Biobanking Services Market Share, Segment Analysis and Forecast Report 2024

Biobanking Services Market

New York, United States, 2019-Jul-31 — /EPR Network/ —

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.

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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.

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.

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.

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