Biobanking Services Market Trends, Business Strategies and Opportunities with Key Players Analysis 2024

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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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.

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.

Furthermore, advancement in regenerative therapies and rising demand for disease-specific bio samples, especially tumor cells to accelerate precision medicine research, are also expected to propel the biobanking services market growth over the forecast period. The growing government funding for supporting regenerative therapies and personalized medicine will also provide an up thrust in the biobanking services industry. For instance, in 2015, to usher the development of personalized medicines in the U.S., President Obama announced the launch of the Precision Medicine Initiative, which was worth $215 million.

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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.

Source: Prescient & Strategic Intelligence