Global cord blood banking services market is projected to witness a CAGR of 6.54% during the forecast period 2024–2031, growing from USD 30.76 billion in 2023 to USD 51.06 billion in 2031. The market for cord blood banking services is thriving under the influence of the rising use of cord blood in various therapies for cancer, immunology, and genetic diseases, the growing prevalence of such diseases, and the opening of new banks for storing and processing cord blood.
Cord blood banking services involve collecting, processing, and storing umbilical cord blood immediately after childbirth. Since it is rich in hematopoietic stem cells, its quantity is significant enough to be used in the treatment of many diseases, such as genetic disorders, blood disorders, cancers, and problems relating to the immune system. Families use these services to save potential future medical treatments for their children or family members in a more proactive approach to managing health risks associated with genetic and chronic diseases. The growing awareness of the medical benefits of stem cells contained in cord blood, particularly for the treatment of genetic and chronic diseases, has provided much impetus to the growth of the cord blood banking services market. Although private and public banks form part of this market, private banks have recently gained much popularity among expectant parents seeking personalized healthcare solutions. Advances in processing technologies, as well as supportive regulations, have further improved confidence in these services. Growing genetic disorders and increased emphasis on preventive healthcare drive demand. Since research is advancing daily, new therapeutic applications are likely to fuel future market growth.
For instance, in September 2024, Cordlife Group Limited, approved to resume cord blood banking activities in Singapore in a controlled manner, unveiled its enhanced processing and storage facility. This facility features strengthened operational protocols and an advanced laboratory monitoring system, among other improvements.
Growing Genetic Diseases Keep Pushing the Cord Blood Banking Services Market
Genetic disorders have been among the critical factors driving cord blood banking services. Increasing medical diagnoses are being made for diseases like leukemia and sickle cell anemia among families. Such findings of genetic disorders improve the appeal of cord blood holding valuable stem cells used in therapies. Parents, especially those with a family history of genetic disorders, usually bank cord blood to prevent such an occurrence that may be detrimental to the health of their child. Advances in the use of stem cell therapies involving cord blood for such conditions enhance its perceived value. Health providers now increasingly educate expectant parents about the merits of cord blood banking along with genetic risks, thus enhancing interest. Overall, increased awareness, changes in treatment options, and increased preventive health care make cord blood banking an attractive option for families concerned about genetic health issues.
For instance, according to the Cord Blood Association, more than 40,000 patients with serious diseases and disorders have benefited from cord blood treatments since the first transplant in 1988. This trend is anticipated to continue in the future, owing to the advancements in stem cell therapies that involve the usage of cord blood.
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Increasing Access to Cord Blood Banks to Drive Market Growth in the Near Future
The opening of new cord blood banks will significantly boost growth in the market as accessibility improves with increased awareness. Families from under-served regions will more conveniently find access to cord blood banking services with more open banks, hence increasing adoption. Greater competition between banks will increase better service offerings, prices, and innovative marketing, attracting more customers. New banks also carry out education programs to train consumers on the advantages of cord blood banking and its potential role in treating several medical conditions. In addition, they might diversify by offering several varied options, such as private and public banking, for consumer preference. Moreover, new cord blood banks invest periodically in research and development, contributing to achievements made regarding stem cell therapies, thereby increasing the value perception of banking services.
For instance, in May 2024, the Department of Health, Abu Dhabi, and M42 partnered to establish the Abu Dhabi Biobank, including the region’s largest hybrid cord blood bank. This initiative reinforces the Emirate’s status as a top destination for life sciences. Its goal is to reduce waiting times for treatment, enhance access to therapies for patients, improve survival rates, and lessen the economic burden on governments.
Dominance of Oncology Application Segment in Cord Blood Banking Services Market
The oncology segment dominates the cord blood banking services market. The demand for hematopoietic stem cells is rapidly increasing in cancers like leukemia and lymphomas. This is a very critical treatment area, which is significantly driving demand for cord blood banking services. Another factor that will fuel the success of cord blood transplantation is that it is gradually gaining acceptance in oncology. In fact, because of its higher success rates, it is fast emerging as the first preference of most patients. Apart from that, acceptance of cord blood transplants, regulatory support, and ongoing research on stem cell therapies will continue to fuel the growth prospects for the market. As people wake up to the benefits of cord blood banking in cancer treatment, more families are opting to bank their newborn’s cord blood role, which will only intensify in prominence in the health landscape.
For instance, in July 2024, CytoMed Therapeutics Limited acquired a cord blood banking license and related assets to enhance its strategy in developing allogeneic, off-the-shelf donor-derived gamma-delta (γδ) T-cell technology. This advancement aims to improve cancer treatment options by leveraging innovative cell therapy approaches, particularly for solid tumors.
North America Dominates Cord Blood Banking Services Market
Factors such as a well-developed healthcare infrastructure and extensive investment in the field of medical research boost innovation in the direction of stem cell therapies. Additionally, awareness among expectant parents of the benefits of cord blood banking further fuels the demand. The regulatory frameworks applicable in the United States and Canada are friendly to safe and ethical banking practices, which helps boost consumer confidence. There is also an increased number of clinical trials and transplant successes that have given cord blood a strong place in medical use, especially in cancer. A larger number of established cord blood banks alongside public and private banking creates a competitive environment that will always foster good service quality and availability. All these factors make North America a leading figure in global cord blood banking.
Future Market Scenario (2024–2031F)
Cryopreservation has greatly made cord blood banking easier, with long-term storage of stem cells. Freezing ultra-low temperatures can preserve the stem cells’ viability and functionality even after many years, allowing patients to thaw them for transplants and regenerative therapies. This, consequently, increases accessibility for patients and aids further research and personalized medicine. Therefore, as thawing processes improve and cryoprotectants continue to progress, the effectiveness of stored stem cells continues to increase. Moreover, growing awareness and accessibility of cord blood banking makes it more feasible for parents to have it done on behalf of their child and hence increases the pool of diverse stem cell donors in the future. Future innovations may lead to better storage methods, greater cell yields, or even universal donor cells.
In September 2024, the family cord blood bank Cryo-Cell International launched a new operation center in Durham, North Carolina. This expansion aims to strengthen the company’s presence and production capacity and improve access to its stem cell storage services. The company will further utilize the operation center to conduct R&D with a focus on innovation for advancing stem cell research and therapeutic applications.
Report Scope
“Cord Blood Banking Services Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global cord blood banking services market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecasts between 2024 and 2031. Additionally, the report profiles the leading players in the industry, mentioning their respective market share, business models, competitive intelligence, etc.
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