Cord blood banking market to reach $49.85B
What happened
The global market for cord blood banking services is projected to reach $49.85 billion by 2031, according to a report from Mordor Intelligence highlighted by GlobeNewswire. Growth is driven by advancements in stem cell applications for treating hematological and genetic disorders, with North America holding the largest market share.
Why it matters
The first successful cord blood transplant was performed in 1988 at the Saint-Louis Hospital in Paris. It treated a five-year-old boy with Fanconi's Anemia, a rare genetic disease, using stem cells from his newborn sister's umbilical cord. Stem cells from cord blood are currently used to treat more than 80 diseases. These include various forms of leukemia and lymphoma, as well as blood disorders like sickle-cell anemia and inherited metabolic or immune system disorders. Parents have two main options: public or private banking. Public banks accept donations for anyone in need at no cost to the donor, while private banks charge fees to store cord blood for a family's exclusive use. Private banking can involve an initial fee of over $2,000 and annual storage costs of several hundred dollars. The American Academy of Pediatrics has described the practice of private banking for a child without a known high-risk medical condition as "unwarranted biological insurance." The probability of a child using their own banked cord blood is estimated to be as low as 1 in 200,000. For certain cancers like leukemia, a child's own stem cells may not be used due to the risk they already contain the malignant cells. Cord blood transplants do not require as strict of a genetic match as bone marrow, making them a vital option for patients from ethnically diverse backgrounds who often struggle to find a suitable donor. Researchers are also studying cord blood's potential in regenerative medicine for conditions like cerebral palsy, spinal cord injury, and heart disease.
Key numbers
- The global market for cord blood banking services is projected to reach $49.85 billion by 2031, according to a report from Mordor Intelligence highlighted by GlobeNewswire.
- The first successful cord blood transplant was performed in 1988 at the Saint-Louis Hospital in Paris.
- Stem cells from cord blood are currently used to treat more than 80 diseases.
- Private banking can involve an initial fee of over $2,000 and annual storage costs of several hundred dollars.
What happens next
- For certain cancers like leukemia, a child's own stem cells may not be used due to the risk they already contain the malignant cells.
Quick answers
What happened in Cord blood banking market to reach $49.85B?
The global market for cord blood banking services is projected to reach $49.85 billion by 2031, according to a report from Mordor Intelligence highlighted by GlobeNewswire. Growth is driven by advancements in stem cell applications for treating hematological and genetic disorders, with North America holding the largest market share.
Why does Cord blood banking market to reach $49.85B matter?
The first successful cord blood transplant was performed in 1988 at the Saint-Louis Hospital in Paris. It treated a five-year-old boy with Fanconi's Anemia, a rare genetic disease, using stem cells from his newborn sister's umbilical cord. Stem cells from cord blood are currently used to treat more than 80 diseases. These include various forms of leukemia and lymphoma, as well as blood disorders like sickle-cell anemia and inherited metabolic or immune system disorders. Parents have two main options: public or private banking. Public banks accept donations for anyone in need at no cost to the donor, while private banks charge fees to store cord blood for a family's exclusive use. Private banking can involve an initial fee of over $2,000 and annual storage costs of several hundred dollars. The American Academy of Pediatrics has described the practice of private banking for a child without a known high-risk medical condition as "unwarranted biological insurance." The probability of a child using their own banked cord blood is estimated to be as low as 1 in 200,000. For certain cancers like leukemia, a child's own stem cells may not be used due to the risk they already contain the malignant cells. Cord blood transplants do not require as strict of a genetic match as bone marrow, making them a vital option for patients from ethnically diverse backgrounds who often struggle to find a suitable donor. Researchers are also studying cord blood's potential in regenerative medicine for conditions like cerebral palsy, spinal cord injury, and heart disease.
