In the U.S., the Food and Drug Administration holds the regulatory power over umbilical cord blood under the sector “human cells, tissues, and cellular and tissue based products.” The FDA regulates private umbilical cord blood banks under Title 21 Section 1271 under the Code of Federation Regulations. States of California, New York, New Jersey and others require accreditation. Similar regulatory bodies control the activities of the global umbilical cord blood (UCB) banking market. All the factors give this market an estimated worth of US$19.33 billion by 2020, after growing at a CAGR of 6.1% from 2014 to 2020 and an initial worth of US$13.51 billion in 2014.
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About Umbilical Cord Blood
Understandably, it is the blood collected from the umbilical cord of a newborn child as well as the placenta after delivery. It is further enriched with adult stem cells which play a critical part in the biological regulatory activities and development of new tissue.
There are several important cell types present in UCB including mesenchymal stem cells and hematopoietic stem cells. The former is involved in tissue development, while the latter can create new blood cells. These cells are extremely important in curing patients suffering from malignancies, bone marrow diseases, immunological disorders, and inherited metabolic disorders.
UCB is fast becoming an integral part of regenerative medicine. Stem cells derived from UCB are used in hematopoietic stem cell transplantation for curing leukemia and type I diabetes. UCB can also be used in the treatment of bone marrow diseases, heart problems, circulatory diseases, and cartilage disorders. Two of the most trending procedures in the UCB banking market are cord tissue storage and hematopoietic stem cell transplantation.
Factors that Govern the Global UCB Banking Market
The greatest driving factor for this market is fast emerging field of regenerative medicines that is a response to the growing prevalence of chronic diseases. Government bodies are also taking more initiatives to support the market’s growth.
On the other hand, restraining factors such as complex accreditation procedures and stringent license legislations threaten to impede the UCB banking market’s growth. Another restraining factor is the high banking cost in UCB banks.
The largest UCB banking market is located in North America, especially due to the U.S. and Canada. They are followed by Europe which shows a fast growing demand primarily due to increased awareness about the potential applications of cord blood in nearly fatal diseases. The growing population presents a unique proposition of increased UCB through more live births. From research performed by Eurostat: 807,271 live births were registered in 2010 in the U.K. The number increased to 812,970 by 2013.
The fastest rate of growth however, is shown by Asia Pacific. This comes in response to the growing cases of chronic diseases in the Asia Pacific. China has the greatest number of live births, followed by India, giving rise to a currently untapped UCB banking market.
Key Players in the Global UCB Banking Market
The top companies that are concerned with the UCB banking market include ViaCord, Cord Blood America, Inc., Esperite NV, Cordlife Group Limited, Cryo-Cell International, Inc., NeoStem Inc, China Cord Blood Corporation, Cord Blood Registry Systems, Inc., and Smart Cells International Ltd.
A growing demand for biopreservation techniques such as cryopreservation, vitrification, and hypothermic storage prompt the growth of the UCB banking market. The umbilical cord blood is stored in secure and controlled environments and used whenever required. This gives new hope to patients suffering from chronic diseases and breathes new life in regenerative medicines industry.
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