According to a new report by Vantage Market Research, the Cord Blood Stem Cells Market is expected to reach USD 4756 Million by 2028, growing at a CAGR of 5.3% from 2021 to 2028. A key driver for the market is that transplants of hematopoietic stem cells (HSCs) from cord blood can be used to treat several different blood diseases, such as leukemia.
- The type segment is projected to grow at a CAGR of over 14.31% over the forecast period owing to the increasing adoption in Allogeneic Stem Cell transplantation.
- The application segment is anticipated to be the dominating segment for the Cord Blood Stem Cells Market owing to the increasing incidences of Autoimmune Diseases.
- North America is expected to expand at a CAGR of over 8.38% from 2021 to 2028. This surge is attributed to the Increased R&D activities owing to, huge funds granted by funding bodies and the government for the stem cell market in the U.S.
Some of the key players in the Cord Blood Stem Cells Market include BioCell Pty. Ltd., Kaneka Corporation, DomaniCell LLC, Future Health Technologies, Eticur, Advanced Cell Technology Inc., Banco De Celulas Madre, J.P. McCarthy Cord Stem Cell Bank, CyGenics Ltd, AlphaCord., among others.
Cord blood stem cell has found a wide array of application in the treatment of various diseases and disorders such as cancer, slipped intervertebral discs, dementia, neurodegenerative diseases, diabetes, cardiac infarction, stroke, and arthritis. The increasing prevalence of these diseases across the globe has driven the growth of the cord blood stem cell market. Lack of precise treatment for the diseases like cancer and diabetes has increased the pressure to improvise or invent new treatment options, leading to paving the way for the cord blood stem cell market. Moreover, the increasing use of stem cells in transplantation therapy such as hematopoietic stem cell transplantation is supporting the growth of the market.
The growth of the market is majorly supported by the regions such as North America and Europe. Availability of huge investment, presence of major companies, and government support has propelled the growth of the market in this region. Increased R&D activities owing to, huge funds granted by funding bodies and government for the stem cell market in the U.S. have resulted in a large share of North America. According to Stem Cell Network (SCN), the Government of Canada announced funding of USD 4 million for innovative stem cell and regenerative medicine research that will help translate discoveries into better health and economic growth for Canadians.