The Asia Pacific Cord Blood Banking Services Market would witness market growth of 14.0% CAGR during the forecast period (2022-2028).
Increased adoption of cord blood banking services to treat conditions like immune disorders, cancer, diabetes and others, growth in the use of cord blood banking services in maternity hospitals, and an increase in population around the world are factors that are predicted to propel the growth of the global cord blood banking services market.
On the other hand, it is anticipated that the exorbitant cost of services will partially impede expansion. However, healthcare organizations' increased investment in cord blood stem cell research and commercialization is anticipated to generate enormous prospects for the industry's expansion.
The government initiative that has resulted in an increase in the number of cord blood banks and increased knowledge of the advantages of employing cord blood stem cells for the treatment of chronic diseases, like cancer, is likely to fuel the market expansion of cord blood banking services.
The Indian Health technology sector was valued at about $1.9bn in 2020. By 2023, this amount is expected to reach $ 5B. The healthcare sector in India is being driven by the rising prevalence of lifestyle diseases, increasing demand for affordable healthcare delivery systems due to technological advancements and government initiatives such as e-health, along with tax benefits and incentives. Through the improvement of health infrastructure, the programme aims to reduce the incidence of cancers linked to tobacco use, detect and treat uterine cervical cancer early, and provide therapy services, pain relief, and palliative care. Owing to all these elements, the market for cord blood banking services is estimated to grow rapidly in the Asia Pacific region.
The China market dominated the Asia Pacific Cord Blood Banking Services Market by Country in 2021; thereby, achieving a market value of $253.1 million by 2028. The Japan market is registering a CAGR of 13.3% during (2022 - 2028). Additionally, The India market would showcase a CAGR of 14.7% during (2022 - 2028).
Based on Component, the market is segmented into Cord Tissue and Cord Blood. Based on Storage Services, the market is segmented into Private Cord Blood Banks and Public Cord Blood Banks. Based on Application, the market is segmented into Diabetes, Cancer Disease, Blood Disease, Immune Disorders, Metabolic Disorders, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Cord Blood Banking Services Market is Projected to reach USD 2.9 Billion by 2028, at a CAGR of 13.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AMAG Pharmaceuticals, Inc., Americord Registry LLC, StemCyte, Inc., Cordlife Group Limited, cordvida, Cryo-Cell International, Inc., CryoHoldco de LatinoAmérica and Vita 34 AG
By Component
By Storage Services
By Application
By Country
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