The Umbilical Cord Blood Banking Market Share is expected to reach USD 19,335.6 Million at a CAGR of 6.1% between 2020. With the WHO at the helm of universal health coverage, all the communities across the globe are eligible to use curative, preventive, promotive, palliative, and rehabilitative health services of proper quality. In other words, qualitative healthcare would soon be the norm throughout.
A new-fangled norm is likely to be observed by the healthcare vertical going forward. In other words, the novel healthcare vertical normal for supply chains, tech projects, governing critical supplies, regulations, and resilience would be new frameworks built by inter-governmental and governmental agencies for data sharing and response to disease. The Umbilical Cord Blood Banking Market is there to move along the private and public collaborations and alliances.
According to a new market report published by Persistence Market Research “Global Market Study on UCB Banking – Asia-Pacific to Witness Highest Growth by 2020” the global UCB banking market is estimated at USD 13,515.8 million in 2014 and is expected to grow at a CAGR of 6.1% from 2014 to 2020, to reach an estimated value of USD 19,335.6 million in 2020.
The UCB banking market is witnessing a significant growth due to the increasing prevalence of chronic diseases coupled with regenerative medicines. In addition, initiatives by various government associations have increased the importance of UCB by rising awareness about potential applications of cord blood are also supporting in the growth of the global UCB banking market.
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Some of the major players operating in the UCB banking market:
- Cord Blood Registry Systems, Inc.
- Cordlife Group Limited.
- Cord Blood America, Inc.
- NeoStem Inc.
- Cryo-Cell International, Inc.
- Esperite NV.
- Smart Cells International Ltd.
- China Cord Blood Corporation.
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However, strict license and accreditation procedures and high cord blood banking fee in private banks hampers the growth of global UCB banking market. As a result, the global UCB banking market is expected to grow a CAGR of 6.1% during 2014-2020.
North America has the largest market for UCB banking. Increasing prevalence of chronic diseases is key driver of UCB banking market in the region. In addition, various government associations have also led to the importance of cord blood donation and services for its future use in North America.
Similarly, the European UCB banking market is mainly driven by the increasing prevalence of diseases. In addition, increased awareness about therapeutic applications of cord blood and rising number of live births are also contributing in the growth of the UCB market in the region.
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In Asia-Pacific, UCB banking market is growing due to rising aging population and increasing prevalence of chronic diseases. In addition, several government associations and increasing number of live births are also increasing the demand of cord blood banking services in the region.
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