Bio-Banking Products Market Forecast and Segments Till 2020

Bio-Banks are repositories that store biological samples and tissues for research and medical treatment. The variety of tissues and samples that are stored includes blood, saliva, plasma, stem cells and purified DNA among other samples. The rising demand for stem cell therapies has affected the demand for cell banking and bio-banking in a very positive way. Bio-banking services are also focused directly to families and partners who wish to ensure a child?s healthcare needs by preserving cord blood stem cells and tissue during pregnancy. In several instances, these tissues are obtained with the consent of patients and provided to researchers and scientists in the medical field to gain knowledge on approaches to treating rare disease conditions such as pre-eclampsia, diabetes and coronary artery fistula. Bio-banking conferences and platforms have increased the importance and awareness of high quality specimens and protocols to obtaining them. Along with this, education is also imparted to scientists and researchers on tissue preservation, ethics, sustainability, tissue-tracking, implementing and maintaining tissue repository, local and international regulatory frameworks for commercializing services. IT services into data management and storage has also been absorbed along the path of progress. Cord Blood Banks are a sub segment of this market where storage services are currently one of the largest services provided by these private companies. Along with this, stem cell storage is another aspect of creating a repository where the donor of the stem cells may not necessarily be an infant. These repositories are already supporting the treatment of several delayed onset of genetic disorders, diseases which result in organ failure, accidents and scarring or any other damage which may not be identified clearly. Bio-banking automation segment is also another aspect of this market that involves instrumentation and analytical tools for assuring quality of final samples. Several companies such as Thermo Fisher Scientific offer bio-banking solutions. Due to the presence of a large number of public and government run hospitals, there is an ongoing discussion whether bio-banks should have private certifications or government certifications. There are over 150 companies and universities storing biological tissue samples for research and treatment over the world.

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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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