At 12.3% CAGR, Asia Pacific Umbilical Cord Blood Banking Market is Projected to be Worth US$ 1,893.96 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific umbilical cord blood banking market was valued at US$ 750.93 million in 2023 and is expected to reach US$ 1,893.96 million by 2031, registering a CAGR of 12.3% from 2023 to 2031. Evolving field of regenerative medicine and rising prevalence of chronic illnesses are among the critical factors attributed to drive the Asia Pacific umbilical cord blood banking market growth.

The burgeoning field of regenerative medicine focuses on repairing and regenerating damaged tissues and organs. As researchers unlock the immense potential of stem cells, particularly those found in umbilical cord blood, the demand for these cells is rapidly increasing. The evolving landscape of regenerative medicine is pushing the boundaries of what's possible in treating a wide array of diseases and conditions, from blood cancers and autoimmune disorders to neurological and orthopedic injuries. The promise of regenerative therapies using cord blood stem cells is attracting patients and medical professionals, who are increasingly recognizing the unique therapeutic advantages these cells offer. This expanding awareness, coupled with ongoing research and clinical trials demonstrating the efficacy of cord blood stem cell therapies, is driving a significant increase in the number of families opting to bank their child's cord blood. As regenerative medicine continues to evolve and demonstrate its therapeutic potential, the umbilical cord blood banking market experiences sustained growth driven by the increasing demand for these vital cells.

On the contrary, stringent rules and regulations hamper the growth of Asia Pacific umbilical cord blood banking market.

Based on bank type, the Asia Pacific umbilical cord blood banking market is bifurcated into public and private. The public segment held 78.8% market share in 2023, amassing US$ 592.03 million. It is projected to garner US$ 1,474.95 million by 2031 to register 12.1% CAGR during 2023–2031.

By service, the Asia Pacific umbilical cord blood banking market is bifurcated into storage and processing. The storage segment held 59.9% share of Asia Pacific umbilical cord blood banking market in 2023, amassing US$ 449.86 million. It is anticipated to garner US$ 1,161.95 million by 2031 to expand at 12.6% CAGR during 2023–2031.

By end user, the Asia Pacific umbilical cord blood banking market is into hospitals, research institutes, and others. The hospital segment held 59.9% share of Asia Pacific umbilical cord blood banking market in 2023, amassing US$ 449.66 million. It is anticipated to garner US$ 1,190.57 million by 2031 to expand at 12.9% CAGR during 2023–2031.

Based on country, the Asia Pacific umbilical cord blood banking market is categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.6% share of Asia Pacific umbilical cord blood banking market in 2023. It was assessed at US$ 229.41 million in 2023 and is likely to hit US$ 582.52 million by 2031, registering a CAGR of 12.4% during 2023–2031.

Key players operating in the Asia Pacific umbilical cord blood banking market are Biocell, Cordlife India, CryoViva Singapore, LifeCell International Pvt Ltd, NovaCord, Revvity Inc, Vowels 196 (Cryo Stemcell), and WMDA, among others.

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