Rise in genetic testing, development in treatment for chronic diseases, and emergence of suitable payment plans drive the growth of the global stem cell umbilical cord blood market
PORTLAND, Ore., Aug. 26, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Stem Cell Umbilical Cord Blood Market by Storage Service (Public Cord Blood Banks, Private Cord Blood Banks, and Hybrid Cord Blood Banks), Therapeutics (Cancer, Diabetes, Blood Diseases, Immune Disorders, Metabolic Disorders, and Other Diseases), and Application( Transplant Medicine and Regenerative Medicine): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global stem cell umbilical cord blood industry was estimated at $3.11 billion in 2019, and is anticipated to hit $10.13 billion by 2027, registering a CAGR of 16.9% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in genetic testing, fertility, and reproduction assisted services, development in treatment for chronic diseases, surge in spending capacity of individuals, and emergence of suitable payment plans drive the growth of the global stem cell umbilical cord blood market. On the other hand, several legal and ethical issues during collection, higher cost of therapies, and unavailability of suitable matched donor impede the growth to some extent. However, advancements in therapeutic applications and rise in funds for public storage are expected to create lucrative opportunities in the industry.
The private cord blood banks segment to retain its dominance by 2027-
Based on storage services, the private cord blood banks segment contributed to nearly half of the global stem cell umbilical cord blood market revenue in 2019 and is expected to dominate by the end of 2027, owing to the technological advancements done at the storage facilities, increasing clinical applications for stem cells, and rising awareness regarding the use of umbilical cord blood stem cell and its applications in various diseases. The hybrid cord blood banks segment, on the other hand, would register the fastest CAGR of 17.1% during the study period.
The regenerative medicine segment to rule the roost-
Based on application, the regenerative medicine segment accounted for nearly three-fifths of the global stem cell umbilical cord blood market share in 2019 and is projected to lead the trail till 2027. This is because regenerative medicines in organ transplant eliminate the use of immune-suppressing drugs and anti-inflammatory treatment that are required to treat artificial organ, bone and tissues. Simultaneously, the transplant medicine segment would portray the fastest CAGR of 16.6% throughout the forecast period. The fact that the transplant medicines and stem cells are used in combination, as these are the complementary sources of treatment for replacing and matching damaged organs drives the segment growth.
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North America held the major share in 2019-
Based on geography, North America generated the major share in 2019, garnering more than two-fifths of the global stem cell umbilical cord blood market. Surge in experimental approaches being taken to attack the beta cells from immune system escalates the market growth in the province. At the same time, Asia-Pacific would manifest the fastest CAGR of 16.7% from 2020 to 2027. Increasing clinical trials in the region that stem cell to cure many age-related diseases and delay ageing have fueled the market growth.
Frontrunners in the industry-
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