Cord Blood Banking Services Market

Cord Blood Banking Services Market - Snapshot

Cord blood banking refers to the process of blood collection along with extraction and freezing its stem cells and various other cells of the immune system cryogenically. This procedure is meant for potential medical use in the future. As cord blood is related to the system of cord blood banking, it is often used for referring to the storage of various cells.

Cord blood is a rich source of stem cells, which can morph into different types of blood cells. These blood cells are utilized for the purpose of treating various ailments that could leave an adverse effect on the blood and immune system of the body. These cells are also utilized for the purpose of treating various disorders such as sickle-cell anemia, leukemia, and certain metabolic disorders and cancers. Growing prevalence of these diseases is anticipated to bolster the growth of the global cord blood banking services market in the years to come.

Increased Prevalence of Various Genetic Diseases is Estimated to Spur Market Growth

The global cord blood banking services market is estimated to be influenced by the increased utilization of cord blood and stem cells for treating various genetic diseases. In addition to this, initiatives to raise knowledge about the widely available of various insurance coverages and service providers and benefits of this process are anticipated to amplify the growth opportunities for the market.

The global cord blood banking services market is estimated to gather momentum from the rising spending on such healthcare products and services together with the availability of many appropriate payment plans. Furthermore, there has been a rise in the prevalence of cancer and various other genetic diseases that could be life threatening. This factor is expected to shoot up the demand for bone marrow transplant procedure. This is, in turn, expected to support the growth of the global cord blood banking services over the years of projections.

Latin America Cord Blood Banking Services Market: Snapshot

The demand in the Latin America cord blood banking services is projected to expand as cord blood transplantation is helps in treating various diseases such as lymphoma, leukemia, immune conditions, and sarcoma. It also helps in treating metabolic disorders as well. Over the past few decades, there has been an impressive growth in the global stem cell industry. The stem cells can be transmitted to patients having severe blood illnesses and various chronic disorders. Easy and large presence of cord blood units has also broadened opportunity for transplant options, particularly among patients that ae form mixed ethnicity.

Furthermore, cord blood stem cells are perceived to be easy to collect and can be stored for years. These stem cells have low infection risk and the elimination rate is also smaller than compared to bone marrow transplant. Nevertheless, the Latin America cord blood banking market in is developing and is projected to rise at high rate attributing to changing favorable government regulations and policies, which in turn benefit the market growth.

In a recent report published by Transparency Market Research (TMR), the Latin America cord blood banking services market is projected to rise at a healthy 9.40% CAGR during the forecast period between 2015 and 2023. The valuation of the Latin America cord blood banking services market is expected to reach US$0.44 bn by the end of 2023 progressing from US$0.19 bn earned in 2014.

Growing Incidence of Genetic Disorder to Boost Demand for Private Cord Blood Banking Service

The Latin America cord blood banking service market is classified on the basis of kind of storage that is further segmented into public cord blood banking services and private cord blood banking services. Out of these two, private cord blood banking services is leading the market due to high prevalence of genetic illnesses and improved understanding of such illnesses coupled with high-quality diagnostic services has fueled the demand for this segment. However, general notion among the physicians regarding the engagement of stored units might hamper the process of private cord blood banking services in countries like Mexico, Peru, Argentina, and Brazil.

Increasing Government Funding to Expand Cord Blood Banking Services Market

On the regional front, countries like Colombia, Mexico, and Brazil are concentrating on expanding the cord blood bank connectivity. In these countries, favorable government funding has benefited the cord blood banks. Although, there are various private cord blood banks already exist in the market and various other new players are making efforts to enter the Latin America market in the coming years. Some of the well-recognized cord blood banks in the region are operating in the area of stem cell development, non-invasive prenatal tests, and tissue engineering. In addition, countries in LATAM are making conscious efforts to reduce the problems faced by private and public banking by employing a hybrid model. The introduction of this model the sample will be stored in two portion, in which one portion will be only used by child or especially by the close family member and the second portion will be stored for public donation.

The report has also studied the leading players in the Latin America cord blood banking services market. Some of the leading players are Banco de Cordon Umbilical (BCU), America Cell Biobank, Inc., Redcord S.A., CrioCenter, and various others. Some of the player are highly dependent on technical advancements for expanding their business. 

Increasing Acceptance for Treatment of Genetic Diseases spawns Growth Avenues in LATAM Cord Blood Banking Market

The increasing adoption of cord blood and stem cells for the treatment of genetic diseases is spelling growth in the cord blood banking services market. The preservation of cord blood and stem cells is increasingly gaining traction, especially in urban areas of the region due to late pregnancies and genetic abnormalities is creating opportunities in the LATAM cord blood banking services market.

Cord blood banking refers to blood collection along with extraction and freezing of its stem cells and various other cells in the immune system at cryogenic temperatures. The collection, storage, and transport of cord blood and stem cells requires dedicated cord blood banking services, thus, fuelling the cord blood banking services market in Latin America.

The efficacy of cord blood banking is increasingly being established for a number of disorders such as leukemia, sickle-cell anemia, and certain metabolic conditions and cancers. This, in turn is creating opportunities for cord blood banking services to translate into growth for the cord blood banking services market.

The cord blood banking service market in Latin America is classified by kind of storage, which is further divided into private and public cord blood banking services. Of the two, private cord blood banking accounts for leading share in the Latin America cord blood banking services market. This is mainly because of high prevalence of genetic diseases, rising awareness of availability of treatment for genetic diseases, and availability of high-quality diagnostic services for rare genetic diseases. This, indirectly is expanding the horizon of Latin America cord blood banking services market.

Geographically, the Latin America cord blood banking services market is mainly concentrated in Colombia, Brazil, and Mexico. Factors such as favorable government funding, presence of commercial cord blood banks, and rising acceptance for cord blood therapies are creating opportunities in these regions in the Latin America cord blood banking services market.