Cord blood banking market to procure extensive proceeds from cancer applications, UK to contribute substantial revenues to the global industry by 2025
Publisher : Fractovia | Published Date : 2019-06-04Request Sample
Touted as a highly innovative segment within the healthcare industry, the cord blood banking market is driven by increasing prevalence of lethal diseases including cancer, lymphomas, leukemias, metabolic disorders, as well as certain disorders of the blood and immune systems. Cord blood samples are now frequently collected and stored worldwide, given that they are extensively rich in stem cells and are used as a treatment option for several of the diseases mentioned above. In fact, in 2008 alone, it was claimed that the UK held around 11,000 cord blood samples. The rising awareness pertaining to the significance of cord blood and the surging need for successful stem cell transplants for thousands of patients treated every year for nearly terminal diseases will drive the expansion of the cord blood banking market.
U.S. cord blood banking market, by type of bank, 2018 & 2025 (USD Million)
Cord blood transplant is considered as a viable therapy option for cancer patients that offers a unique ability to help rebuild a healthy immune system damaged by the disease. Lymphoma and Leukemia are two key forms of cancer which can be treated by cord blood. According to a New England Journal of Medicine study, bone marrow and cord blood cells are equally efficient at treating leukemia. The study which was done in the year between 1996-2001, revealed that patients ages between 16-60 with several cases of leukemia treated with stem cell transplantation. Similar studies supporting the importance of the treatment will undoubtedly fuel the expansion of the cord blood banking market in the coming years.
Apparently, prominent studies have revealed that various clinical trials have been conducted to test bone marrow therapy for the treatment of leukemia. It has also been observed that cord blood stem cells provide numerous benefits over bone marrow cells as enumerated below:
- Cells received from cord blood are available very easily which helps doctors and healthcare institutions to identify and administer treatment swiftly as compared to bone marrow therapies.
- Donor matching is a very complex and tedious task since, with the advent of cord blood, the mismatched cord blood cells can become a very effective option. This implies that number of patients will get a successful transplant and obtain a broader variety of treatment options via cord blood.
For decades, cord blood therapies have evidently been developed for the treatment of around 80 diseases including blood disorders, cancers, and genetic diseases. Citing an instance, a baby named Harri Stickler, who was diagnosed with a rare form of leukemia had recently grabbed headlines in December for having undergone a transplanr. Harri, who was suffering from acute lymphoblastic leukemia, a type of cancer that affects the blood and bone marrow, had a transplant using blood from an umbilical cord with rich stem cells. With the cord blood, these types of significant transplants have shown to cure patients who have blood cancer and other types of illnesses. Such profound achievements in cancer therapies have provided immense traction to the cord blood banking market.
Unveiling UK cord blood banking industry trends over 2019-2025
It has been speculated that the United Kingdom is likely to emerge as a highly significant revenue pocket for the global cord blood banking market. In fact, reports estimate that the UK cord blood banking market size would reach USD 1,050.4 million by 2025. The growth can be attributed to the fact that the cord blood banks in the UK are running different programs with the aim to provide thorough information to prospective mothers, educate medical professionals and the public on the potential benefits of cord blood transplants. Not to mention, the UK government has been undertaking different initiatives to encourage the donation of cord blood, that would also serve to impel the commercialization potential of the regional cord blood banking industry.
In a nutshell, the availability of the highly developed healthcare infrastructure and rapid propagation regarding the advantages of cord blood donation will create enormous growth opportunities for the global cord blood banking industry. As per estimates, cord blood banking market share has been projected to hit USD 23 billion by 2025.
