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.
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.
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.
Increasing Government Funding to Expand Cord Blood Banking Services Market
On the regional front, countries like Colombia, Mexico, and Brazil are concentrating on expanding the cord blood bank connectivity. In these countries, favorable government funding has benefited the cord blood banks. Although, there are various private cord blood banks already exist in the market and various other new players are making efforts to enter the Latin America market in the coming years.
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Some of the well-recognized cord blood banks in the region are operating in the area of stem cell development, non-invasive prenatal tests, and tissue engineering. In addition, countries in LATAM are making conscious efforts to reduce the problems faced by private and public banking by employing a hybrid model. The introduction of this model the sample will be stored in two portion, in which one portion will be only used by child or especially by the close family member and the second portion will be stored for public donation.
The report has also studied the leading players in the Latin America cord blood banking services market. Some of the leading players are Banco de Cordon Umbilical (BCU), America Cell Biobank, Inc., Redcord S.A., CrioCenter, and various others. Some of the player are highly dependent on technical advancements for expanding their business.