North America Umbilical Cord Blood Banking Market

North America UCB Banking Market Size (2023 to 2028)

The North America umbilical cord blood banking market size is expected to rise from USD 18.44 billion in 2022 to USD 33.26 billion by 2028, growing at a CAGR of 12.52% from 2023 to 2028.

Y-O-Y growth in the number of people suffering from blood disorders is one of the key factors propelling the UCB banking market in North America. Leukemia and various types of anemia are the most common blood disorders that can all be treated with stem cells from umbilical cord blood. This umbilical cord blood is taken from the newborn baby when the baby is separated from the mother through the umbilical cord. This blood is stored for further use to treat various diseases in a respective bank. This stored blood is also used to treat cancer, bone marrow failure syndromes, metabolic disorders, and immune disorders. In addition, these umbilical cord blood stem cells are also used to decrease the risk of the transmission of infectious diseases. As a result, this blood banking's increased in North America.

An increasing number of clinical trials in umbilical cord blood stem cells boost the market. Childhood disease has gradually increased, which results in rising diseases among children. These clinical trials in children can help researchers to discover the best way to treat infections when they grow older and helps in increasing healthcare for a better life. Umbilical cord blood is used as regenerative medicine. Stem cell treatment is the transplantation of healthy stem cells into a patient's body to repair diseased cells. Stem cells are used to prevent and treat cardiovascular disease, cancer, spinal cord injury, Parkinson's disease, and immune disorder; with these cells taken from the umbilical cord blood bank number of conditions can be treated better considering all the above factors umbilical cord blood banking is increased in this region.

Researchers focus on finding treatments for Parkinson's, Alzheimer's, liver fibrosis, lung cancer, and sports injuries through this umbilical cord blood, which is further anticipated to boost the market growth during the forecast period.

However, the high costs associated with umbilical cord blood banking are hampering the growth of the UCB banking market in North America. It varies from $500 to $2,500 to store blood in the bank, and extra maintenance needs annually from $100 to $400. In addition, cord blood does not contain many stem cells, lack of accreditations for a Cord Blood Bank, lack of awareness among people about this blood banking, and insufficient and low maintenance of cord blood banks are the factors that restrain the market growth.

This research report on the North American umbilical cord blood banking market has been segmented and sub-segmented into the following categories.

By Type:

• Titanium

• Stainless Steel

• Cobalt-Chromium

• Other Metal Implants and Medical Alloys (Gold, Silver)

By Application:

• Orthopedic

• Dental

• Spinal Fusion

• Craniofacial

• Stent

• Others

By Country:

• The United States

• Canada

• Rest of North America

In 2021, North America held a significant share of the global market owing to the increased blood-related problems and people's awareness about cord blood storage. American Association of Blood Banks Accreditation program focuses on improving the safety of collecting, storing, and maintaining blood in the banks. The American people have increased awareness of umbilical cord blood banking through this program.

During the forecast period, the U.S. UCB banking market is forecasted to occupy most of the North American market share. The American College of Obstetricians and Gynaecologists gives information about umbilical cord blood banking for pregnant women to use this blood for their children's health. In the US, Public banks encourage collecting cord blood from pregnant women at the time of delivery. In addition, the National Marrow Donor Program in the United States maintains a list of participating hospitals supporting blood collection by telling the importance of this blood for their child's future. The California Umbilical Cord Blood Collection Program (UCBCP) has conducted programs to awareness people of cord blood banking and transplantation. The program started in 2010, and most people follow this method and store their umbilical cord blood.

On the other hand, the UCB banking market in Canada is anticipated to register a healthy growth rate from 2022 to 2027. Due to increased public and private cord blood banks throughout Canada and research on umbilical cord blood (UCB) stem cells for various diseases, the Canadian region had a promising share in the North American UCB banking market. Presently Canada uses this UCB treatment in malignant and non-malignant diseases.

KEY MARKET PLAYERS:

Cord Blood Registry Systems, Inc., Cordlife Group Limited., Cord Blood America, Inc., NeoStem Inc., Cryo-Cell International, Inc., ViaCord., Esperite N.V., Smart Cells International Ltd, and China Cord Blood Corporation are some of the companies playing a notable role in the North American umbilical cord blood banking market.