The cord blood banking industry in India is poised for significant growth in the coming years, as indicated by the findings of the TechSci Research report titled “India Cord Blood Banking Market – By Region, Competition, Forecast and Opportunities, 2029”. This growth trajectory is fueled by several factors, including the increasing demand for medical treatments utilizing cord blood stem cells and the burgeoning preference for personalized healthcare among the populace.
Factors Driving Market Growth
One of the primary drivers of growth in the India cord blood banking market is the rising awareness and demand for medical benefits associated with cord blood stem cells. Cord blood contains hematopoietic stem cells, which have the potential to treat various blood disorders, immune system disorders, and certain types of cancers. As individuals become more aware of these therapeutic possibilities, the demand for cord blood banking services is expected to soar.
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Furthermore, advancements in science and technology, particularly in cord blood processing and storage, are making cord blood banking more efficient and cost-effective. These technological advancements not only improve the viability and quality of stored cord blood but also reduce the associated costs, making the service more accessible to a wider demographic.
Market Challenges and Regulatory Landscape
However, despite the promising growth prospects, the India cord blood banking market is not without its challenges. One significant hurdle is the complex regulatory landscape governing cord blood banking in India. Cord blood banks are often required to obtain multiple licenses and undergo regular inspections, which can be time-consuming and costly. This regulatory burden has the potential to hinder the growth of the market in the forecast period.
Moreover, ethical concerns surrounding cord blood banking pose another challenge. There is apprehension regarding the use of private cord blood banks for non-medical purposes, such as cosmetic treatments or the concept of “designer babies”. These ethical dilemmas can impact public perception of the industry and impede market growth.
Market Segmentation and Dynamics
The India cord blood banking market can be segmented based on various factors, including service type, component, application, sector, and region.
Based on sector, the market is divided into public cord blood banks and private cord blood banks. Private cord blood banks, which offer storage services for a fee, dominate the market. These banks cater to families seeking added peace of mind by storing their baby’s cord blood stem cells for potential future use.
Component-wise, the market is segmented into cord blood and cord tissue. Cord blood, rich in hematopoietic stem cells, is expected to dominate the market during the forecast period. These stem cells hold significant therapeutic potential in treating various blood-related disorders and diseases, such as leukemia, lymphoma, and thalassemia.
Competitive Analysis
In addition to the regulatory and ethical challenges, the India cord blood banking market is characterized by intense competition among key players. Emerging cord blood banks, such as AABB, FACT, and CAP, are expected to further intensify competition in the market. These players are likely to focus on offering innovative services and expanding their geographical presence to gain a competitive edge.
The India cord blood banking market presents lucrative opportunities for growth, driven by the increasing demand for medical treatments utilizing cord blood stem cells and technological advancements in cord blood processing and storage. However, regulatory complexities, ethical concerns, and intense competition pose challenges to market expansion. By addressing these challenges and leveraging emerging opportunities, players in the India cord blood banking market can capitalize on the growing demand for cord blood banking services and establish a strong foothold in the industry.
Major companies operating in India cord blood banking market are:
- 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
In 2019, LifeCell International, one of the largest cord blood banking companies in India, announced a partnership with Apollo Hospitals to provide cord blood banking services to Apollo’s patients. The partnership was designed to improve access to cord blood banking services for families in India.
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 2019, LifeCell International, one of the largest cord blood banking companies in India, announced a partnership with Apollo Hospitals to provide cord blood banking services to Apollo’s patients. The partnership was designed to improve access to cord blood banking services for families in India.
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“India cord blood banking is expected to dominate the market due to the rising demand for medical benefits along with growing preference for personalized healthcare across the region. Furthermore, the trend of growing focus on quality and regulatory compliance is growing, particularly among individuals where there has been an increased emphasis on ensuring the quality and safety of cord blood stem cells in India. This has led to the implementation of stricter regulations and guidelines for cord blood banking facilities, as well as an increased focus on accreditation and certification. Besides, increasing concern about healthy lifestyles and increasing expenditure on health and wellness is further expected to create lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Cord Blood Banking Market by Service Type (Sample Preservation & Storage, Sample Analysis, Sample Processing, and Sample Collection & Transportation), By Component (Cord Blood and Cord Tissue), By Application (Cancer Disease, Diabetes, Blood Disease, Immune Disorders, Metabolic Disorders, and Others), By Sector (Public Cord Blood Banks and Private Cord Blood Banks), By Region, Competition, Forecast and Opportunities, 2029”, has evaluated the future growth potential of India cord blood banking market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India cord blood banking market.
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