Report: Global umbilical cord blood stem cell market to reach $56.4B by 2020
Allied Market Research has reported that the global umbilical cord blood stem cell market is forecasted to reach market value over $11.5 billion in 2014 from $ 6.5 billion in 2012.
Developments and approvals for novel cord blood stem cells therapies is expected to drive market growth. The market is expected to reach revenue of $56.4 billion by 2020, growing at CAGR of 33.4% during 2013 to 2020. The storage service market was valued at $7.4 billion in 2013.
"Cord blood stem cell application is increasing at faster rate than other stem cell techniques because of its efficient and cost effective treatment process. Cord blood is assisting the healthcare industry to discover novel therapies on chronic diseases. UCB stem cell market is evidencing significant growth due to increasing public awareness and government support," said Debbie Shields and Roshan Deshmukh, Allied Market Research analysts.
Increase in prevalence rate of chronic diseases such as cancer, diabetes, blood disease, immune disease and metabolic disease has increased the need of cost effective and efficient way of treatment. However, cord blood stem cells have the potential to treat these chronic diseases effectively. These stem cells have special property of higher cell count in lower blood volume. Collection of these stem cells is much easier than other stem cells and could be stored in specialized preservation facilities called as Cord Blood Stem Cell Banks.
Cord blood stem cells market is in its emerging phase. Significant applications of stem cells in the treatment of various disorders will be commercialized very soon as most of them are in the last phase of clinical trials. Patents for collection techniques and therapeutics methods are approved by respective government of developed countries however patents for UCB stem cells are comparatively less in developing economies.
According to lead analyst Shields, the geographic analysis shows that the North American market for cord blood stem cell would account for approx. Forty-four percent of total revenue generated by the cord blood market in 2013. However, much expected growth is to occur in Asia-Pacific regions during the forecast period, because of growing demand for chronic disease treatments and widely increasing awareness levels. This report study offers updated review about major market players present in this market such as researcher based pharmaceutical companies and therapeutics services companies.