Three sources for stem cells are bone marrow, peripheral blood, and umbilical cord blood. Blood inside the umbilical cord is called cord blood, and is collected at the time of delivery. Cord blood is a rich source for red blood cells (RBCs), white blood cells (WBCs), platelets, and hematopoietic stem cells, and is extracted and stored in private blood banks with an intention to cure diseases in future if required.
Increasing use of cord blood stem cells in healthcare and pharmaceutical industries is a key factor driving growth of the global cord blood stem cells market. In addition, increasing health concerns toward chronic diseases and blood disorders among the general population, coupled with easy availability, and regenerative nature of stem cells are major factors expected to drive growth of the global cord blood stem cell market over the forecast period.
High costs involved in stem cell storage and use is a key factor restraining growth of the global cord blood stem cell market. Additionally, amount of blood available, mismatches in genetic type, high contamination risk are some major factors hampering growth of the global cord blood stem cells market over forecast period.
However, overcoming challenges with advancements in technology can create opportunities for major players operating in the global cord blood stem cells market.
The global cord blood stem cells market report has been segmented on the basis of storage service, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America is a dominant player in the global cord blood stem cells market and accounts for largest market share in terms of revenue as compared to that of markets in other regions. This is attributed to well-developed healthcare industry, presence of leading medical diagnostics manufacturers, and increasing number of patients suffering from cancer and blood disorders. Europe accounts for the second-highest revenue share contribution to the global cord blood stem cells market followed by markets in Latin America, Asia Pacific and Middle East & Africa respectively. The market in Asia Pacific is projected to have fastest growth in terms of revenue, owing to increase in number of patients suffering from chronic diseases, and rise in government initiatives for the improvement of healthcare facilities in the region.
Prominent market players of global cord blood stem cell market are Cord blood registry systems, Inc., Viacord Inc., China cord blood corporation., Cord blood america, Inc., Cryo-cell international, Inc., Cryo-save ag., Cordlife group ltd., Vita 34 ag, Lifecell international pvt. Ltd., and Stemcyte Inc.