At 8.3% CAGR, Middle East & Africa Umbilical Cord Blood Banking Market is Projected to be Worth US$ 193.87 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa umbilical cord blood banking market was valued at US$ 102.40 million in 2023 and is expected to reach US$ 193.87 million by 2031, registering a CAGR of 8.3% from 2023 to 2031. Rising prevalence of chronic illnesses and evolving field of regenerative medicine are among the critical factors attributed to drive the Middle East & Africa umbilical cord blood banking market growth.

The rising geriatric population and unhealthy lifestyle contribute to the increasing prevalence of chronic diseases, propelling the demand for alternative and potentially curative treatment options. Umbilical cord blood, rich in hematopoietic stem cells, offers a valuable option for treating various conditions, including blood cancers, autoimmune diseases, and genetic disorders. There are rising advancements in stem cell research and the increasing success rates of cord blood transplants in treating a more comprehensive range of diseases. The realization that a child's cord blood can provide a potentially life-saving resource for themselves or a family member is a powerful motivator for parents. Thus, families are increasingly opting to preserve their child's cord blood, recognizing its potential therapeutic value for future use in case of a medical need, particularly in the face of escalating chronic illness rates. Therefore, the growing need for stem cell-based therapies due to the rising prevalence of chronic illnesses fuels the Middle East & Africa umbilical cord blood banking market growth.

On the contrary, stringent rules and regulations hamper the growth of Middle East & Africa umbilical cord blood banking market.

Based on bank type, the Middle East & Africa umbilical cord blood banking market is bifurcated into public and private. The public segment held 82.4% market share in 2023, amassing US$ 84.34 million. It is projected to garner US$ 158.39 million by 2031 to register 8.2% CAGR during 2023–2031.

By service, the Middle East & Africa umbilical cord blood banking market is divided into storage and processing. The storage segment held 64.0% share of Middle East & Africa umbilical cord blood banking market in 2023, amassing US$ 65.58 million. It is anticipated to garner US$ 126.43 million by 2031 to expand at 8.6% CAGR during 2023–2031.

By end user, the Middle East & Africa umbilical cord blood banking market is into hospitals, research institutes, and others. The hospital segment held 62.7% share of Middle East & Africa umbilical cord blood banking market in 2023, amassing US$ 64.20 million. It is anticipated to garner US$ 125.02 million by 2031 to expand at 8.7% CAGR during 2023–2031.

Based on country, the Middle East & Africa umbilical cord blood banking market is categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that South Africa captured 38.6% share of Middle East & Africa umbilical cord blood banking market in 2023. It was assessed at US$ 39.48 million in 2023 and is likely to hit US$ 76.10 million by 2031, registering a CAGR of 8.5% during 2023–2031.

Key players operating in the Middle East & Africa umbilical cord blood banking market are CryoViva Singapore, NovaCord, Revvity Inc, and WMDA, among others.

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