Report Description

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.