India Cord Blood Banking Market to be dominated by Private Cord Blood Banks through 2029
The increasing concern about genetic diseases
is expected to drive the growth of India cord blood banking market in the
forecast period, 2024-2029.
According to
TechSci Research report, “India Cord Blood Banking Market - By Region,
Competition, Forecast and Opportunities, 2029”, the market is anticipated
to grow at an impressive rate in the forecast period. This can be
ascribed to the rising demand of medical benefits, such as managing health
issues like blood disorders, immune system disorder, and certain type of cancers
along with the growing preference for personalized healthcare among people
across the region. Additionally, rapid advances in science and technology, cord
blood processing, and storage technology are making cord blood banking more
efficient and cost effective. This escalates the growth of India cord blood
banking market in coming years. Besides, emergence of new cord blood bank, such
as AABB, FACT and CAP will further be expected to support the India cord blood
banking market growth.
However, the regulation of cord blood banks in India is subject to
complex web of regulation, and some sates in India require cord blood bank to
obtain multiple licenses and undergo regular inspection, which can be time
consuming and costly which can slow down the growth of India cord blood banking
market in the forecast period. Similarly, there are lot of ethical concerns
surrounding cord blood banking particularly around the use of private bank for
non-medical purposes, such as cosmetic treatment or designer babies. These
concerns can negatively impact public perception of the cord blood banking
industry which may hamper the India cord blood banking market growth during the
forecast period. Also, for cord blood stem cells to be used in therapies,
patients often require specialized medical care from healthcare providers with
experience in stem cell transplantation. In many parts of India, access to this
type of care is limited, which can reduce the utility of stored cord blood
samples, which can further restrict the growth of India cord blood banking
market.
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The India cord
blood banking market can be segmented by service type, component, application,
sector, and region.
Based on sector,
the India cord blood banking market can be segmented into public cord blood
banks and private cord blood banks. The private cord blood banking segment
dominated the market in 2022 and is expected to continue maintaining its
dominance throughout the forecast period. This can be ascribed to private cord
blood banks in India typically offer storage services for a fee, allowing
parents to store their baby's cord blood stem cells for potential use in the
future. These banks often market their services to families who are looking for
added peace of mind and a sense of security in case their child or a family
member develops a serious illness that can be treated with cord blood stem
cells.
Based on component,
the market can be segmented into cord blood and cord tissue. The cord blood
banking segment is expected to dominate during the forecast period as cord
blood is rich in hematopoietic stem cells, which can be used to treat a variety
of blood-related disorders and diseases. These stem cells are used in the
treatment of conditions such as leukemia, lymphoma, and thalassemia.
Major companies
operating in India cord blood banking market are:
- Cryoviva Biotech
Pvt. Ltd.
- LifeCell
International Pvt Ltd.
- Cordlife Sciences
India Pvt Ltd.
- Regrow
Biosciences Pvt. Ltd.
- ReeLabs Pvt. Ltd.
- StemCyte India
Therapeutics Pvt. Ltd.
- Reliance Life
Sciences Pvt. Ltd./India
In 2019, LifeCell
International, one of the largest cord blood banking companies in India,
announced a partnership with Apollo Hospitals to provide cord blood banking
services to Apollo's patients. The partnership was designed to improve access
to cord blood banking services for families in India.
In 2021, Cordlife
India, a subsidiary of Cordlife Group Limited, announced the launch of a new
cord blood processing and storage facility in Kolkata. The new facility is
expected to serve as a hub for the company's operations in the eastern region
of India.
In 2019, LifeCell
International, one of the largest cord blood banking companies in India,
announced a partnership with Apollo Hospitals to provide cord blood banking
services to Apollo's patients. The partnership was designed to improve access
to cord blood banking services for families in India.
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“India cord blood
banking is expected to dominate the market due to the rising demand for medical
benefits along with growing preference for personalized healthcare across the
region. Furthermore, the trend of growing focus on quality and regulatory
compliance is growing, particularly among individuals where there has been an
increased emphasis on ensuring the quality and safety of cord blood stem cells
in India. This has led to the implementation of stricter regulations and
guidelines for cord blood banking facilities, as well as an increased focus on
accreditation and certification. Besides, increasing concern about healthy
lifestyles and increasing expenditure on health and wellness is further
expected to create lucrative opportunities for the market growth” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“India
Cord Blood Banking Market by
Service Type (Sample Preservation & Storage, Sample Analysis, Sample
Processing, and Sample Collection & Transportation), By Component (Cord
Blood and Cord Tissue), By Application (Cancer Disease, Diabetes, Blood
Disease, Immune Disorders, Metabolic Disorders, and Others), By Sector (Public
Cord Blood Banks and Private Cord Blood Banks), By Region, Competition, Forecast and Opportunities, 2029”, has evaluated the future growth potential of India cord blood banking
market and provides statistics & information on market size, structure, and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in India cord blood banking
market.
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