Stem cells are capable of producing all the three types of blood cells produced in human body i.e. red blood cells, platelets and white blood cells. Researchers have discovered that stem cells can be used for the treatment of 80 different diseases including thalassemia, sickle cell anemia, leukemia diabetes and cardiac diseases. The major sources for stem cell banking are storing of peripheral blood and bone marrow, umbilical cord blood (UCB) is by far considered as the largest component for hematopoietic stem cells. Donated cord blood has become one of the most reliable sources for stem cells over the last decade and is thus considered as a valuable biological resource. The chances of cord blood sample matching with the patients that is closely in relation to the baby whose sample is to be used are 39% more than the sample obtained from the public banks. Cord blood banking services is a promising and a fast growing segment in the field of next generation stem cell therapy and national cord blood registries are changing perception and look of the industry.
Cord blood can be stored in either of the two ways, banking in private cord blood banks or donating in public cord blood banks. Private cord blood banks collect and store cord blood for the use of baby and close family members only. Collection and storage of the cord blood is charged to the parents of the baby. And secondly the cord blood can be donated to a public bank where the cord blood unit is stored and is publically available for the suitable match. All the charges of storage and maintenance of the cord blood unit obtained from public bank are taken from the patient or patient’s family for whom the unit is going to utilize in transplantation process. Though globally the number of private cord blood banks are more as compared to public banks, number of units stored in public banks are more than units of cord blood banks stored in private banks globally.
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Overview of the Cord Blood Banking Services Market
Owing to the fact that cord blood banking is pivotal to the wider adoption of stem cell therapy, there is no dearth of conducive factors for the growth of the cord blood banking services market. It is expected that the global cord blood banking services market will log a compounded annual growth rate (CAGR) of 5.6% from 2013 through 2019. In 2012, the cord blood banking services market stood at US$12.4 bn. The market is expected to rise to US$15.23 bn by the end of 2019.
As parents become more aware about the advantages offered by stem cell therapy, the adoption rates will also rise. This factor will play a crucial role in helping the cord blood banking services market expand over the next few years. In terms of units, the number of private cord blood banks is higher than that of public banks. However, when analyzed from the standpoint of units stored, it is the public cord blood banks that assume the leading position.
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