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Cord Blood Banking Services Market Set for Strong Growth
According to a recent market report by The Business Research Company, the cord blood banking services market is expected to experience robust growth in the next few years, reaching a size of $35.03 billion by 2028 at a compound annual growth rate (CAGR) of 7.0%. This growth trajectory is a testament to the increasing demand for stem cell therapies and the advancements in medical technology.
Market Size and Growth
The cord blood banking services market has already demonstrated substantial growth, expanding from $25.05 billion in 2023 to $26.71 billion in 2024, with a CAGR of 6.7% during the historic period. This growth can be attributed to various factors, including an upsurge in government initiatives, rising healthcare expenditure, increasing prevalence of chronic diseases, and a heightened demand for cord blood cells.
Future Outlook
Looking ahead, the market is expected to continue its upward trend, driven by the increasing occurrence of autoimmune diseases, escalating prevalence of cancer, mounting incidence of hematological disorders, rising commonality of ongoing diseases, and an increase in occurrences of genetic disorders. As the market continues to grow, it is anticipated that technological advancements, the development of innovative stem cell therapies, and progress in cord blood processing and storage techniques will play a crucial role in shaping its future.
Key Trends and Emerging Markets
Several trends are expected to emerge in the forecast period, including the development of innovative solutions like cord blood banking facilities, which aim to enhance the viability and therapeutic potential of stem cells. Additionally, the growing trend of minimally invasive and cosmetic procedures is predicted to fuel the growth of the market, driven by advancements in medical technology and an increasing focus on aesthetic enhancements.
Industry Players and Regional Insights
Key industry players, such as leading cord blood banking facilities and pharmaceutical research companies, are expected to play a significant role in stimulating the growth of the market. Geographically, North America was the largest region in the cord blood banking services market in 2023, while Asia-Pacific is expected to be the fastest-growing region in the forecast period.
Segmentation and Emerging Markets
The cord blood banking services market is segmented by component, service, application, and end-user, with key segments including cord blood, cord tissue, collection and transportation, processing, analysis, storage, cancer, blood disorders, metabolic disorders, immune disorders, hospitals, pharmaceutical research, and research institutes. Emerging markets, such as the Asia-Pacific region, are expected to provide significant growth opportunities for industry players.
Company Information
The Business Research Company, a leading market research provider, has published over 15,000+ reports across 27 industries, spanning 60+ geographies. The company’s reports draw upon 1,500,000 datasets, exhaustive secondary research, and unique insights derived from interviews with industry leaders.
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The Business Research Company is a market research and intelligence company that excels in company, market, and consumer research. We specialize in providing actionable insights, trend analysis, and market sizing for businesses and organizations worldwide. Our reports cover a wide range of industries, including healthcare, technology, finance, and more.
