U.S. Cord Blood Banking Services Market Size to Surpass USD 22.71 Bn by 2032
The U.S. cord blood banking services market size was estimated at USD 7.6 billion in 2022 and is expected to surpass around USD 22.71 billion by 2032 and poised to grow at a compound annual growth rate (CAGR) of 11.57% during the forecast period 2023 to 2032.
Key Takeaways:
U.S. Cord Blood Banking Services Market Report Scope
| Report Attribute | Details |
| Market Size in 2023 | USD 8.48 Billion |
| Market Size by 2032 | USD 22.71 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 11.57% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Bank Type, Component, States |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Companies Profiled | California Cryobank, StemCyte Inc., Cryo-Cell International Inc., Lifeforce Cryobank Sciences Inc., Stem Cell Cryobank Inc., Norton Healthcare Viacord, MiracleCord Inc., New Jersey Cord Blood Bank, Carter BloodCare. |
The growing use of Cord Blood (CB) & stem cells in hereditary disease treatment is propelling the industry's growth. Furthermore, the rising awareness about the benefits, a wide range of service providers, and health coverage are among the factors driving requirements for CB banking services. The COVID-19 pandemic has caused a global economic downturn, affecting many medical services. As a result of the pandemic, approximately 20% of CB services as well as blood component suppliers have seen a swift drop in subscriptions.
Therefore, infections associated with blood transfusions, as well as movement restrictions, have stifled the expansion of the industry. In comparison to the global industry, the CB banking services market in the U.S. is relatively mature. The factors driving the demand for CB banking services include rising per capita consumer spending and industry participants offering services at competitive prices. The growing number of CB applications in the treatment of numerous chronic diseases is also anticipated to be one of the primary drivers of the market.
CB stem cells are currently used to treat approximately 80 diseases. Bone marrow disorders, cancers, blood illnesses, hepatic conditions, and immunodeficiency syndromes are examples of these diseases. The rising prevalence of these diseases, combined with a lack of effective alternative treatments, is expected to increase the total number of cases, and further boost industry growth. According to the American Cancer Society, around 16.9 million patients were suffering from cancer in 2020 while more than 1.8 million new cases were diagnosed in the same year. Hence, a rise in the number of cancer cases being diagnosed is anticipated to drive industry growth.
Bank Type Insights
The private bank type segment accounted for the maximum share of more than 97.36% in 2022. This can be attributed to the large customer base of private banks, owing to their more appealing marketing strategies over public banks. Furthermore, higher costs per CB unit collected and retained at private banks are contributing to the higher revenue generated by this segment.
The hybrid bank segment, on the other hand, is expected to register the fastest CAGR of 12.04% during 2023-2032. A hybrid CB banking system combines aspects of both public & private banking systems and is expected to grow considerably over the forecast period. A hybrid model is shifting beyond the traditional division of public & private CB banking, as the former offers both options of donating CB and family banking. Many of the private banks, including StemCyte, Celebration Stem Cell Centre, Core 23 BioBank, and New Jersey Cord Blood Bank, prefer a hybrid model for operations. Furthermore, the inclination of end-users toward hybrid banking due to the advantages associated with it is fueling the demand for hybrid banks. The hybrid banking model improves access to global CB transplants and personalized banking. Thus, driving the market for hybrid banks and further boosting industry growth.
Component Insights
In 2022, CB dominated the industry and accounted for the maximum share of more than 51% of the overall revenue. The segment is likely to expand further at a steady growth rate retaining its dominant position throughout the forecast period. An increase in the prevalence of chronic diseases is boosting the demand for cord plantation applications, regenerative medical treatments, and the overall number of CB providers, all of which are driving market growth. Furthermore, an increasing number of births occurring in the U.S. is a major contributing factor to the growth of this segment.
On the other hand, the cord tissue component segment is expected to register the fastest growth rate during the forecast period. The ongoing study of different applications of cord tissues indicates that the segment has high growth potential. Parkinson’s disease, multiple sclerosis, Type 1 diabetes, rheumatoid arthritis, and cerebral palsy are among the currently approved applications. Furthermore, rising awareness about the benefits of tissue storage is expected to drive segment growth.
States Insights
On the basis of states, the market has been further categorized into Arizona, California, Florida, Kentucky, New Jersey, Texas, Massachusetts, and the rest of the U.S. California dominated the overall market and accounted for the maximum share of more than 19.4% of the overall revenue in 2022. The segment is likely to expand further at a steady growth rate maintaining its dominant industry position throughout the forecast period.
The high share can be attributed to a significant number of CB banks present in public and private domains. Furthermore, the state is highly ethnically diverse, which makes it suitable for a more diverse collection of cord blood donations from its population. In addition, several government initiatives, such as the Umbilical Cord Blood Community Awareness Campaign, are undertaken in the state, which is likely to boost the market growth in California.
Key Companies & Market Share Insights
Key players are implementing various strategies including partnerships through mergers & acquisitions, geographical expansions, and strategic collaborations to expand their industry presence. For instance, in March 2022, Cryo-Cell International, Inc. signed a purchase agreement for a newly constructed 56,000-square-foot facility in Durham, North Carolina’s Regional Commerce Center. The facility will help Cryo-Cell expand its cryopreservation and cold-storage operations. Launch of new services, new market entrants, and the presence of existing & matured key players intensify market competition and boost growth. Some of the key players in the U.S. cord blood banking services market include:
Segments Covered in the Report
This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the U.S. Cord Blood Banking Services market.
By Bank Type Scope
By Component Scope
By Regional
Chapter 1 Methodology and Scope
1.1 Market Segmentation and Scope
1.2 Market Definitions
1.2.1 Information Analysis
1.2.2 Market Formulation & Data Visualization
1.2.3 Data Validation & Publishing
1.3 Research Assumptions
1.4 Information Procurement
1.4.1 Primary Research
1.5 Information Or Data Analysis
1.6 Market Formulation & Validation
1.7 Market Model
1.8 Global Market: Cagr Calculation
1.9 Objectives
1.9.1 Objective 1
1.9.2 Objective 2
Chapter 2 Executive Summary
2.1 Market Snapshot
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 U.S. Cord Blood Banking Services Market Variables, Trends, & Scope
3.1 Market Lineage Outlook
3.1.1 Parent Market Outlook
3.1.2 Related/Ancillary Market Outlook
3.2 Market Dynamics
3.2.1 Market Driver Analysis
3.2.1.1 Rising Applications Of Cord Blood For Treatment Of Various Disease Conditions
3.2.1.2 Growing Awareness Regarding Cord Blood Treatments
3.2.2 Market Restraint Analysis
3.2.2.1 High Costs And Probability Of Nonusage
3.2.3 Market Challenges
3.2.3.1 Lack Of Donor Diversity
3.3 User Perspective Analysis
3.3.1 Consumer Behavior Analysis
3.3.2 Market Influencer Analysis
3.4 U.S. Cord Blood Banking: Market Analysis Tools
3.4.1 Industry Analysis - Porter’s Five Forces
3.4.2 U.S. Cord Blood Banking - Swot Analysis, By Factor (Political & Legal, Economic And Technological)
3.5 Utilization Of Cord Blood By Origin (Autologous Vs. Allogenic)
3.5.1 Approved Medical Conditions
3.5.2 Potential Medical Conditions
3.6 COVID-19 Impact Analysis
Chapter 4 Bank Type Business Analysis
4.1 U.S. Cord Blood Banking Services Market: Bank Type Movement Analysis, 2023 & 2032
4.2 Private
4.2.1 U.S. Private Bank Type Market Estimates And Forecasts, 2020 - 2032
4.3 Public
4.3.1 U.S. Public Bank Type Market Estimates And Forecasts, 2020 - 2032
4.4 Hybrid
4.4.1 U.S. Hybrid Market Estimates And Forecasts, 2020 - 2032
Chapter 5 Component Business Analysis
5.1 U.S. Cord Blood Banking Services Market: Component Movement Analysis, 2023 & 2032
5.2 Cord Blood
5.2.1 U.S. Cord Blood Market Estimates And Forecasts, 2020 - 2032
5.3 Cord Tissue
5.3.1 U.S. Cord Tissue Market Estimates And Forecasts, 2020 - 2032
5.4 Placenta
5.4.1 U.S. Placenta Market Estimates And Forecasts, 2020 - 2032
Chapter 6 Regional Business Analysis
6.1 U.S. Cord Blood Banking Services Market: Regional Movement Analysis
6.2 Arizona
6.2.1 Arizona Market Estimates And Forecasts, 2020 - 2032
6.2.2 Arizona Bank Type Outlook
6.2.2.1 Private
6.2.2.2 Public
6.2.2.3 Hybrid
6.2.3 Arizona Component Outlook
6.2.3.1 Cord Blood
6.2.3.2 Cord Tissue
6.2.3.3 Placenta
6.3 California
6.3.1 California Market Estimates And Forecasts, 2020 - 2032
6.3.2 California Bank Type Outlook
6.3.2.1 Private
6.3.2.2 Public
6.3.2.3 Hybrid
6.3.3 California Component Outlook
6.3.3.1 Cord Blood
6.3.3.2 Cord Tissue
6.3.3.3 Placenta
6.4 Florida
6.4.1 Florida Market Estimates And Forecasts, 2020 - 2032
6.4.2 Florida Bank Type Outlook
6.4.2.1 Private
6.4.2.2 Public
6.4.2.3 Hybrid
6.4.3 Florida Component Outlook
6.4.3.1 Cord Blood
6.4.3.2 Cord Tissue
6.4.3.3 Placenta
6.5 Kentucky
6.5.1 Kentucky Market Estimates And Forecasts, 2020 - 2032
6.5.2 Kentucky Bank Type Outlook
6.5.2.1 Private
6.5.2.2 Public
6.5.2.3 Hybrid
6.5.3 Kentucky Component Outlook
6.5.3.1 Cord Blood
6.5.3.2 Cord Tissue
6.5.3.3 Placenta
6.6 New Jersey
6.6.1 New Jersey Market Estimates And Forecasts, 2020 - 2032
6.6.2 New Jersey Bank Type Outlook
6.6.2.1 Private
6.6.2.2 Public
6.6.2.3 Hybrid
6.6.3 New Jersey Component Outlook
6.6.3.1 Cord Blood
6.6.3.2 Cord Tissue
6.6.3.3 Placenta
6.7 Texas
6.7.1 Texas Market Estimates And Forecasts, 2020 - 2032
6.7.2 Texas Bank Type Outlook
6.7.2.1 Private
6.7.2.2 Public
6.7.2.3 Hybrid
6.7.3 Texas Component Outlook
6.7.3.1 Cord Blood
6.7.3.2 Cord Tissue
6.7.3.3 Placenta
6.8 Massachusetts
6.8.1 Massachusetts Market Estimates And Forecasts, 2020 - 2032
6.8.2 Massachusetts Bank Type Outlook
6.8.2.1 Private
6.8.2.2 Public
6.8.2.3 Hybrid
6.8.3 Massachusetts Component Outlook
6.8.3.1 Cord Blood
6.8.3.2 Cord Tissue
6.8.3.3 Placenta
Chapter 7 U.S. Cord Blood Banking Services Market Competitive Landscape
7.1 Recent Developments & Impact Analysis, by Key Market Participants
7.2 Company Categorization
7.3 Vendor Landscape
7.3.1 List Of Key Distributors And Channel Partners
7.3.2 Key Customers
7.4 Public Companies
7.4.1 Company Market Position Analysis
7.4.2 Competitive Dashboard Analysis
7.4.3 Synergy Analysis: Major Deals & Strategic Alliances
7.4.3.1 Merger & Acquisition Deals
7.4.3.2 Collaborations & Partnerships
7.4.3.3 Business Expansion
7.5 Private Companies
7.5.1 List Of Key Emerging Companies
7.5.2 Company Market Position Analysis
7.6 Regional Network Map
7.7 Company Profiles
7.7.1 California Cryobank
7.7.1.1 Company Overview
7.7.1.2 Product Benchmarking
7.7.1.3 Strategic Initiatives
7.7.2 Stemcyte Inc.
7.7.2.1 Company Overview
7.7.2.2 Product Benchmarking
7.7.2.3 Strategic Initiatives
7.7.3 Cryo-Cell International, Inc.
7.7.3.1 Company Overview
7.7.3.2 Financial Performance
7.7.3.3 Product Benchmarking
7.7.3.4 Strategic Initiatives
7.7.4 Lifeforce Cryobank Sciences, Inc.
7.7.4.1 Company Overview
7.7.4.2 Product Benchmarking
7.7.5 Stem Cell Cryobank Inc.
7.7.5.1 Company Overview
7.7.5.2 Product Benchmarking
7.7.6 Norton Healthcare
7.7.6.1 Company Overview
7.7.6.2 Product Benchmarking
7.7.7 Viacord
7.7.7.1 Company Overview
7.7.7.2 Product Benchmarking
7.7.8 Miraclecord Inc.
7.7.8.1 Company Overview
7.7.8.2 Product Benchmarking
7.7.9 New Jersey Cord Blood Bank
7.7.9.1 Company Overview
7.7.9.2 Product Benchmarking
7.7.10 Carter Bloodcare
7.7.10.1 Company Overview
7.7.10.2 Product Benchmarking
7.7.11 Cryocyte Llc
7.7.11.1 Company Overview
7.7.11.2 Product Benchmarking
7.7.12 Americord Registry Llc
7.7.12.1 Company Overview
7.7.12.2 Product Benchmarking
7.7.13 Maze Cord Blood
7.7.13.1 Company Overview
7.7.13.2 Product Benchmarking
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers