Bio-Banking Products Market Forecast and Segments Till 2020
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The market for Bio-Banking is being driven primarily due to increased education and awareness among the masses regarding the safeguarding of infant?s future in terms of any serious ailment. Flexible options of remuneration through donation of tissue to research facilities have further spurred people to opt for bio-banking. Many national and international organizations such as American College of Obstetricians and Gynecologists (ACOG) and the American Academy of Pediatrics (AAP) issued statements in the late 1990s opposing private profiting companies and for better services, it was advised that donors provide samples to non-profit or government storage centers which distribute samples and provide services at a much lower cost. The market for cord blood banking still faces some major ethical and regulatory hurdles. Among these, another factor challenging the growth of the market in developing regions is the initial cost and annual maintenance cost for storage of tissue. Ongoing SA-BRC research estimates the total market for bio-banking to be valued at around US$ 760.0 million in 2014 and expected to grow at a CAGR of 18.3% from 2016 to 2020. North America and Europe remain the largest bio-banking regions for animal tissue as well as plant tissue repositories. With increasing investment in Middle-East for healthcare technologies, the region is expected to become a major investment area in coming years. Due to ethical concerns regarding stem cells and embryonic stem cell research in Europe and Middle-East, the market may be muted as compared to North America and Asia-Pacific. In terms of players the market is quite fragmented with considerable players in each segment and notable players include Cryobanks International, Cord Blood America, ViaCord, Novo Nordisk, TAP Biosystems, Nexus Biosystems, Thermofisher Scientific, GenVault, Qiagen NV and Tissue Solutions.
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Spearhead Acuity Business Research & Consulting Private Limited (SA-BRC) is a premium Life Science business intelligence and data analytics firm. SA-BRC team offers a wide range of business intelligence services to multiple stakeholders such as Medical Device Manufacturers, Service Providers (Hospitals, Payers, etc.), Suppliers, Group Purchase Organizations, Distributors and all other individuals in the entire value chain of healthcare industry. Our research and consulting capabilities extend across several sub-domains within the sphere of Life Sciences such as Biotechnology, Healthcare IT, Medical Devices, Veterinary Sciences, Wellness Products and Pharmaceuticals.
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