At 10.5% CAGR, North America Umbilical Cord Blood Banking Market is Projected to be Worth US$ 2,272.47 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America umbilical cord blood banking market was valued at US$ 1,023.99 million in 2023 and is expected to reach US$ 2,272.47 million by 2031, registering a CAGR of 10.5% from 2023 to 2031. Increasing hybrid banking models and rising prevalence of chronic illnesses are among the critical factors attributed to drive the North America umbilical cord blood banking market growth.

Hybrid banking models combine the advantages of private and public cord blood banking, offering a more comprehensive and flexible approach to stem cell storage and usage. These days, a lot of public banks are partnering with private cord blood banks using a hybrid model. Cryo-Cell runs one such cord blood bank in collaboration with Duke University Medical Center. The US Department of Health's HRSA has selected Cryo-Cell's public bank as one of the country's best cord blood banks to contribute to the National Cord Blood Inventory, along with other top banks, including MD. Anderson, and Duke University. In a hybrid banking model, families have the option to store a portion of their baby's cord blood in a private bank for their exclusive use while donating another portion to a public bank for potential use by others in need. This dual storage approach secures personalized treatment options for the family and contributes to the public stem cell registry, expanding the pool of available units for transplantation. Moreover, hybrid banking models align with the growing emphasis on personalized medicine and the importance of collaborative healthcare approaches. They reflect a shift toward a more patient-centric and community-focused healthcare framework, where the collective benefit of stem cell research and therapy is prioritized alongside individual needs. Owing to the increasing technological advancements and rising demand for stem cell therapies, hybrid banking models are expected to emerge as a major trend in the North America umbilical cord blood banking market during the forecast period.

On the flip side, stringent rules and regulations hamper the growth of North America umbilical cord blood banking market.

Based on bank type, the North America umbilical cord blood banking market is bifurcated into public and private. The public segment held 79.8% market share in 2023, amassing US$ 817.38 million. It is projected to garner US$ 1,788.12 million by 2031 to register 10.3% CAGR during 2023–2031.

By service, the North America umbilical cord blood banking market is bifurcated into storage and processing. The storage segment held 59.9% share of North America umbilical cord blood banking market in 2023, amassing US$ 613.29 million. It is anticipated to garner US$ 1,381.89 million by 2031 to expand at 10.7% CAGR during 2023–2031.

By end user, the North America umbilical cord blood banking market is into hospitals, research institutes, and others. The hospital segment held 59.9% share of North America umbilical cord blood banking market in 2023, amassing US$ 613.36 million. It is anticipated to garner US$ 1,402.15 million by 2031 to expand at 10.9% CAGR during 2023–2031.

Based on country, the North America umbilical cord blood banking market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 89.0% share of North America umbilical cord blood banking market in 2023. It was assessed at US$ 911.00 million in 2023 and is likely to hit US$ 2,040.70 million by 2031, registering a CAGR of 10.6% during 2023–2031.

Key players operating in the North America umbilical cord blood banking market are AlphaCord, LLC; HÉMA-QUÉBEC; NovaCord; Revvity Inc; and WMDA, among others.

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