The growing use of Cord Blood (CB) & stem cells in hereditary disease treatment is propelling the industry's growth. In 2023, the U.S. held a 25.1% market share and is expected to grow at a 3.7% CAGR from 2024 to 2034, indicating substantial growth throughout the forecast period.
NEWARK, DE / ACCESSWIRE / August 29, 2024 / The global cord blood product market is set to experience substantial growth over the coming decade, with market size expected to rise from USD 839.5 million in 2024 to a projected USD 1,341.7 million by 2034. This growth trajectory, representing a Compound Annual Growth Rate (CAGR) of 4.8%, underscores the increasing importance and adoption of cord blood products in medical treatments and research.
In 2023, sales of cord blood products reached USD 796.4 million, reflecting the growing demand for these life-saving products. The market is projected to see a year-on-year (Y-o-Y) growth rate of 5.4% in 2024, further emphasizing the sector's robust expansion.
The cord blood product market is experiencing significant growth as awareness about the therapeutic potential of cord blood stem cells increases globally. Cord blood, which is collected from the umbilical cord immediately after birth, is a rich source of hematopoietic stem cells that can be used in the treatment of various blood disorders, cancers, and genetic diseases. The market is projected to expand rapidly over the coming years, driven by advancements in stem cell research, an increasing number of approved clinical applications, and the growing adoption of cord blood banking services.
Cord blood products are utilized in regenerative medicine, offering a promising alternative to traditional bone marrow transplants. The rising incidence of conditions such as leukemia, lymphoma, and immune deficiencies, coupled with the increasing success rates of cord blood transplants, is propelling the demand for these products. Moreover, the market is witnessing an upsurge in the number of parents opting to store their newborns' cord blood for potential future use, further driving the market's growth.
Additionally, government initiatives and public awareness campaigns promoting the benefits of cord blood banking and its applications in treating life-threatening diseases are contributing to market expansion. The availability of advanced storage and preservation technologies is also enhancing the viability and shelf-life of cord blood products, making them more accessible and reliable for medical use.
Drivers and Opportunities:
The Cord Blood Product Market is driven by several key factors, including the increasing prevalence of hematological disorders and the growing recognition of cord blood as a valuable resource in regenerative medicine. The rise in government funding and support for stem cell research is also playing a critical role in market growth.
Opportunities in the market are expanding as technological advancements improve the efficiency and cost-effectiveness of cord blood collection, processing, and storage. The growing trend of public and private cord blood banking, along with the increasing number of clinical trials exploring new therapeutic uses of cord blood stem cells, is expected to create significant growth avenues for market players.
Moreover, as the healthcare infrastructure in emerging economies improves, the Cord Blood Product Market is likely to witness substantial growth in these regions. This expansion is further supported by collaborations between healthcare providers and cord blood banks to offer affordable and accessible storage options for families.
Key Takeaways from Market Study:
The global cord blood product market is expanding, with sales expected to increase from USD 839.5 million in 2024 to USD 1,341.7 million by 2034, driven by a CAGR of 4.8%.
The market size in 2023 was USD 796.4 million, indicating a year-over-year growth of 5.4% in 2024.
The United States holds the largest market share, accounting for 25.1% in 2023 and projected to grow at a CAGR of 3.7% during the forecast period.
China and India are anticipated to experience significant growth, with projected CAGRs of 8.4% and 9.5%, respectively, from 2024 to 2034.
The Cord Blood Product Market is projected to witness robust growth, driven by the increasing adoption of cord blood banking and stem cell therapies.
Hematopoietic stem cells from cord blood are being increasingly used in the treatment of blood disorders, cancers, and genetic diseases.
Government initiatives and public awareness campaigns are playing a crucial role in promoting cord blood banking.
Technological advancements in cord blood processing and storage are enhancing the reliability and accessibility of cord blood products.
Emerging economies present significant growth opportunities for market expansion due to improving healthcare infrastructure and rising awareness.
Access the Full Report for In-Depth Insights Now! https://www.futuremarketinsights.com/reports/cord-blood-product-market
Competition Outlook:
Leading cord blood product manufacturers are prioritizing acquisitions and recognition as they strive to develop new product lines and expand their global consumer base. These companies are focusing on partnerships, mergers, acquisitions, geographic expansion, and strategic collaborations to enhance their market presence.
By entering new markets and securing regulatory and marketing approvals, prominent manufacturers and emerging startups are broadening their operations. They are forging partnerships with international organizations and intensifying their research and development efforts to drive innovation and growth.
Companies are also expanding their global footprint through strategic partnerships and collaborations with healthcare providers and research institutions. By focusing on providing high-quality, cost-effective solutions, these companies are positioning themselves as leaders in the rapidly growing cord blood product market.
Recent Developments:
In 2023, MIMEDX, a company based in Georgia, entered into an exclusive distribution agreement with Gunze Medical Limited to market its EPIFIX product in Japan.
That same year, LifeCell International, headquartered in India, launched the 'PrepaCyte-CB®' technology, designed to enhance the yield of stem cells from cord blood.
Preety Maggo, an entrepreneur from India, established ‘Magic of Memories,' a jewelry business specializing in creating custom pieces from breast milk, hair, umbilical cord parts, and blood.
In 2024, researchers from Vienna University of Technology achieved a breakthrough in lab-grown cartilage by developing a novel technique that integrates 3D printing with stem cell technology.
Leading Cord Blood Product Brands:
CORD BLOOD AMERICA, INC.
Cordlife Group Ltd.
CBR Systems, Inc.
Cryo-Cell International, Inc.
StemCyte, Inc.
ViaCord PerkinElmer (Revvity)
NeoStem, Inc.
CryoHoldco
LifeCell International Pvt. Ltd.
Esperite N.V.
Maze Cord Blood Laboratories
Vita34 AG
Cryo-Save AG
Cells4Life Group LLP
CariCord, Inc.
Key Segments of Market Report:
By Product Type:
As per product type, the industry has been categorized into cord blood-derived growth factors, cord blood cell therapy products, and cord blood units.
By Therapeutic Area:
The segment is categorized into oncology, hematology, immunology, metabolic disorders, and others.
By Storage Status:
Cord blood products with storage status of fresh cord blood products, frozen cord blood units, and cryopreserved cord blood products are described.
By Application:
A few of the leading applications include transplantation, regenerative medicine, and others.
By End-user:
Several end-users include hospitals, cord blood banks, academic and research institutes, and specialty clinics.
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and Middle East and Africa.
Dive into Cord Blood Product Demand: Our Full Report Delivers In-Depth Trends and Insights!
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
Explore FMI's related ongoing Coverage on Healthcare Market Insights Domain:
The veterinary imaging market size is valued at USD 2,272.8 million in 2024. Growing pet ownership and awareness about animal healthcare are fueling the growth trajectory, marking USD 4,306.6 million industry size by 2034. Revolution in animal and aquatic healthcare has created a breeding ground for this sector which is foreseen to exhibit a CAGR of 6.6% through 2034.
The global microscope digital camera market share is set to register a 9.1% CAGR. The market is set to accumulate a revenue of USD 2,132.7 million by 2034, up from USD 892.6 million in 2024.
The global birth tissue products market demand enjoys a valuation of US$ 2.3 Billion in 2022, the market is anticipated to be worth US$ 4.5 billion by 2033 to expand at a 6.6% CAGR
The global blood warmer devices market growth is expected to reach a valuation of US$ 451.2 Million in 2022, and further expand at a CAGR of 7.6% from 2022 to 2032. The market is projected to reach a valuation of ~US$ 937.5 Million by the end of 2032.
The global centrifugal blood pump market trends garnered a market value of US$ 124.6 million in 2023 and is expected to accumulate a market value of US$ 184.5 million by registering a CAGR of 4.0% in the forecast period 2023 to 2033.
The vacuum blood collection devices market outlook is projected to attain US$ 2.6 billion in 2023. Throughout the forecast period, the vacuum blood collection devices industry is projected to assume a CAGR of 6.3% to attain US$ 4.79 billion by 2033.
The blood collection devices market overview is expected to register a CAGR of 6.5% during the forecast period. In 2023, the market valuation is expected to be at US$ 7.7 billion. By 2033, the figures are expected to cross US$ 14.4 billion.
The global blood banking equipment market sales is set to reach a valuation of US$ 14.8 Billion in 2022, registering a CAGR of 4.7% during the forecast period (2022 to 2032). The blood banking equipment market is set to surpass US$ 23.4 Billion in 2032.
The global oncology blood testing market forecast is likely to be valued at US$ 3,851.7 Million in 2022 and is expected to reach US$ 18,278.2 Million by 2032. The market is likely to exhibit immense growth at a CAGR of 15.2% during the forecast period.
The point of care blood testing devices market analysis is forecasted to be valued at US$ 49,973.6 million by 2032, up from US$ 15,362.4 million in 2022, advancing at a CAGR of 11.3% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website:https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
SOURCE: Future Market Insights Inc.
View the original press release on accesswire.com
