Biobanking Market Industry Trends, Estimation & Forecast, 2017 - 2025
Furthermore, increased incidence of chronic disease further propel the market growth. However, ethical and legal issues related to biobanking restrict market growth.
The major factors for the growth of the global biobanks market include innovations in regenerative medicine, the growing incidence of chronic diseases, advances in drug discovery and development, and R&D funding and investments by government and non-governmental organizations. These factors are expected to boost the growth of the market over the forecast period. Regenerative medicine through stem cell technology is one of the important treatments for diseases, such as Alzheimer's, diabetes, cancers, and rare genetic diseases. In order to benefit from the existing therapies, umbilical cord cells and other stem cells are preserved.
Stem cell practices are on the rise, globally, and are contributing to the development of new solutions for various diseases. Boston-based biotech start-up, Orig3n, is looking to build the largest and most diverse biobank, harnessing the power of induced pluripotent stem cell technology to accelerate regenerative medicine. Treatments for diseases, like muscular degeneration, using adult stem cells are now going into Phase 3 clinical trials in Japan. These successes are driving both the government and the private sector organizations into investing in more stem cell banks.
The global biobanking market was valued at $47,062 million in 2017 and is estimated to reach $68,084 million by 2025, with a CAGR of 4.6% from 2018 to 2025.
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The global biobanking market is segmented by specimen type, type of biobank, ownership, application, and region. Based on specimen type, the market is categorized into blood products, solid tissue, cell lines, and others. On the basis of ownership, it is divided into national/regional agencies, nonprofit organizations, universities, and private. The applications include therapeutic and research.
Depending on the type of biobank, the market is bifurcated into population and disease-oriented biobank. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA., Atlanta.
Key players in the biobanking market are Biologicals Inc., Becton, Dickinson and Company, BioLifeSolutions Inc., Chart Industries Inc., Hamilton Company, Qiagen NV., Sigma-Aldrich Inc. (Merck KGaA), STEMCELL Technologies Inc., Thermo Fisher Scientific Inc., VWR International LLC
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