U.S. Cord Blood Banking Services Market Size, Share, Report 2023-2032
The U.S. cord blood banking services market was surpassed at USD 6.86 billion in 2022 and is expected to hit around USD 20.52 billion by 2032, growing at a CAGR of 11.58% from 2023 to 2032.
Key Pointers
Report Scope of the U.S. Cord Blood Banking Services Market
| Report Coverage | Details |
| Market Size in 2022 | USD 6.86 billion |
| Revenue Forecast by 2032 | USD 20.52 billion |
| Growth rate from 2023 to 2032 | CAGR of 11.58% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Companies Covered | California Cryobank, StemCyte Inc., Cryo-Cell International Inc., Lifeforce Cryobank Sciences Inc., Stem Cell Cryobank Inc., Norton Healthcare Viacord, MiracleCord Inc., New Jersey Cord Blood Bank, Carter BloodCare. |
The growing use of Cord Blood (CB) & stem cells in hereditary disease treatment is propelling the industry's growth. Furthermore, the rising awareness about the benefits, a wide range of service providers, and health coverage are among the factors driving requirements for CB banking services. The COVID-19 pandemic has caused a global economic downturn, affecting many medical services. As a result of the pandemic, approximately 20% of CB services as well as blood component suppliers have seen a swift drop in subscriptions.
Therefore, infections associated with blood transfusions, as well as movement restrictions, have stifled the expansion of the industry. In comparison to the global industry, the CB banking services market in the U.S. is relatively mature. The factors driving the demand for CB banking services include rising per capita consumer spending and industry participants offering services at competitive prices. The growing number of CB applications in the treatment of numerous chronic diseases is also anticipated to be one of the primary drivers of the market.
CB stem cells are currently used to treat approximately 80 diseases. Bone marrow disorders, cancers, blood illnesses, hepatic conditions, and immunodeficiency syndromes are examples of these diseases. The rising prevalence of these diseases, combined with a lack of effective alternative treatments, is expected to increase the total number of cases, and further boost industry growth. According to the American Cancer Society, around 16.9 million patients were suffering from cancer in 2020 while more than 1.8 million new cases were diagnosed in the same year. Hence, a rise in the number of cancer cases being diagnosed is anticipated to drive industry growth.
Bank Type Insights
The private bank type segment accounted for the maximum share of more than 98% in 2022. This can be attributed to the large customer base of private banks, owing to their more appealing marketing strategies over public banks. Furthermore, higher costs per CB unit collected and retained at private banks are contributing to the higher revenue generated by this segment.
The hybrid bank segment, on the other hand, is expected to register the fastest CAGR of 12.05% during 2023-2032. A hybrid CB banking system combines aspects of both public & private banking systems and is expected to grow considerably over the forecast period. A hybrid model is shifting beyond the traditional division of public & private CB banking, as the former offers both options of donating CB and family banking. Many of the private banks, including StemCyte, Celebration Stem Cell Centre, Core 23 BioBank, and New Jersey Cord Blood Bank, prefer a hybrid model for operations. Furthermore, the inclination of end-users toward hybrid banking due to the advantages associated with it is fueling the demand for hybrid banks. The hybrid banking model improves access to global CB transplants and personalized banking. Thus, driving the market for hybrid banks and further boosting industry growth.
Component Insights
In 2022, CB dominated the industry and accounted for the maximum share of more than 51% of the overall revenue. The segment is likely to expand further at a steady growth rate retaining its dominant position throughout the forecast period. An increase in the prevalence of chronic diseases is boosting the demand for cord plantation applications, regenerative medical treatments, and the overall number of CB providers, all of which are driving market growth. Furthermore, an increasing number of births occurring in the U.S. is a major contributing factor to the growth of this segment.
On the other hand, the cord tissue component segment is expected to register the fastest growth rate during the forecast period. The ongoing study of different applications of cord tissues indicates that the segment has high growth potential. Parkinson’s disease, multiple sclerosis, Type 1 diabetes, rheumatoid arthritis, and cerebral palsy are among the currently approved applications. Furthermore, rising awareness about the benefits of tissue storage is expected to drive segment growth
U.S. Cord Blood Banking Services Market Segmentations:
By Bank Type
By Component
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on U.S. Cord Blood Banking Services Market
5.1. COVID-19 Landscape: U.S. Cord Blood Banking Services Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. U.S. Cord Blood Banking Services Market, By Bank Type
8.1. U.S. Cord Blood Banking Services Market, by Bank Type, 2023-2032
8.1.1. Private
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Public
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Hybrid
8.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 9. U.S. Cord Blood Banking Services Market, By Component
9.1. U.S. Cord Blood Banking Services Market, by Component, 2023-2032
9.1.1. Cord Blood
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Cord Tissue
9.1.2.1. Market Revenue and Forecast (2020-2032)
9.1.3. Placenta
9.1.3.1. Market Revenue and Forecast (2020-2032)
Chapter 10. U.S. Cord Blood Banking Services Market, Regional Estimates and Trend Forecast
10.1. U.S.
10.1.1. Market Revenue and Forecast, by Bank Type (2020-2032)
10.1.2. Market Revenue and Forecast, by Component (2020-2032)
Chapter 11. Company Profiles
11.1. California Cryobank
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. StemCyte Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Cryo-Cell International Inc.
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Lifeforce Cryobank Sciences Inc.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Stem Cell Cryobank Inc.
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Norton Healthcare Viacord
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. MiracleCord Inc.
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. New Jersey Cord Blood Bank
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Carter BloodCare.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers