The U.S. cord blood banking services market size is expected to reach USD 49.1 billion by 2025, at a CAGR of 12.2% according to a new report by Grand View Research, Inc. Increasing awareness regarding long term benefits of cord blood storage, increasing number of service providers, reduction in cost involved in storage, and growing investment in public banking are the factors driving the market growth in the country.
The U.S. cord blood banking services market captures a significant share of the global cord blood banking industry. Factors such as high adoption rate for advanced technologies, growing per capita income, and increasing number of storage service providers can be attributable to the largest market share.
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Growing applications of cord blood in the treatment of several chronic disorders is expected to fuel the market. Currently cord blood is approved for usage in around 80 diseases. These disease include degenerative disorders such as cancers, immunodeficiency related disorders, and bone marrow disorders. Growing prevalence of such diseases and need for effective therapeutic treatments are expected to boost the number of units stored. A large number of ongoing clinical trials in phase II, III, and IV are showing a potential growth opportunity in the near future.
U.S. Cord Blood Banking Services Market Report Highlights
• Private banking currently captures the largest revenue share and is expected to dominate the market throughout the forecast period
• Large number of parents opting for private banking, high prices involved in collection, transport and storage, and increasing number of these type of service provides are the prime factors expected to result in swift growth of the segment during the forecast period
• Increasing awareness, high government investment, and efforts to store genetically diverse cord blood units are the factors expected to boost the segment growth of public banking
• Cord blood captured the largest market share in 2016 over cord tissue and placenta. Relatively easy license acquisition, affordability, and ease of storage are the factors driving the segment share.
• Key market players include California Cryobank Stem Cell Services LLC; Cord Blood America, Inc.; StemCyte, Inc.; Norton Healthcare, Inc.; Cryo-Cell International, Inc., and Lifeforce Cryobank Sciences Inc.
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U.S. Cord Blood Banking Services Market Segmentation
Grand View Research has segmented the U.S. cord blood banking services market on the basis of blood bank type, component and state:
Bank Type Outlook (Revenue, USD Billion, 2014 - 2025)
• Private
• Public
• Hybrid
Component 8Outlook (Revenue, USD Billion, 2014 - 2025)
• Cord Blood
• Cord Tissue
• Placenta
Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• Arizona
• California
• Florida
• Kentucky
• New Jersey
• Texas
• Houston
• Massachusetts
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.