Cord Blood Banking Services Market will Register a CAGR of 9.40% through 2023

Latin America Cord Blood Banking Services Market: Snapshot

The demand in the Latin America cord blood banking services is projected to expand as cord blood transplantation is helps in treating various diseases such as lymphoma, leukemia, immune conditions, and sarcoma. It also helps in treating metabolic disorders as well. Over the past few decades, there has been an impressive growth in the global stem cell industry. The stem cells can be transmitted to patients having severe blood illnesses and various chronic disorders. Easy and large presence of cord blood units has also broadened opportunity for transplant options, particularly among patients that ae form mixed ethnicity.

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Furthermore, cord blood stem cells are perceived to be easy to collect and can be stored for years. These stem cells have low infection risk and the elimination rate is also smaller than compared to bone marrow transplant. Nevertheless, the Latin America cord blood banking market in is developing and is projected to rise at high rate attributing to changing favorable government regulations and policies, which in turn benefit the market growth.

In a recent report published by Transparency Market Research (TMR), the Latin America cord blood banking services market is projected to rise at a healthy 9.40% CAGR during the forecast period between 2015 and 2023. The valuation of the Latin America cord blood banking services market is expected to reach US$0.44 bn by the end of 2023 progressing from US$0.19 bn earned in 2014.

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Growing Incidence of Genetic Disorder to Boost Demand for Private Cord Blood Banking Service

The Latin America cord blood banking service market is classified on the basis of kind of storage that is further segmented into public cord blood banking services and private cord blood banking services. Out of these two, private cord blood banking services is leading the market due to high prevalence of genetic illnesses and improved understanding of such illnesses coupled with high-quality diagnostic services has fueled the demand for this segment. However, general notion among the physicians regarding the engagement of stored units might hamper the process of private cord blood banking services in countries like Mexico, Peru, Argentina, and Brazil.

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