UCB is collected from the umbilical cord of a newborn baby and also retrieved from the placenta after delivery. It is enriched with adult stem cells and these stem cells play a vital role in regulating all biological activities and in developing tissues in the human body. Globally, UCB banking market is growing rapidly due to increasing prevalence of chronic diseases coupled with the regenerative medicines. In addition, various government associations and initiatives are also supporting the growth of the market. The UCB banking market is estimated at USD 13,515.8 million in 2014 and is expected to grow at a CAGR of 6.1% from 2014 to 2020, to reach USD 19,335.6 million by 2020.
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North America has the largest market share, followed by Europe and Asia-Pacific, in the global UCB banking market. The global UCB banking market was valued at 10,900 million in 2010 and it expanded to USD 12,774.8 million in 2013.
Globally, increasing prevalence of chronic diseases coupled with the emerging field of regenerative medicines is driving the UCB banking market. In addition, various government associations and initiatives are also supporting in the growth of the UCB banking market.
However, strict license and accreditation procedures impede the growth of UCB banking market. In addition, high banking cost in private UCB banks is also hampering the growth of UCB banking market. Allogeneic hematopoietic stem cell transplantation and cord tissue storage are some of the major trends in UCB banking market.
North America has the largest market for UCB banking. The U.S., followed by Canada, is the largest market for UCB banking in the region. Increasing prevalence of chronic diseases is the key driver of the UCB banking market. In addition, initiatives by various government associations have also led to the increase in awareness about the importance of cord blood donation in the region.
In Europe, the UCB banking market is growing due to increased awareness about potential applications of cord blood in the treatment of life-threatening diseases. In addition, increasing number of live births is also playing a vital role in the growth of UCB banking market in Europe. For instance, according to Eurostat, in 2010, 807,271 live births registered in 2010 and the number reached to 812,970 by 2013 in the U.K.. Due to increased awareness about potential of cord blood, newborns family donates and preserves cord blood either in private or public banks in Europe.
However, Asia-Pacific is the fastest growing region in the UCB banking market. This is due to increasing prevalence of chronic diseases in the region. In addition, raising awareness about potential applications of cord blood and increasing number of live births are also contributing in the growth of UCB banking market in the region. China has the highest number of live births, followed by India around the world.
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The report provides in-depth analysis and estimation of the UCB market from 2014 to 2020, considering 2014 as the base year for calculation. Additionally, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report.