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.
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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.
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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.
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.
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