Stem Cell Umbilical Cord Blood Market Foreseen to Grow Exponentially by 2024
Umbilical cord blood has become a valuable commodity in the healthcare sector in recent years due to rising awareness about the utility of stem cells in the treatment of a wide variety of diseases. Umbilical cord blood is the blood left over in the placenta after childbirth, and is the best source of stem cells. Stem cells have become vital in the medical field due to their capacity to regenerate into any kind of human cells. This has made them a prime candidate for the treatment of several degenerative diseases that have proven to be beyond mankind so far. Genetic and hematopoietic diseases are also treated with stem cells, further increasing the utility of the umbilical cord blood market to the healthcare sector.
Growing government support has been crucial for the global umbilical cord blood market and is likely to remain the key driver in the coming years. Safe and convenient storage of umbilical cord blood and stem cells requires sophisticated infrastructure, which requires significant government backing in terms of both economic freedom and regulations. The increasing number of governments acknowledging the utility of stem cells and thus umbilical cord blood to the medical sector is thus crucial for the global umbilical cord blood market.
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Government support has also helped the umbilical cord blood overcome social reservations about the use of stem cells. The intimate nature of umbilical cord blood and the strong emotional ties attached to the childbirth process had made obtaining umbilical cord blood difficult due to lack of popular support. Steady government presence in awareness programs has thus proved important for the umbilical cord blood market. The rising presence of private players in stem cell research is also vital for the global umbilical cord blood market.
Stem Cell Umbilical Cord Blood Market: Overview
Umbilical cord blood (UCB) stem cells have gained much significance in medical science owing to their ability to transform into any type of human cells. UCB refers to the blood that remains in the attached umbilical cord and placenta after childbirth. Stem cells that UCB contains are considered unique in their applicability in treating several life-threatening diseases. UCB stem cells are also used to treat genetic and hematopoietic disorders.
The cord blood collected during childbirth is cryopreserved and stored. UCB stem cells are stored either at private cord banks or at public cord blood banks. This preserved blood is generally used at the time of treatment of chronic ailments or transplantation, if needed, in the later stages of life.
Governments around the world have been proactively financing campaigns to spread public awareness about the potential benefits of UCB stem cells. This has been a crucial factor boosting the global stem cell umbilical cord blood market in the last few years. Furthermore, such steps taken by governments also provides economic and social benefits.
The report covers the various factors influencing the growth exhibited by the stem cell umbilical cord blood market. It features an in-depth analysis of the key market drivers, restraints, and opportunities. Other highlights of the report include a market attractiveness analysis, representation of prominent enterprises in the market in terms of key shares, competitive analysis, SWOT analysis, and Porter’s five forces analysis.
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Stem Cell Umbilical Cord Blood Market: Key Trends and Opportunities
UCB stem cells have emerged as an effective treatment option for over 80 diseases including immunodeficiency disorders, cancer, and other chronic blood disorders. Many of these diseases have no cure but can be treated effectively using stem cells obtained from the umbilical cord. UCB stem cells travel to the location of the damage, identify the infected cells, and then initiate a healing process. Moreover, the risk of rejection is nonexistent, because they are obtained from the same individual.
With research being underway for developing UCB stem cells to effectively treat diseases such as Alzheimer’s, diabetes, heart failure, and brain tumor, the future of the global stem cell umbilical cord blood market seems very impressive. Owing to their inherent health benefits, UCB stem cells are identified as a successful mode of treatment for various life-threatening ailments.
Government authorities are also supporting clinical trials and research into cord blood stem cells, which has been a crucial factor increasing the interest of the healthcare industry and compelling major healthcare players to invest in the commercialization of UCB stem cells therapies. For instance, Cytori Therapeutics Inc., Athersys, and California Stem Cell Inc. are engaged in developing novel stem cell therapies from UCB stem cells. This is a key factor offering impetus to the global market for stem cell umbilical cord blood.
Stem Cell Umbilical Cord Blood Market: Competitive Outlook
Competition prevailing in the global stem cell umbilical cord blood market is currently intense, with enterprises focusing mainly on creating brand awareness. This is compelling enterprises operating in the market to formulate innovative strategies. To study the competition prevailing in the market, the report profiles companies such as Nuo Therapeutics, Teva Pharmaceuticals, Cytori Therapeutics, and others.
These companies are studied on the basis of their financial overview, business structure, supply chain network, strategies adopted, and current development status.
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This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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