U.S. Cord Blood Banking Services Market is expected to reach over USD 47.5 billion, registering a CAGR of 12.8% from 2020 to 2026. High awareness regarding benefits of cord blood (CB), tissue and placenta storage, increasing number of service providers offering services at competitive prices are driving the market growth.
As compared to the global cord blood banking, the U.S. cord blood banking services market is relatively mature. Increasing per capita spending capacity and market players offering services at competitive pricing are the factors fueling the demand for CBB services. Growing number of applications of CB in the treatment of various chronic diseases is expected to be one of the principal drivers of the market in the country. Currently, CB stem cells are used in the treatment of around 80 diseases. These diseases include various types of cancers, bone marrow disorders, blood disorders, immunodeficiency syndromes, and hepatic conditions. Growing prevalence of these disease and lack of effective alternative treatment are the factors expected to increase the total number of units stored.
Clinical trials data suggests that there are currently more than 890 studies related to cord blood cells and their therapeutic applications. Out of these studies, around 96 are in the late phase of clinical trials. This data suggests that the number of applications is likely to expand significantly in recent future. Consequently, demand for CBB is anticipated to rise in the near future.