Bizizz Market Research has recently published a research report, “Cord Blood Banking Services Market By Type (Private, Public and Hybrid), Component, and Region-Global Industry Trends, Estimation & Forecast, 2019 – 2027”.
As per the report, Global Cord Blood Banking Services Market was valued at US$ XX Bn in 2018 and it is anticipated to reach at a market value of US$ 86.2 Bn by 2027, witnessing a CAGR of 11.9 % during the forecast period. Key drivers of the market are increasing the number of cord blood banks along with marketing activities to create awareness.
The key factors stimulating the Cord Blood Banking Services are contributing to the application of stem cell therapies in treating diseases along with a rise in life-threatening genetic disorders. Customers are increasingly becoming aware of the benefits regarding the cord blood banking services. These services are advantageous in securing the future of child health. However, companies catering these services involve different marketing activities supporting an increase in market demand for cord blood banking services worldwide. Governments of various nations are promoting the cord blood banking services through increasing awareness among the customers in the context of cord blood banking services that might contribute in relaying on suitable leukocyte antigen to match the patients suffering from different ailments.
The Cord Blood Banking Services market is anticipated to register a CAGR of over 11.9% during the forecast period.
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By Bank type, Private segment held a prominent share in Global Cord Blood Banking Services Market in 2018.
The Private bank segment accounted for the highest revenue in the market of cord blood banking services in 2018. The rising cost of collecting, processing, and storage coupled with rising awareness created from marketing activities are admired by organizations in support of private banks globally. The private banks are also increasing market foothold by the contribution of supportive policies enforced by governments had stimulated market demand. The healthcare industry is growing by favourable policies substantiating the market growth of private bank segments.
North America is Anticipated to Dominate the Global Cord Blood Banking Services Market during the Forecast Period.
The North Americas region led the market demand in global cord blood banking services supporting an increase of service providers. Increasing awareness on advantages associated with cord blood storage, growing investments of public banking, and reduction in the cost concerned with the storage of cord blood are supporting factors to this market growth. The North American region has lucrative opportunities for the cord blood banking industry by an expansion of healthcare companies investments in this market. Factors such as per capita income, plunge in the number of storage services contributed with a rise in the adoption rate of advanced technologies supports in its market growth.
Global Cord Blood Banking Services market was highly consolidated with key players accounting for a significant share in 2018. The organizations involved in this market are expanding their market presence through partnerships and investments increasing their competency.
Prominent players operating in the Global Cord Blood Banking Services Market are ViaCord, Inc., Americord, Cord Blood America, Inc., China Cord Blood Corporation, Cordlife Group Limited, CBR Systems, Inc., Cryo-Save AG, Cryo-Cell International, Inc., Lifeforce Cryobanks, Virgin Health Bank, CordVida, National Cord Blood Program, CryoHoldco and Vita34., among others.
Impact of COVID-19 on Economy, Industry and Company
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in demand & supply gap, production delay and weak consumer demand of end products across industries.
At Bizizz Market Research, our analyst has done extensive research across industries and identified various methodologies which would assist C-Level executives to counter this ongoing threat and make informed business decisions.
Areas at which Bizizz Market Research would help decision makers are:
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e) Market assessment, regional
and country attractiveness, competitive benchmarking
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f) Prioritizing strategies and
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