Cord Blood Banking Services Market Hampered by Blood Shortage and Restrictive Usage; Market to Reach US$15.23 bn by 2019
The Global Cord Blood Banking Services Market is exhibiting a CAGR of 5.60% from 2013 to 2019. At the end of this forecast period, the market is expected to reach US$15.23 bn, after it was recorded at US$12.40 bn in 2012. The data is compiled into a research report published by Transparency Market Research. The report, titled “Cord Blood Banking Services Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” highlights the key aspects of this market after a thorough analysis of the drivers, restraints, and opportunities that lie ahead in the market’s timeline.
Cord blood banks are present around the world today. Equipped with the latest technologies with respect to medical data-keeping and storage, cord blood banks are locations where an individual can store blood from the umbilical cord for future use. Cord blood is what remains in the placenta after birth and is highly valuable in the treatment of diseases that are genetic or hematopoietic in nature. Cord blood banks can be public or private and usually charge a fee for collection as well as an annual fee for storage and maintenance.
In terms of authority, the activities in the global cord blood banking services market are monitored and governed by bodies such as the Human Tissue Authority, Clinical Laboratory Improvement Amendments, American Association of Tissue Banks, and the American Association of Blood Banks
According to the report, the primary driver for the global cord blood banking services market is the increasing number of applications available for cord blood. This increase in scope of use will create more opportunities in this market in the near future.
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The report, however, also explains a number of factors that are currently restraining the global cord blood banking services market. The greatest restraint on the market is the low availability of cord blood units around the world. Additionally, it is currently difficult to maintain cord blood banks due to the high cost involved. The global cord blood banking services market is also hindered by the storage regulations imposed on laboratories in order to prevent contamination of units.
The report states that North America led the global cord blood banking services market in 2013, while the current growth rate is largely supplemented by the rapidly-progressing region of Asia Pacific. The Asia Pacific cord blood banking services market is growing at the fastest pace owing to the increasing disposable incomes and the increase in government support.
From a competitive perspective, the global cord blood banking services market is extremely difficult for new entrants to crack in light of such restrictions.
The key players in the global cord blood banking services market are NeoStem, Inc., Cryo-Cell International, Inc., China Cord Blood Corporation, ViaCord, Inc., Cord Blood Registry Systems, Inc., and Cord Blood America, Inc.
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