The competitive landscape of the cord blood banking service market in Latin America is highly competitive and fragmented in nature, says Transparency Market Research (TMR). Established players dominate the market in Latin America. New players are focusing on acquisitions and mergers, collaborations and business expansions to tap opportunites in the global cord blood banking service market. Investments on latest technologies is the most prominent strategy adopted by key players to maintain their dominance over the market. Some of the prominent players operating in the cord blood banking services market in Latin America are America Cell Biobank Inc., CrioCenter, Banco de Cordon Umbilical (BCU), and Redcord S.A.
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As per a recent market report by TMR, the cord blood banking services market in Latin America was noted at a valuation of US$196.9 mn in 2014. Researchers estimated the market to rise at an impressive 9.40% CAGR from 2015 to 2024. Rising at this CAGR, the global cord blood banking service is likely to attain a valuation of US$445.4 mn by the end of the forecast period.
On the basis of storage, public cord blood banking service market is projected to dominate the global cord blood banking service market. This is mainly because of the increasing demand of cord blood banking service among consumers.
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Rising Investment in Research Activity of Stem Cell Therapies to Boost Growth
The cord blood banking services market Latin America is expected to rise at a significance pace, thanks to the advancement in stem cell therapy. Apart from this, rising medical infrastructure and technological progression in this region also contribute to the growth. In addition to this, increasing rate of genetic disorders in the region calls for better cord blood banking services. This is because it helps in quick and better treatment of such diseases. One of the prominent factors expected to drive global cord blood banking service market is the rising geriatric population in the region. Geriatric people are more prone to diseases due to their weak immunity system. All these factors are projected to drive global cord blood banking services market in the region.
However, high costs of cord blood banking services and limited adoption of stem cell therapies among medical professionals are prime factors limiting expansion of the cord blood banking service market in Latin America. This is expected to pose a negative effect on the cord blood banking services market in Latin America.
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Increasing Prevalence of Genetic Disorders to Drive Growth
Countries like Colombia, Mexico, and Brazil are focusing to expand cord blood bank services due to the increasing number of patients seeking these services. People across the globe are preferring Latin America for treatment of genetic disorders and chronic diseases owing to advanced technology avaible in the region. To leverage this, governments in these countries are ramping their investments on the healthcare sector. This is contributing to the development of several cord blood banks. Apart from government blood banks, various other new players are also making efforts to enter the Latin America cord blood banking service market. Moreover, countries in LATAM are adopting a hybrid cord blood banking service model so as to reduce problems faced by private and public banking. The introduction of this model is boosting the growth of the global cord blood banking services market in the region.
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The review presented is based on the findings of a report by Transparency Market Research, titled Cool Roof Coatings Market (Roof Slope – Low sloped, Steep sloped; Type – Elastomeric, IR Reflective; Application – Residential, Commercial, Industrial) – Global Industry Analysis, Value, Share, Growth, Trends, and Forecast 2018 – 2026
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