February 10, 2020
According to a recent study titled ‘Cord Blood Banking Market Size By Type of Bank (Public, Private), By Services (Processing, Storage), By Application (Cancer, Blood Disorders, Immuno-deficiency Disorders, Metabolic Disorders, Bone Marrow Failure Syndrome), By End-use (Hospitals, Research Institutes, Specialty Clinics), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Belgium, China, Japan, India, Australia, Singapore, Brazil, Mexico, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, cord blood banking market is projected to cross USD 23 billion by 2025.
Growing prevalence of research and development programs that intend to dive into the latest therapeutic avenues could drive the cord blood stem cells market growth over the coming years. In recent times, a variety of above 80 idiopathic and genetic diseases are currently being cured. In fact, several research institutes are constantly working on producing novel cord blood stem cell-based therapies for neurological disorders and brain injuries.
Based on the type of bank, market analysts claim that increasing trend of long-term preservation and storage of cord blood cells in private banks is slated to stimulate the private cord blood banks market growth. The segment reportedly generated proceeds worth USD 13.7 billion in 2018. Rising awareness about its benefits along with numerous discount offers for long-term storage could further enhance the product adoption within the predicted timeframe.
Speaking of the application terrain, cord blood cells are expected to gain massive traction from cancer treatment applications. Factors such as its promising potential for effective cancer treatment coupled with mounting number of cancer patients would positively impact the product adoption over the forthcoming years. Besides, it has a broad scope in treating leukemia and non-Hodgkin’s lymphoma.
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Analyzing the regional contribution, growing inclination towards storing cord blood in private and public banks for medical purposes would foster the Spain cord blood banking market. Earlier in 2018, the region had accounted for the largest market share and is predicted to touch USD 1,992.3 million by 2025. Additionally, the presence of well-established cord blood bank network and supportive federal initiatives regarding its usage could further expand Spain’s industry size.
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