Biobanking Services Market Overview
The global biobanking services market is expected to broaden during the forecast period, mainly on account of growing prevalence of chronic diseases, use of blood biomarkers in early detection of various types of cancersincreasing genomic research activities for studying diseases, growing trend of conserving cord blood stem cells of newborns, surging government and private funding to support regenerative medicine research, and growing need for cost-effective drug discovery and development.
On the basis of type of biobank, the biobanking services market is categorized into tissue banks, virtual biobanks, population-based biobanks, and blood banks. The population-based biobanks are established to support precision medicine research initiatives, whereas tissue biobanks provide resources to research communities to enable a better understanding of disease etiology.
Based on sample type, the biobanking services market is classified into blood products, human tissues, cell lines, and nucleic acids. Human tissues, especially blood, are expected to account for the largest share in this market in the coming years.
On the basis of service type, the biobanking services industry is differentiated into storage, processing, transport, and supply services. Among these, the most essential service type is the provision of safe and secure storage in the market.
Based on ownership, the biobanking services market is categorized into academic and research institutes, pharmaceutical and biotechnology industries, hospitals, public funded biobanks, and privately funded biobanks. Among these, public funded biobanks are expected to be the largest revenue generating category in the market in the coming years.
Based on application, the biobanking services market is classified into regenerative medicine, clinical research, and clinical diagnostics. Biobanking services play an integral role in advancing biomedical research, through the collection and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for use in research. Biobanks have become an important resource in medical research to discover disease-relevant biomarkers that are used for diagnosis, prognosis, and prediction of drug responses for various diseases.
Geographically, Asia-Pacific is the fastest growing market for biobanking services, due to the rapid evolution of private biobanks and clinical research organizations in this region. Rising demand for biobanks in North America and Europe is also significantly aiding the growth of the market in these regions.
Biobanking Services Market Dynamics
Growing occurrence of chronic diseases, such as cancer and cardiovascular diseases; and use of blood biomarkers in early detection of various types of cancers are expected to have a positive impact on the growth of the biobanking services market. According to the Canadian Cancer Statistics Report, 2016, the number of Canadians living with, or in remission from blood cancer had increased by 25% for the period 2014–2016.
Furthermore, advancement in regenerative therapies and rising demand for disease-specific bio samples, especially tumor cells to accelerate precision medicine research, are also expected to propel the biobanking services market growth over the forecast period. The growing government funding for supporting regenerative therapies and personalized medicine will also provide an up thrust in the biobanking services industry. For instance, in 2015, to usher the development of personalized medicines in the U.S., President Obama announced the launch of the Precision Medicine Initiative, which was worth $215 million.
Besides, the market has evolved rapidly with technological advancements in genetic tools, as these tools raise demand for high-quality biospecimens to accelerate cancer research. For instance, in January 2017, Northwell Health Inc. collaborated with Indivumed GmbH, an integrated global oncology company to create a cancer research biobank.
Major challenges in biobanking operations include sustainability, cost constraints, limited access, and information sharing. Some countries have strict regulatory guidelines, which would eventually hinder the growth of the biobanking services market in the future. Furthermore, ethical and legal issues related to biobanking provoke concerns on privacy, research ethics, and medical ethics, which would also restrict the market growth.
Biobanking Services Market Competitive Landscape
Competition is observed within for-profit biobanks that provide open access to researchers and hospitals. Also, increase in efforts undertaken by life sciences companies for collaboration with biobanks to support life science research programs, which would further boost the market growth.
Some major key players in the global biobanking services market include Alpha Cord Inc., Autogen Inc., BioCision, Biokryo GmbH, BioLife Solutions Inc., Biomatrica Inc., BioStorage Technologies Inc., Cells4Life Ltd. and Cryo Bio System.
The study provides the historical as well the forecast market size data for various countries including the U.S., Canada, France, Germany, the U.K., Italy, Spain, Japan, China, India, Brazil, Mexico, and South Africa.