parkinson’s disease.
In April 2022, TreeFrog Therapeutics introduced The Stem Cell SpaceShot Grant, a grant program offering USD 100,000 in research funding exclusively dedicated to advancing the field of stem cell biology and regenerative medicine. This initiative supports innovative research projects, fostering progress and breakthroughs in understanding and applying stem cells.
In September 2022, ExCellThera aimed to enhance patients’ access to cord blood transplants. Cord blood transplants, characterized by not requiring exact HLA matching, offer a significant advantage over adult sources of stem cells. The company’s efforts contribute to improving the accessibility and efficacy of this medical intervention.
In March 2022, Cryo-Cell International, Inc. reported its purchase agreement for a newly constructed 56,000 sq ft facility within the Regional Commerce Center in the Research Triangle, NC. This facility is anticipated to expand Cryo-Cell’s cryopreservation and cold storage business, introducing a new service called ExtraVault. The closure is subject to customary conditions.