‘Biobanking Market Set To Grow To Over $53bn By 2027’ Says Visiongain Report
13 August 2018
Visiongain has launched a new pharma report Biobanking Market Forecasts 2017-2027 : Discover Prospects for Medical Research and Therapeutic Uses, Including Human Tissues, Fluids and Stem Cells
The Organisation for Economic Co-operation and Development (OECD) defines a biobank as ‘a collection of biological material and the associated data and information stored in an organised system for a population or a large subset of a population'. In essence, a biobank is a storage facility used to archive biological samples for use in experimental research and commercial activities, including drug discovery and validation.
However, in addition to their use in research, several biobanks are devoted only to clinical therapeutic use - such as cord blood banks for stem cell therapy, or tissue banks for transplantation. Some biobanks are also established for therapeutic purposes, but with intent to aid future research.
Nearly two-thirds of the world’s biobanks have been established in the past 10 years. This dramatic increase in biobanking activity is due, at least in part, to the completion of the Human Genome Project. Biobanking is changing approaches to drug target identification, drug discovery and development and is vital in efforts towards personalised medicine. Recognising the value of samples stored in biobanks, pharma and biotech companies across the world are investing in biobank development and use.
The lead Visiongain report analyst for this report commented “With the ever increasing need for novel therapies and the shift towards precision medicine, high quality biobanking samples are in great demand. To meet demand, those in the biobanking industry will have to move towards standardisation and harmonisation, as well as planning ahead towards long-term financial sustainability. Another important factor will be increasing public awareness to facilitate participation, as sample donation is critical to the success of biobanking.”
Leading companies who are active in the Biobanking market for research or therapeutic use and are featured in the report include Tissue Solutions, Stemgent, Biopta, Bioserve, Coriell Institute for medical research, Cord Blood America, Cryo-Save, Cryo-Cell International, China Cord Blood Group, LifebankUSA, ViaCord, Cord Blood Registry, Biogenea Pharmaceuticals, StemLife, Future Health Biobank, Caladrius Biosciences and Precious Cells Biobank.
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