The umbilical cord blood banking market size is expected to grow from US$ 3.41 billion in 2023 to US$ 7.89 billion by 2031; it is anticipated to record a CAGR of 11.0% from 2023 to 2031.

Market Drivers of the Umbilical Cord Blood Banking Market

The umbilical cord blood banking industry focuses on gathering, preserving, and storage of umbilical cord blood stem cells for possible future medical use. The expanding knowledge of stem cells' therapeutic potential and the developments in medical science and technology are driving this industry's growth. Businesses in this industry provide services for both private and public banking; private banking is more individualized but frequently entails additional fees. The market has a bright future, with growth in stem cell therapies and regenerative medicine applications predicted to drive further expansion. Thus, increased awareness about umbilical cord blood banking fuels the market growth.

Opportunities in the Umbilical Cord Blood Banking Market

Because of the expanding healthcare infrastructure and rising disposable incomes in emerging markets, there are significant growth opportunities for the penetration of cord blood banking services. Furthermore, profit and nonprofit organizations in developing countries are taking initiatives to increase awareness, creating ample opportunities in the market. For instance, with funding from a partnership with Tamil Nadu, Jeevan, also known as BeTheCure., is India's first entirely public cord blood bank. It allows Indians with blood cancers, thalassemia, and other blood disorders to receive matching stem cells from donated umbilical cord blood quickly, affordably, and cost less.

Umbilical Cord Blood Banking Market: Segmental Overview

By type of bank, the market is segmented into public and private. The public segment held a larger market share in 2023. The market, by service, is categorized into storage and processing. The storage segment held the largest umbilical cord blood banking market share in 2023. It is further anticipated that the highest CAGR will be registered during the forecast period. In terms of end user, the market is segmented into hospitals, research institutes, and others. The hospitals segment holds the major share in 2023, and it is anticipated to register the highest CAGR during the forecast period.

Umbilical Cord Blood Banking Market: Geographical Overview

The umbilical cord blood banking market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. Europe accounted for the largest share of the global market in 2023. A combination of public and private banking options characterize Europe's umbilical cord blood banking market. The goal of public cord blood banks, which the government or nonprofit groups finance, is to give patients in need donated cord blood units for allogeneic transplantation. Families can store their baby's cord blood for their use by using private cord blood banks. Growth in medical research, growing awareness of the therapeutic potential of cord blood stem cells, and supportive regulatory frameworks have all contributed to the steady expansion of the European cord blood banking market. Private cord blood banking has grown significantly in countries like Spain, Italy, Germany, and France due to rising disposable incomes and a growing focus on healthcare. However, the European market also has to contend with issues like the availability of substitute stem cell sources, regulatory complexity, and ethical concerns. Despite these obstacles, the European cord blood banking market is anticipated to keep growing due to continued R&D initiatives, a rise in regenerative medicine treatments, and expanding the region's healthcare infrastructure.

A few of the major primary and secondary sources referred to while preparing the report on the umbilical cord blood banking market are the World Bank Data, National Health Service (NHS), FDA (Food and Drug Administration), EMA (European Medicines Agency), and WHO (World Health Organization).