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Cord Blood Banking Services Market: New Cutting-Edge Innovations In Cord Blood Banking Technology To Bode Well With Market

Press Release   •   Oct 12, 2016 16:32 IST

Cord blood banking refers to collection and preservation of blood derived from the umbilical cord, thus saved for future therapeutic and research applications. Umbilical cord blood is observed to be a potential source of progenitor cells, which can be used for reconstitution of tissue, organs and other functional areas. Cord blood transplantation is being recommended for a variety of diseases which include conditions such as leukemia, sarcoma, lymphoma, immune conditions and even metabolic disorders. Over the last two decades, the global stem cell therapeutics industry has experienced impressive growth.

Stem cells are the progenitors of all hematopoietic cells that generate red and white blood cells and blood platelets. These cells can be isolated and further transferred to a patients suffering from serious blood disorders and other chronic conditions. Moreover, cord blood stem cells are observed to be convenient to harvest and can be stored for decades, their rejection rate is less than that of bone marrow transplant and possess low infection risk. Large and easy availability of cord blood units also widens the scope of transplant options, especially for patients with mixed ethnicity. However, cord blood banking market in LATAM is in process of evolution and expected to grow at significant rate due to favorable changes expected to carry out by revising government policies and regulations.

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The LATAM cord blood banking market is be categorized on the type of storage option into public and private cord blood banking. High incidence of genetic disorders and better apprehension of such diseases due to availability of high end diagnostic services has been highly instrumental in rendering market dominance to private cord blood banking services. However, relatively high service charges for cord blood banking and the general opinion among physicians about less possibility of the use of such stored units may restrict the growth of private cord banking services market in a few countries of LATAM such as Brazil, Mexico, Argentina, Peru and others.

The Latin America (LATAM) cord blood banking services market has been fragmented into public and private banks. The penetration of dominant competitive strategies, a robust research and development setup, and the financial support by private cord blood banks has largely improved the competitive rivalry in public banks within the corn blood banking services market. The top players operating in this market are America Cell Biobank, Inc., CrioCenter, Redcord S.A, and Banco de Cordon Umbilical (BCU). In this market, the presence of a number of alternative treatment methods including bone marrow transplants, etc., raise the threat of substitutes. In addition, the increasing competition between public and private cord blood banks will result in low bargaining power of suppliers.

The cord blood banking services market in LATAM is predicted to touch US$445.3 mn by 2023. On the basis of type of storage, the segment of private cord blood banking services holds a significant share in the market due to the increasing occurrence of genetic disorders and better diagnosis of these kind of diseases because of cutting-edge diagnostic services. On the other hand, the soaring cost of private cord blood banking services may restrain the development of this segment in nations such as Peru, Argentina, Mexico, Brazil, and others. In addition, a number of LATAM nations will be taking initiatives in order to reduce the drawbacks of both private and public banking by the introduction of a hybrid model.

Colombia to Hold Promising Opportunities in Market

On the basis of geography, Mexico and Brazil represented a collective share of 54.6% in 2014 owing to the improving healthcare infrastructure, the soaring population, and the increasing disposable income of individuals residing in these nations. On the other hand, Colombia is predicted to be the most swiftly developing market in the forecast period owing to the rising government support, the increasing awareness, and a number of initiatives being taken by local cord blood banking service providers.

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Increasing Familiarity with Benefits of Cord Blood Banking to Bolster its Demand

The LATAM cord blood banking services market is fuelled by the growing advancements in cord blood banking technology. In addition, the growing awareness amongst people in Latin America on the benefits and processes of cord blood banking will provide impetus to the development of this market. Furthermore, the growing awareness in expectant parents in key LATAM nations in Mexico and Brazil has also increased the demand for cord blood banking, as stated by a TMR analyst.

On the other hand, the dearth of cord blood units is amongst the prime concerns in the market for cord blood banking services. The collection of cord blood has been proven safe and painless for both mother and child. However, the huge prices of private banking can come up as a key hurdle in the market, particularly in under-developed and developing countries. “Nonetheless, the growing research for breakthrough technologies by utilizing cord blood stem cells is predicted to be amongst the top opportunities in this market,” says a TMR analyst. Furthermore, rejection issues and ethical dilemmas are rarely seen in case of cord blood stem cells, thus raising their employment in treating chronic diseases globally.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.