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; it is estimated to record a CAGR of 10.5% from 2023 to 2031.
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 North America umbilical cord blood banking market growth.
In North America, the US holds the largest share of the umbilical cord blood banking market. The increasing utilization of regenerative medicines for disease management and growing emphasis on lowering hospitalizations and healthcare costs drive the growth of the US market. The healthcare sector in the US is witnessing massive investments in accelerating research and development activities in umbilical cord blood banking. The first Fund of NYBC Ventures was established in 2023 with the objective of advancing innovation in the blood-related sectors, cellular medicines, and supporting technologies. New York Blood Center, Inc. (NYBC) committed US$50 million to the Fund. NYBC Ventures, an early-stage life sciences investment firm, will focus on providing capital for innovative devices, technologies, and treatments that address the most pressing issues in benign hematology, transfusion medicine, and infectious illness. The fund also seeks to improve patient outcomes through the creation of treatments, supporting platforms and technologies, and strategic alliances to broaden the impact of NYBC. These activities boost organic developments such as product launches, product approvals, and new product innovations. Increasing financial aid by investors, government authorities, and significant players fuels the US umbilical cord blood banking market growth.
The North America umbilical cord blood banking market is segmented into bank type, service, end user, and country.
Based on bank type, the North America umbilical cord blood banking market is bifurcated into public and private. The public segment held a larger market share in 2023.
In terms of service, the North America umbilical cord blood banking market is bifurcated into storage and processing. The storage segment held a larger market share in 2023.
By end user, the North America umbilical cord blood banking market is segmented into hospitals, research institutes, and others. The hospitals segment held the largest market share in 2023.
By country, the North America umbilical cord blood banking market is segmented into the US, Canada, and Mexico. The US dominated the North America umbilical cord blood banking market share in 2023.
AlphaCord, LLC; HÉMA-QUÉBEC; NovaCord; Revvity Inc; and WMDA are some of the leading companies operating in the North America umbilical cord blood banking market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1,023.99 Million |
| Market Size by 2031 | US$ 2,272.47 Million |
| CAGR (2023 - 2031) | 10.5% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Bank Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Umbilical Cord Blood Banking Market is valued at US$ 1,023.99 Million in 2023, it is projected to reach US$ 2,272.47 Million by 2031.
As per our report North America Umbilical Cord Blood Banking Market, the market size is valued at US$ 1,023.99 Million in 2023, projecting it to reach US$ 2,272.47 Million by 2031. This translates to a CAGR of approximately 10.5% during the forecast period.
The North America Umbilical Cord Blood Banking Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Umbilical Cord Blood Banking Market report:
The North America Umbilical Cord Blood Banking Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Umbilical Cord Blood Banking Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Umbilical Cord Blood Banking Market value chain can benefit from the information contained in a comprehensive market report.
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