The North America Cord Blood Banking Services Market would witness market growth of 11.7% CAGR during the forecast period (2022-2028).
Cord blood is the blood that is still present in the placenta and umbilical cord after a baby is delivered. Similar to those found in the bone marrow, it is abundant in blood stem cells, which can be employed to treat a variety of malignancies, immunological deficiencies, and genetic abnormalities. A cord blood transplant is used to treat a variety of significant illnesses, including bone marrow failure, sickle cell anemia, immunodeficiency, thalassemia, and metabolic problems. Blood cancers including leukemia and lymphoma are also treated with this procedure. Cord blood banking is the process of obtaining cord blood, extracting its stem cells and immune system cells, and cryogenically storing them for use in the future.
The stem cells in umbilical cord blood are abundant. Stem cells are useful because they aid in the treatment of a variety of fatal diseases. The majority of healthy individuals have no trouble producing stem cells. Unfortunately, due to a serious illness or medical condition, some people don't produce enough healthy stem cells. For certain people, stem cells from cord blood may even save their lives. These stem cells can be gathered and stored in cord blood banks. Medical professionals employ cord blood stem cells for transplantation in ill patients or for scientific studies.
The FDA's regulations do not require prior permission for the use of cord blood that has been kept for individual use or to be used by first- or second-degree relatives and meet other requirements. Other FDA criteria, such as establishment registration and listing, infectious disease screening and testing of donors (except when utilized for the original donor) and compliance with current good tissue practice regulations, still apply to private cord banks. Thus, the cord blood banking services market would expand in the North America region.
The US market dominated the North America Cord Blood Banking Services Market by Country in 2021; thereby, achieving a market value of $739.3 million by 2028. The Canada market is experiencing a CAGR of 13.9% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 13.6% during (2022 - 2028).
Based on Component, the market is segmented into Cord Tissue and Cord Blood. Based on Storage Services, the market is segmented into Private Cord Blood Banks and Public Cord Blood Banks. Based on Application, the market is segmented into Diabetes, Cancer Disease, Blood Disease, Immune Disorders, Metabolic Disorders, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Cord Blood Banking Services Market is Predict to reach $2.9 Billion by 2028, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AMAG Pharmaceuticals, Inc., Americord Registry LLC, StemCyte, Inc., Cordlife Group Limited, cordvida, Cryo-Cell International, Inc., CryoHoldco de LatinoAmérica and Vita 34 AG
By Component
By Storage Services
By Application
By Country
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