Albany, NY, May 19, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research has published a new market report titled, “Cord Blood Banking Services Market - LATAM Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.” According to the report, the LATAM cord blood banking services market was valued at US$196.9 mn in 2014 and is anticipated to expand at a CAGR of 9.4% from 2015 to 2023 to reach US$445.4 mn by 2023.
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The report provides with detailed analysis of current and emerging market trends associated with Latin America (LATAM) cord blood banking services, bifurcating them based on type of storage. Over the last two decades, the global stem cell therapeutics industry has experienced impressive growth. The major sources for stem cell banking are storing of peripheral blood and bone marrow, and umbilical cord blood (UCB); wherein UCB is by far considered as the largest component for hematopoietic stem cells. Donated cord blood has become one of the most reliable sources for stem cells over the last decade and is thus considered as a valuable biological resource.
Thus, considering the high demand for cord blood and the components derived from such stem cells, there is need for maintaining a substantial cord blood inventory. It has also been reported that most of these cord blood units are sourced from public cord blood banks and it is expected that by 2015, the need for such cord blood units will rise to approximately 10,000 units per year across the globe.
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The cord blood banking services industry is highly fragmented in nature and is characterized by diverse policies which vary from one country to other in LATAM. At present there is a division between private and public cord blood banking companies in which, private cord blood banks serve only individual families, whereas public banks serve the general population. Private cord blood banks offer cord blood storage (autologous donation) for personal use of donors and their family in consideration of an annual payment.
Private cord blood banks promote the concept that though the probability of requiring autologous cord blood is currently less for hematopoietic conditions, its usage in treating non-hematopoietic conditions is more prevalent and is estimated to increase in the future. Majority of private cord blood banks use similar storage technologies as those of public banks. However, the method of collection varies in the sense that private banks send collection kits to patients who in turn hand them over to the obstetrician.
Public cord blood banks are constantly seeking accreditation and regulation compliance as they apprehend the risk of surviving in an inadequately regulated industry that supplies clinical products. Public banks are funded by governments, research societies or non-government organizations for offering autologous banking services to the society. However, such banks assume the cost of USD 35,000 to 40,000 per unit to cover the costs of establishment and operation of cord blood inventory.
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The American Congress of Obstetricians and Gynaecologists (ACOG) ethics committee has also quoted that parents do not need to take on the additional burden of privately storing cord blood units as there are very less chances of the child ever using his or her own cord blood. Instances have also been observed of parents filing lawsuits after realization of the futility of private storage of cord blood when the child was diagnosed with genetic disorders. Considering this, the ACOG encourages obstetricians and gynaecologists to provide their patients with accurate information regarding the advantages and disadvantages of private cord blood banking.
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Source:Transparency Market Research