The India cord blood banking market is anticipated to witness an impressive
growth during the forecast period. This can be
ascribed to cord blood containing stem cells that can be used to treat a
variety of diseases, including blood disorders, immune system disorders, and
certain types of cancer. With the growing prevalence of such diseases in India,
cord blood banking offers a potential solution for families who want to ensure
that they have access to these life-saving treatments. Also, increasing the
growth of India's middle-class population is expected to drive demand for cord
blood banking services. As more families become financially stable, they are
likely to invest in healthcare services, including cord blood banking, to
secure the health of their future generations is expected to create a lucrative
growth of India cord blood banking market during the forecast period. According to a survey
conducted by Cryoviva, a leading cord blood bank in India, 82% of parents are
aware of the concept of cord blood banking, indicating a significant increase
in awareness over the past few years.
Indian government have started investing in stem cell research and
related field in recent years, which is expected to drive the growth of India cord
blood banking market.
Increasing Awareness Among the People
There has been an increase in awareness about the benefits of cord blood
banking among parents in India. As people may choose to store their child cord
blood if there is a family history of diseases such as blood disorder, or
certain types of cancer, they may use it as potential source of treatment. This
has led to an increased demand for cord blood banking in India. Moreover, if a
pregnancy is high-risk, there may be an increased risk of complications that
could require cord blood stem cells for treatment. Many of these conditions can
be managed or prevented with cord blood. This has led to an increased demand
for storing cord blood for many future uses. The survey found that 60% of
respondents were aware of cord blood banking, compared to 47% in a similar survey
conducted in 2017. The internet has made it easier for parents to access
information about cord blood banking. Cord blood banking companies and
organizations have created websites and online resources that provide
information about the process and potential benefits of cord blood banking. Cities
such as Delhi, Mumbai, Bangalore, Hyderabad, Chennai, and Kolkata holds the
largest market share in the India cord blood banking market .
As more healthcare providers become aware of the potential benefits of
cord blood banking, they are more likely to recommend it to their patients.
This can help to increase awareness and drive India cord blood banking market.
Growing Prevalence Of Diseases
Health awareness has had a significant impact on the growth of the India
cord blood banking market in India. People are becoming more aware of the disease
such as blood disorders, immune system disorder, and certain type of cancer in
India. According to a report by the Indian Council of Medical Research
(ICMR), there were an estimated 1.75 million new cancer cases in India in 2018,
with the most common types of cancer being breast, lung, and cervical cancer.
This has led to an increased demand for cord blood that can support overall
health and well-being. With the rise of social media and the availability of
information on the internet, Indians are increasingly informed about importance
of cord blood banking. Cord blood stem cells have the potential to be used in
future treatments for a range of conditions, including diabetes, heart disease,
and neurological disorders. According to a report by the Indian Society of
Blood Transfusion and Immunohematology, there are an estimated 50,000 cases of
severe combined immunodeficiency (SCID) in India, which is a type of immune
deficiency that can be treated with cord blood stem cells. As the
prevalence of these conditions increases, there is a greater interest in cord
blood banking to secure a potential source of stem cells for future use. Furthermore,
the growing prevalence of diseases, such as blood disorders, immune system
disorder, and certain type of cancer, has made Indians more aware of the
importance of cord blood banking. Using cord blood stem cells for transplant
carries a lower risk of complications compared to using bone marrow or
peripheral blood stem cells. This makes cord blood banking an attractive option
for patients who require a stem cell transplant, particularly those who are at
a higher risk of complications. cord blood banking technology have made it
possible to store and use cord blood stem cells more effectively than in the
past. This has increased the potential for using cord blood stem cells in a
range of treatments, The trend towards Cord blood banking in India has led to
an increased demand for cord blood which may expected to grow the India cord
blood banking market,
Increasing Disposable Income
An increase in disposable income in India can play a significant role in
promoting the growth of the India cord blood banking market. As consumers have
more disposable income, they are more willing to spend money that support their
health and well-being. With increased disposable income, consumers can afford Cord
blood banking can be an expensive process, with initial fees for collection,
processing, and storage, as well as ongoing maintenance fees. An increase in
disposable income can make it easier for families to afford the cost of cord
blood banking and may lead to greater uptake of these services. Furthermore, Increased
disposable income has allowed consumers to invest in preventive healthcare,
which includes cord blood banking. With increased disposable income, families
may be more likely to invest in their health and the health of their children.
This can lead to greater awareness and education about the benefits of cord
blood banking and a greater willingness to pay for these services. According
to a report by the National Statistical Office (NSO), the per capita monthly
income in India increased by 6.8% in 2019-20, compared to the previous year.
The report also showed that the average monthly per capita consumption
expenditure in rural areas increased by 8.8%, while in urban areas it increased
by 6.7%. In addition, increased disposable income has allowed consumers to invest
in future health. Families with higher disposable income may be more likely to
invest in their children's future health by banking cord blood stem cells. This
investment can provide peace of mind and potential future health benefits,
making cord blood banking a more attractive option has helped to drive growth of
India cord blood banking market.
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Recent Developments
- 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 2020, Cordlife
India acquired the assets of Cryo-Save India, a provider of cord blood
banking services. The acquisition allowed Cordlife India to expand its
operations in India and strengthen its position in the cord blood banking
market.
- In 2018, Cryoviva
India, a provider of cord blood banking services, announced a merger with
Cord Blood America, a US-based provider of cord blood banking services.
The merger was designed to create a larger and a more competitive player
in the global cord blood banking market.
Market Segmentation
The India cord blood banking market can be segmented by service type,
component, application, sector, and region. Based on service type, the market
can be segmented into sample preservation &
storage, sample analysis, sample processing, and sample collection &
transportation. Based on component, the market can be segmented into cord
blood and cord tissue. Based on application, the market can be grouped into
cancer disease, diabetes, blood disease, immune disorders, metabolic disorders,
and others. Based on sector, the market can be grouped into public cord blood
banks and private cord blood banks.
Market Players
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. are some
of the leading players operating in the India cord blood banking market.
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Attribute
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Details
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Base Year
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2023
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Historic Data
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2018 – 2022
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Estimated Year
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2024
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Forecast Period
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2025 – 2029
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2023 and 2024-2029
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Report Coverage
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Revenue forecast, company share, competitive
landscape, growth factors, and trends
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Segments Covered
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Service
Component
Application
Sector
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Regional Scope
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North India, South India, East India, and West
India
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Key Companies Profiled
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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
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Customization Scope
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10% free report customization with purchase.
Addition or alteration to country, regional & segment scope.
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Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore
purchase options
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|
Delivery Format
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PDF and Excel through Email (We can also provide
the editable version of the report in PPT/Word format on special request)
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Report Scope:
In this report, the India cord blood banking market has been segmented
into the following categories, in addition to the industry trends which have
also been detailed below:
- India Cord Blood Banking Market,
By Service:
o
Sample
Preservation & Storage
o
Sample
Analysis
o
Sample Processing
o
Sample
Collection & Transportation
- India Cord Blood Banking Market,
By Component:
o
Cord
Blood
o
Cord
Tissue
- India Cord Blood Banking Market, By Application:
o
Cancer
Disease
o
Diabetes
o
Blood
Disease
o
Immune
Disorders
o
Metabolic
Disorders
o
Others
- India Cord Blood Banking Market, By Sector:
o Public Cord Blood Bank
o Private Cord Blood Bank
- India Cord Blood Banking Market,
By Region:
o North India
o South India
o East India
o West India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present India cord blood banking market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company’s specific needs. The following customization options
are available for the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India cord blood banking market is an upcoming
report to be released soon. If you wish an early delivery of this report or
want to confirm the date of release, please contact us at [email protected]