Biobanking Services Market by Biobank Type, Service Type, Ownership, Application and Geography Forecast to 2024 - P&S Intelligence

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.

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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.

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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.

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.

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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.

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