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Stem Cell/Cord Blood Banking Global Market Report 2023
Major players in the stem cell/cord blood banking market are AMAG Pharmaceuticals, Cordlife, Cryo-Cell International, Esperite, Americord Registry LLC, China Cord Blood Corporation, Cordlife Group Limited, CordVida, ESPERITE N.
New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Stem Cell/Cord Blood Banking Global Market Report 2023" - https://www.reportlinker.com/p06229169/?utm_source=GNW
V. and Cryo Stemcell.
The global stem cell/cord blood banking market will grow from $10.23 billion in 2022 to $11.15 billion in 2023 at a compound annual growth rate (CAGR) of 9.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The stem cell/cord blood banking market is expected to grow to $16.36 billion in 2027 at a CAGR of 10.1%.
The stem cell/cord blood banking global market includes revenues earned by entities by providing services such as cryopreservation and collection services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Stem cell/cord blood banking is the process of storing stem cells or blood from the umbilical cord.It is used to treat future injuries.
By taking stem cells from the placenta and umbilical cord and preserving them for later use, cord blood banking can possibly save lives.
North America was the largest region in the stem cell/cord blood banking market in 2022. Western Europe was the second largest region in the stem cell/cord blood banking market.The regions covered in th e stem cell/cord blood banking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main cell types of stem cell/cord blood banking are adult stem cells, umbilical cord blood stem cells, and embryonic stem cells.Adult stem cells are a rare population of cells found in the body for the majority of postnatal life that give rise to a limited number of mature cell types that form the tissue in which they dwell.
The different types of services include collection, processing, analysis, storage and involves various types of banks such as private banks, and public banks. The different applications include leukemia, anemia, thalassemia, autism, cerebral palsy, diabetes, and others.
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 a report by WebMD,an American publisher of health related news, in 2021, 10 million people died of cancer worldwide. which can be treated by transplanting the stem cells.
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.
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.
In December 2021, Cooper Companies, a Us-based medical device company, acquired Generate Life Sciences for $1,6 billion. The acquisition would enable Cooper co. to better serve their consumers and expand their customer base. Generate Life Sciences is a US-based provider of donor egg and sperm for fertility treatments, fertility cryopreservation services and newborn stem cell storage (cord blood & cord tissue)services.
The countries covered in the stem cell/cord blood banking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The stem cell/cord blood banking market research report is one of a series of new reports that provides stem cell/cord blood banking market statistics, including stem cell/cord blood banking industry global market size, regional shares, competitors with a stem cell/cord blood banking market share, detailed stem cell/cord blood banking market segments, market trends and opportunities, and any further data you may need to thrive in the stem cell/cord blood banking industry. This stem cell/cord blood banking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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