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U.S. Cord Blood Banking Services Market Will Benefit from Rising Awareness - Cord Blood

Cord Blood

and Stem Cell Banking

U.S. Cord Blood Banking Services Market Will Benefit from Rising Awareness

Abstract image showing rising value

According to a recent report, the U.S. cord blood banking services market is expected to reach a value of USD 16.59 billion by 2030, with a compound annual growth rate (CAGR) of 11.56%. Cord blood, which contains hematopoietic stem cells, has shown promising results in the treatment of certain diseases in children, such as hematologic malignancies and immunodeficiencies. Additionally, research has shown positive outcomes in using cord blood for immunotherapy-based cancer treatment.

The increasing focus on using cord blood for the treatment of chronic diseases is driving the market growth. Furthermore, the growing awareness about the benefits of cord blood banking, the availability of a wide range of service providers, and improved insurance coverage are expected to further propel the market during the forecast period.

However, there are certain factors that could limit the growth of the market, such as the high cost of storage and collection, as well as the risk of non-usability of cord blood units stored with private banks. The COVID-19 pandemic also had a negative impact on the industry, as the decrease in consumer spending power led to fewer parents using cord blood bank services.

Despite these challenges, non-profit organizations are taking initiatives to raise awareness about cord blood storage. For example, the Association for the Advancement of Blood & Biotherapies (AABB) organized activities to highlight the usage of cord blood in stem cell transplants and research applications. These initiatives are helping to increase overall awareness and could positively impact the market growth.

In 2022, the private bank segment had the highest revenue share in the U.S. cord blood banking services market, driven by their attractive marketing strategies compared to public banks. The cord blood segment dominated the market in 2022 due to the growing incidence of chronic diseases and the rise in the birth rate in the U.S.

California accounted for the largest revenue share in 2022 and is expected to continue expanding at a steady CAGR from 2023 to 2030. This is attributed to the high prevalence of diseases, the presence of major companies, the high usage of cord blood for the treatment of chronic diseases, and supportive government regulations.

Overall, the U.S. cord blood banking services market is projected to grow significantly in the coming years due to the increasing applications of cord blood in disease treatment and the efforts to raise awareness about its benefits.