The companies in the Latin America (LATAM) cord blood banking services are operating amidst highly competitive environment. Considering their presence in large numbers, the LATAM cord blood banking services market exhibit a highly fragmented vendor landscape, finds Transparency Market Research (TMR) in a new study. “While there is distinction between private and public cord blood banking services, it is expected to have little impact on easing the competitive trends,” said a lead TMR analyst.
Private cord blood banks offer services to individual families in return of annual payment, while public banks cater to the general population. There is little difference in storage technologies between private and public banks. However, the method of collecting samples varies as private banks give collection kits to patients who in turn give them to obstetricians. Among the companies that succeeded leaving a mark, Banco de Cordon Umbilical (BCU), America Cell Biobank, Inc., Redcord S.A., and CrioCenter have established a strong presence in the LATAM cord blood banking services market.
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TMR forecasts, the market to exhibit a CAGR of 9.4% between 2015 and 2023. At this pace, the LATAM cord blood banking services market will reach US$445.4 mn by the end of 2023, from its valuation of US$196.9 mn in 2014. Based on storage type, the rising incidence of genetic diseases and better apprehension of such disorders considering the availability of high-end diagnostic techniques has rendered dominance to the private cord blood banking services segment. Country-wise, Argentina, Brazil, Mexico, and Columbia are expected to offer the most lucrative opportunities for the players operating in the Latin America cord blood banking services market.
Favorable Government Initiatives to Support Market’s Growth
In the last few years, the world witnessed a surge in cord blood banking practice, thanks to recent advancements in stem cell therapy research. Also rapidly evolving technology and infrastructure in most economies is paving way for the market’s growth in Latin America. It is important to note here that a majority of cord blood banks in Latin America are buoyed by government funding. However, with the foray of several private players, the dynamics of the LATAM cord blood banking services market is altering fast. Considering pace of gains witnessed by the market players, expert foresee the entry of several companies in the coming years.
A majority of the established players in the Latin America cord blood banking services market also have established their presence in the field of engineering, stem cell development, and non-invasive prenatal tests. Furthermore, countries across Latin America are focusing on mitigating drawbacks in public and private cord blood banking by implementing hybrid models. Spurred by these factors the LATAM cord blood banking services market is expected to report strong growth in the forecast period.
A considerable number of companies operating in the LATAM market are thus involved in storing the cord blood samples in two portions. While one portion is stored for the child or solely its family members, the other portion is kept available as public donation. Considering the rising incidence of chronic ailments and increase stem cell researches, the demand for cord blood kept for public donation is likely to rise in the coming years. This will give impetus to the market in the coming years.
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Stringent Regulation Compliance May Restrict Market’s Growth
On the down side, public and private cord blood banks require accreditation and regulation compliance from authorities as they apprehend life risk, if the industry is left inadequately regulated. Any discrepancy at any stage could adversely impact clinical product supplies. Stringent regulations implemented to monitor the activities of cord blood banks could have an adverse impact on the market. Nevertheless, rising research spending and favorable government initiatives adopted to promote public healthcare will aid in market’s expansion in the coming years.
This review is based on a TMR report, titled “Cord Blood Banking Services Market (Storage – Private Cord Blood Banking Services and Public Cord Blood Banking Services) – LATAM Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023.”