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The “Stem Cell/Cord Blood Banking Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global stem cell/cord blood banking market is expected to grow from $9.38 billion in 2021 to $10.23 billion in 2022 at a CAGR of 9%. The market is expected to reach $14.44 billion in 2026 at a CAGR of 9%.
Increasing number of cancer patients is a major driver for the stem cell/cord blood banking market. Cancer diseases such as leukemia and multiple myeloma can be treated by stem cell transplant. In stem cell transplant, treatment can be either done by autologous transplant in which the stem cells come from the same person who gets the transplant or by allogeneic transplant in which means the stem cells come from a matched related or unrelated donor. By using stem cells in the treatment of cancer, the blood forming stem cells which are damaged during chemotherapy can be restored. According to the American Cancer Society, in 2019, around 606,880 deaths were caused in USA due to prevalence of the cancer which can be treated by transplanting the stem cells.
Lack of awareness especially among pregnant women is a major restraint for the stem cell/cord blood banking market. This is mainly because a majority of pregnant women are unaware of the functioning of the public cord blood banks. Hence, this option is not fully explored despite the advantages of stem cell transplantation in treating cancer. For example, according to the survey by International Journal of Reproduction, Contraception, Obstetrics and Gynecology only 45% of pregnant women were informed about the uses of umbilical cord blood during pregnancy, just 5% were aware about the cost of the procedure and less than 1% were aware about the availability of cord blood banking.
Pairing of cord blood and tissue storage with genetic testing services is an emerging trend in the stem cell/cord blood banking market. Such pairing is possible and efficient because of its complementary…
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