Potential Life-saving Benefits of Umbilical Cord Blood Banking Market Presents Promising Growth Prospects

The practice of collecting and preserving umbilical cord blood has been proved to be potentially lifesaving in nature. Choosing a procedure that can protect a child from harm in the future has been well-received among parents and doctors alike.

However, like any medical or surgical procedure, there are pros and cons that govern its adoptability. Let’s take a look at the benefits and downsides of umbilical cord blood banking.

Read Full Report: http://www.persistencemarketresearch.com/market-research/umbilical-cord-blood-banking-market.asp

Pros

  • Children suffering from diseases such as lymphoma, leukemia, or sickle cell anemia can be injected with hematopoietic progenitor cells (HPCs) from umbilical cord blood to enable the supply of healthy new cells.

  • HPCs can also help in recovery from cancer treatments.

  • A recipient body is less likely to reject cells from cord blood since they are less mature than bone marrow cells from an adult.

  • UCB banking is simple and painless.

Cons

  • The odds of a child using his or her own banked UCB are small.

  • The shelf life of UCB is a matter of debate. While the National Marrow Donor Program states that properly stored umbilical cord blood can be used up till 10 years since the date of storage, researchers are not entirely sure how long these cells last.

  • The chances of siblings being a genetic match in terms of UCB stem cells are only 25%.

  • Initial UCB banking processing may cost roughly US$1,800 while annual storage fee may be around US$100, which can be a concern.

Rapid Growth of UCB Banking Market in Coming Years

The global umbilical cord blood banking market has been witnessing impressive growth over the years owing to a number of factors. According to a report published by Persistence Market Research (PMR), the worldwide market for UCB banking stood at US$13,515.8 million in 2014 and is projected to reach US$19,335.6 million by 2020. If these values hold true, the global UCB banking market is likely to grow at a CAGR of 6.1% from 2014 to 2020.

Here are some of the factors driving and restraining the global umbilical cord blood banking market:

Market Drivers

  • Growing prevalence of chronic diseases

  • Increasing use of UCB for the treatment of neurological diseases, cardiovascular diseases, bone marrow disorders

  • Emergence and development of regenerative medicine

  • Rise in the number of government initiatives to support research into USB banking

  • Growing popularity of UCB in allogenic hematopoietic stem cell transplantation

  • Increasing importance of storage of umbilical cord tissue

Market Restraints

  • High fees of umbilical cord blood banking in private banks

  • Stringent licensing and accreditation procedures

Geographical Trends across Global UCB Banking Market

The worldwide market for umbilical cord blood banking is dominated by North America owing to increased prevalence of chronic diseases and growing awareness among the population regarding the importance of preserving and donating cord blood.

Europe has played a vital role in the growth of the UCB banking market owing to rise in number of live births and increased awareness about the potentially life-saving nature of UCB cells. However, Asia Pacific has emerged as a strong contender in the global UCB banking market and is estimated to be the fastest developing region by 2020, according to the PMR report.

The development of the UCB banking market can also be attributed to the growing number of players operating in the global market. Some of the prominent participants in the market are Cordlife Group Limited, StemCyte, China Cord Blood Corporation, Smart Cells International, Ltd., Cryo-Cell International, Inc., Esperite N.V., Cord Blood America, Inc., Cord Blood Registry Systems, Inc., ViaCord, and NeoStem, Inc.

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