Expansion strategy to widen the cord blood banking services to new regions

Market players have been widening their services into new regions to explore the market potential, widen their market share, and consequently gain more market share than before. The local cord blood banks are taking strides with the proven track record of service, expertise in the team, and investments by investors. Moreover, they aim to collaborate with healthcare facilities to add value to lives to their patients. They also created an online portal to help their customers in gaining storage facilities and carry out the distribution activity. The demand for cord blood banking services will increase in the coming years. According to the report published by Allied Market Research, the global cord blood banking services market is estimated to reach $4.5 billion by 2030. Following are some of the activities taking place across the world.

Cord blood stem cells banking is a lucrative market in North America and European countries. North America was the highest revenue contributor in 2020, with $400.1 million; however, LAMEA is expected to grow at a CAGR of 16.5%. Cost structure of the stem cell treatment has a major impact on the growth of stem cell application in developed countries. Similarly, stem cells collected from cord blood are used in treatment of rare diseases, including metabolic diseases and immune diseases. The overall cord blood banking services market has shifted its focus from clinical trials to commercialization.

Market players have adopted the strategy of expansion to raise their market share and explore the potential. Cryoviva Singapore, the cord blood banking services provider, expanded into the Bahrain market. The company highlighted that it made the move with an aim to provide cord component stem cells to every family in need. Rajesh Nair, the CEO of Cryoviva Singapore, stated that the proven track record of its cord blood bank, a team of experienced management and medical professionals, and backing from investors made the entry to Bahrain market possible. He added that the company will collaborate with healthcare facilities providing maternity services to offer added services to patients. The company plans to expand further into various countries in Middle East and ASEAN regions.

The trend of expansion continues with the launch of new services. One of the leading private cord blood banking services providers Cryo-Cell International, Inc. developed a new factory at North Carolina. The company developed a new facility for providing its cryopreservation and cold storage services through an introduction of new service known as ExtraVault. Through this new service, the company aims to utilize its expertise and provide biorepository facilities to various healthcare organizations and biopharmaceutical companies. Along with expertise and experience, the company will provide cost-effective solutions and electronics access to storage of reagents, biologics, vaccine samples, and other cold chain items. Customers will be able to view their repositories and place orders regarding distribution through an online portal. The expansion into new regions and the launch of new services will help market players in widening their customer base and raise their market shares.

lack of man power and raw materials affected the supply chain of the global cord blood banking services industry. However, the market is projected to cover from the 1st quarter of 2023, due to reduced restrictions and reopening of the global cord blood banking services industry. Moreover, in 2021, with the availability of vaccine against COVID-19, the market re-opened at full pace with a start of 2022.

The key players that operate in this market include Americord Registry LLC, China Cord Blood Corporation, Covis Group, Cordlife Group Limited, Cryo-Cell International, Inc., Cord for Life, National Cord Blood Program, Cordvida, Perkinelmer Inc., and Lifecell international Pvt. Ltd.