ALBANY, New York, Aug. 27, 2019 /PRNewswire/ -- According to a latest report published by Transparency Market Research, the global Umbilical Cord Blood Banking Market is expected to witness a robust growth as a result of extensive potential of blood forming stem cells in the treatment of various blood-related disorders. Moreover, the growth of the market is also expected to ride on the vast application of umbilical cord blood in various cell-based therapies. This is because umbilical cords are the best alternatives to harvest hematopoietic stem cells. These cells can be further used as an on-the-shelf solution for various malignant and non-malignant blood diseases.
Market to Present Gain Revenue worth US$8,178.1 Mn
According to the analysis by the experts at Transparency Market Research, the global umbilical cord blood banking market is expected to offer various growth opportunities to the players. These opportunities shall help players generate maximum revenue during the forecast period. The report suggests that market is expected to generate US$8,178.1 mn by the end of 2025.The market had initially clocked revenue worth US$3,124.4 mn in 2016. Owing to the evident humungous growth potential, the global umbilical cord blood banking market is expected to expand at a strong 11.4% CAGR during the forecast period.
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North America Continues to Dominate the Regional Market
Owing to the enormous demand of umbilical cord blood which is primarily used for stem cell research in countries like U.S and Canada, North America is expected to retain its dominance in and register prominent growth during the forecast period. The region is expected to witness a growth of 38.2%.
Private Blood Banking to Emerge as a Leading Segment
On the basis of storage type, the global umbilical cord blood banking market is bifurcated into two segments, namely, public and private banks. The report predicts that private banking segment is expected to rise as the fastest growing segment in the market. The segment is expected to account for more than 65% of overall growth share of global umbilical cord blood banking market during the forecast.
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Use of Umbilical Cord in Treating Leukemia to Boost the Growth
Scientists have found that umbilical cords are the best source of stem cells and can be collected from people of different biological traits. This has raised the demand for storage facilities for umbilical cords in various parts of the globe. Moreover, the demand for stem cells in treatment for leukemia, lymphoma, and sarcoma has further paced up the requirement for umbilical cord blood. These factors are the major reason propelling the growth of global umbilical cord blood banking market.
Also, the umbilical cord blood banking market growth is heavily influenced by the new therapeutic strategies being developed for both hematological and non-hematological diseases in various developed nations such as U.S. and U.K. Further, technological developments in the field of cord blood storage and processing, is also expected to boost the growth of global umbilical cord blood banking market in the projected time frame of 2017 to 2025.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Umbilical Cord Blood Banking Market (Storage - Public Cord Blood Banks and Private Cord Blood Banks; Application - Cancers, Blood Disorders, Metabolic Disorders, Immune Disorders, and Osteopetrosis; End User - Hospitals (Medical Applications), Pharmaceutical Research (Drug Discovery), and Research Institutes (Scientific Research)) Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2017 – 2025."
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