The size of the cord blood banking services market in Europe is predicted to be worth USD 21.24 billion by 2028 from USD 12.39 billion in 2023, growing at a CAGR of 11.38% from 2023 to 2028.
The growing awareness regarding cord blood banking services among the European population is primarily driving the European market growth. The growing literacy and increasing usage of the internet are playing a vital role in improving awareness about cord blood baking services among people in the European region. The presence of stem cells in cord blood that help treat more than 80 genetic diseases, is one of the key factors behind the growing adoption of cord blood banking services.
The growing patient population suffering from chronic diseases such as cancer, diabetes, bone marrow failure syndromes, metabolic disorders, immune disorders, and blood diseases across the European region is also contributing to the European cord blood banking services market growth. Chronic diseases can be treated easily using cord blood from the blood bank. In addition, owing to the growing clinical research on cord blood, several organizations have established services to store cord blood for a certain period.
The growing number of advancements in the healthcare system and the increasing invention of new types of therapies for various chronic diseases are favoring the European cord blood banking services market growth. In addition, increasing awareness programs by the governments of European countries by providing information about the umbilical cord stored in the cord blood banks to the population also helps the market demand during the forecast period. They also provide some instances that have been done in previous years to prevent and treat the disease in their children by using the stem cell in cord blood.
Furthermore, growing support from the European governments for the development of advanced storage devices for storing cord blood in the cord blood banking services is fuelling the growth rate of the European market. Storage of cord blood plays a significant role in the future use of stem cells to prevent several diseases. The rising R&D activities for the invention of new types of liquids for storage and using advanced technologies in developing cord blood banking service software also boost the market growth in Europe.
The high costs associated with the private cord blood banks for preserving babies' umbilical cords are majorly hampering regional market growth. In addition, poor awareness regarding cord blood banking services, lack of banking services in some European countries, and lack of proper storage facilities in cord blood banks are further hindering the cord blood banking services market in Europe. In addition, challenges faced in transportation and low investment in storage devices are also reasons for the slowdown of the market growth.
This research report on the European cord blood banking services market has been segmented and sub-segmented into the following categories:
By Bank Type:
Based on bank type, the private banks segment is estimated to hold the major share of the European cord blood banking services market during the forecast period.
By Country:
Geographically, the European region held a substantial share of the global cord blood banking services market in 2021. The European market is also expected to witness a promising CAGR during the forecast period.
The UK market accounted for the largest share of the European market in 2021 and the same trend is predicted to continue during the forecast period owing to the increasing number of private cord blood banks. In the United Kingdom, most cord stem cells are used to treat cancer. However, in the process of cancer chemotherapy or radiation therapy, most of the blood cells are damaged, which can be replaced by the transplantation of the stem cell taken from the person's umbilical cord. The UK national cord blood bank has more than 22,000 cord blood units, with nearly 16,000 suitable for transplant and research.
During the forecast period, the German cord blood banking services market is predicted to capture a considerable share of the European market and is expected to witness a healthy CAGR owing to the increasing number of blood bank centers and cord blood bank services.
KEY MARKET PLAYERS:
Cord Blood Registry (CBR), Cryo-Save, Vita34, Smart Cells and Cells4Life are some of the promising players in the European cord blood banking services market.
Frequently Asked Questions
The Europe Cord Blood Banking Services Market is predicted to grow at a CAGR of 11.38% from 2023 to 2028.
The growing awareness about the potential of cord blood stem cells in treating diseases, as well as advances in stem cell research and technology are promoting the growth of the European cord blood banking services market.
Companies playing a key role in the European cord blood banking services market are cord Blood Registry (CBR), Cryo-Save, Vita34, Smart Cells and Cells4Life.
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1400
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region