Umbilical Cord Blood Banking Market Size Set to Reach $7.9 Billion by 2031 Driven by Growing Awareness and Hybrid Models - Exclusive Report by The Insight Partners

The global umbilical cord blood banking market share is projected to grow significantly, reaching US$ 7.9 billion by 2031, driven by increasing awareness and hybrid banking models. Key players and rising demand for stem cell treatments are fueling market expansion.

/EIN News/ -- US & Canada, Feb. 06, 2025 (GLOBE NEWSWIRE) -- According to a comprehensive report from The Insight Partners, “Umbilical Cord Blood Banking Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Bank Type (Public and Private), Service (Storage and Processing), End User (Hospitals, Research Institutes, and Others), and Geography”.

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The global umbilical cord blood banking market is experiencing significant growth owing to the increasing awareness among expectant parents about benefits of cord blood banking. The report runs an in-depth analysis of market trends, key players, and future opportunities. The umbilical cord blood banking market is analyzed on the basis of bank type, service, and end user.

Umbilical Cord Blood Banking Market Overview of Report Findings

            1.   Market Growth: The global umbilical cord blood banking market is expected to reach US$ 7.9 billion by 2031 from US$ 3.4 billion in 2023; it is expected to record a CAGR of 11.00% during the forecast period. Umbilical cord blood banking collects and stores blood remaining in a baby after its umbilical cord is cut and clamped after birth. The blood contains stem cells that may treat various medical conditions, ranging from some cancers to blood disorders. The collection procedure is usually performed by health professionals soon after delivery, and then the umbilical cord blood is processed and stored in a facility until needed.

            2.   Increased Awareness: Increased awareness of umbilical cord blood banking drives market growth. With prospective parents learning about cord blood storage advantages, there has been a rising demand for both public and private banking companies. Governments in the U.S. are educating the public while promoting the use of umbilical blood banking services. National Cord Blood Awareness Month, designated by the National Health Information Center of the Department of Health and Human Services, is an initiative to create awareness regarding saving and storing cord blood held every July. As stem cell therapies gain acceptance and prestige in the medical fields, the perceived value of cord blood banking rises. The increasing acceptance of the same initiates parents to invest in banking services, knowing that the stored stem cells may be great considering future use. Hence, increased awareness of umbilical cord blood banking is a significant market driver.

            3.   Hybrid Banking Models: The introduction of hybrid banking models in the umbilical cord blood banking market has significantly contributed to growth, bridging gaps between parents' needs and the patient's interests. These models combine the benefits of private storage-ensuring that families have access to their child's stem cells for any future medical need-with the generosity of public banking, where cord blood donated will be used in patients needing transplantation. For example, in May 2024, The Department of Health - Abu Dhabi (DoH) and M42 collaborated to launch the Abu Dhabi Biobank, with its first offering being the region's largest hybrid cord blood bank.

            4.   Geographic Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Further, Asia Pacific is expected to record the highest CAGR during the forecast period.    

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Competitive Strategy and Development

• Key Players: Major companies operating in the umbilical cord blood banking market include Cordlife India, Biocell, CryoStemcell, NovaCord, LifeCell, H MA QU BEC, Atlantic Health System, WMDA, CryoViva Singapore, and ViaCord Inc.
• Trending Topics: Cord Blood Banking, Red Blood Cells, White Blood Cells, Platelets, Malignancies, Bone Marrow Failure, Haemoglobinopathies, Immunodeficiencies, Metabolic Disorders

Global Headlines on Umbilical Cord Blood Banking Market

• Cordlife Group Resumes Cord Blood Banking in Singapore With Enhanced Facilities And Protocols
• Sidra Medicine Launches Qatar's First Cord Blood Bank
• CytoMed Therapeutics Acquires Cord Blood Banking Licence and Assets to Entrench Its Strategy in Allogeneic, Off-the-shelf Donor-derived Gamma Delta (γδ) T Cells Technology for Solid and Liquid Cancers
  

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Market Segmentation

• Based on bank type, the umbilical cord blood banking market is segmented into public and private. The public segment held a larger share of the market in 2023.
• In service, the umbilical cord blood banking market is segmented into storage and processing. The storage segment led the market in 2023.
• By end user, the umbilical cord blood banking market is segmented into hospitals, research institutes, and others. In 2023, the hospitals segment dominated the market with the largest share.
• The umbilical cord blood banking market is segmented into five major regions: North America, Europe, APAC, the Middle East & Africa, and South & Central America.

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Conclusion

With growing awareness about the concept of umbilical cord blood banking and the hybrid banking models, this market is set to see a wide-ranging. Thus, the knowledge of potential lifesaving benefits through stem cells from the cord blood keeps parents in more significant consideration to opt for banking options. This increased awareness is crucial because it fosters demand for private banking and pushes donations to public banks, ensuring increased availability of stem cells to patients who need them. Hybrid banking models meet the interests of all parents and patients since they offer attributes of both public and private banks. These models allow families to preserve their child's cord blood for personal use while adding it to a public repository available for others. This dual use maximizes the utilization of cord blood collected and promotes a community and altruistic attitude by parents. In this regard, the market is experiencing a tremendous surge in participation and is expected to grow robustly in the coming years. Thus, the synergy between increased awareness and hybrid banking options is a key driver for expanding the umbilical cord blood banking market.

The report from The Insight Partners provides several stakeholders—including service providers, physicians, patients, and end users—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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