According to a new market report published by Persistence Market Research “Global Market Study on UCB Banking Market – Asia-Pacific to Witness Highest Growth by 2020” the global 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 an estimated value of USD 19,335.6 million in 2020.
The UCB Banking Market is witnessing a significant growth due to the increasing prevalence of chronic diseases coupled with regenerative medicines. In addition, initiatives by various government associations have increased the importance of UCB by rising awareness about potential applications of cord blood are also supporting in the growth of the global UCB Banking Market.
The global umbilical cord blood banking market is expected to grow at a significant rate during the forecast period due to factors such as the increasing adoption of cord blood banking, the rising prevalence of blood disorders, and the growing awareness about the benefits of cord blood banking.
One of the major drivers of the market is the increasing adoption of cord blood banking. Cord blood banking has become increasingly popular in recent years due to the growing awareness about the benefits of cord blood banking and the increasing availability of cord blood banking services. Cord blood can be used to treat a range of blood disorders and immune system disorders, including leukemia, lymphoma, and anemia.
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Some of the major players operating in the UCB Banking Market:
- Cord Blood Registry Systems, Inc.
- Cordlife Group Limited.
- Cord Blood America, Inc.
- NeoStem Inc.
- Cryo-Cell International, Inc.
- Esperite NV.
- Smart Cells International Ltd.
- China Cord Blood Corporation.
However, strict license and accreditation procedures and high cord blood Banking Market fee in private banks hampers the growth of global UCB Banking Market. As a result, the global UCB Banking Market is expected to grow a CAGR of 6.1% during 2014-2020.
North America has the largest market for UCB Banking Market. Increasing prevalence of chronic diseases is key driver of UCB Banking Market in the region. In addition, various government associations have also led to the importance of cord blood donation and services for its future use in North America.
Similarly, the European UCB Banking Market is mainly driven by the increasing prevalence of diseases. In addition, increased awareness about therapeutic applications of cord blood and rising number of live births are also contributing in the growth of the UCB market in the region.
In Asia-Pacific, UCB Banking Market is growing due to rising aging population and increasing prevalence of chronic diseases. In addition, several government associations and increasing number of live births are also increasing the demand of cord blood Banking Market services in the region.
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Market Drivers
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. 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 reached 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.
Market Restraints
Strict license and accreditation procedures impede the growth of UCB Banking Market. In addition, high Banking Market 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.
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