Global Umbilical Cord Blood (UCB) Market is Expected to be worth US$19.3 billion by 2020: Persistence Market Research
North America has the largest market for UCB banking. Increasing prevalence of chronic diseases is key driver of UCB banking market in the region.
New York, United States – July 22, 2015 /MarketersMedia/ —
The featured report from Persistence Market Research (PMR), titled “Global Market Study on UCB Banking: Asia-Pacific to Witness Highest Growth by 2020”, offers keen insights on the regional and global market dynamics. According to the report, the global umbilical cord blood (UCB) market is predicted to expand at a moderate 6.1% CAGR during the forecast period of 2014 to 2020. In 2014, the global umbilical cord blood (UCB) market was valued at US$13,515.8 million and by 2020 the market is expected to be worth US$19,335.6 million.
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The global umbilical cord blood (UCB) market is driven primarily by the rising prevalence of chronic conditions and the emerging regenerative medicines field. According to the WHO, in 2012, around half of the adults in the U.S. had two or more chronic medical conditions.
At present, the majority of treatments for chronic diseases are palliative. Very few existing therapies can cure or significantly alter the course of these diseases. Regenerative medicine is capable of altering the fundamental mechanism of chronic conditions. Hence, organizations around the world are investing in research and development of therapies using regenerative medicines. The rising number of chronic conditions and the promising field of regenerative medicine will fuel the global UCB market to a great extent.
Every year more than 60,000 stem cell transplants are performed worldwide to treat oncological and blood-based conditions. The number of therapy products in regenerative medicine and of patients receiving these treatments is expected to double in the coming few years. This will further fuel the global umbilical cord blood (UCB) market.
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By therapeutic application, the global UCB market is segmented into leukemia, lymphoma, bone marrow failure syndrome, immune deficiencies, and metabolic/storage diseases. In addition to this, there is around 2,500 regenerative medicine clinical trials in the pipeline, which are expected to offer a myriad of clinical indications. This will further fuel the expansion of the regenerative medicine field.
Another factor that will support the growth of the global umbilical cord blood (UCB) market is the increasing number of initiatives taken by government associations worldwide. These initiatives have increased the importance of UCB significantly.In North America, several government associations have encouraged the importance of cord blood donation and services for future use in this region. In Asia Pacific, many government associations are fueling the demand for cord blood banking services in this regional market.
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Presently, North America is leading the global UCB market, thanks to the U.S. being the dominant national for UCB. On the other hand, the Asia Pacific UCB market will experience good growth due to the increasing number of live births in the region. Moreover, the increasing importance of UCB in allogeneic hematopoietic stem cell transplantation will also drive the global umbilical cord blood (UCB) market. The global UCB market will also benefit from the expanding UCB banking sector.
Though the global umbilical cord blood (UCB) market is projected to demonstrate good growth in the coming few years, it will be suppressed by the strict license and accreditation procedures and the high fee charged by private UCB banks.
The top players operating in the global umbilical cord blood (UCB) market are Cordlife Group Limited, Cord Blood Registry Systems, Cord Blood America, ViaCord, NeoStem, StemCyte, China Cord Blood Corporation, Cryo-Cell International, and Esperite.
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