The global cryogenic biobanking services market is expected to register a significant CAGR over a forecast period.
Albany, NY -- (SBWIRE) -- 03/21/2018 -- The cryogenic biobanking service industries operate cryogenic storage facilities. These facilities are used to store biological samples such as human blood, organs, tissues and cells that are used in pharmaceutical companies, hospitals, research laboratories and universities. Cryogenic biobanks preserve biological samples such as tissues, cells, saliva, urine, nucleic acid and organs in order to gain long term benefits of these samples. The duration for preservation of biological samples is either short-term or long-term. The main objective behind cryogenic biobanking is to maintain the functionality and stability of biological samples throughout their preservation period. In addition, advanced equipment like liquid nitrogen tanks, freezers, refrigerators, cryogenic vials, cryogenic boxes are commonly used in order to maintain sample stability during storage period.
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The market of cryogenic biobanking services is expected to increase owing to rising demand of industry products globally. In addition, increasing number of scientific research will ultimately demand cryogenic biobanking services and hence drives the market growth. Moreover, increasing investment by pharmaceutical and biotechnologies companies in cell based therapy researches coupled with increasing adoption of cord blood banking further stimulates the growth of cryogenic biobanking services market. Additionally, various other factors like introduction of new cryogenic biopreservation facilities and increasing adoption of in house sample storage system by pharmaceutical and biotechnology companies will further drive the market growth.
However, biobanking services require long term capital investments that will restrain the growth of cryogenic biobanking services market. For example, cryogenic biobanking services demand temperature and humidity control rooms and laboratory equipment and automated equipment for flow analysis and cell counting. This requirement ultimately increases the overall initial investment of companies thus high investment will hamper the growth of this market. Furthermore, high regulatory requirements and tough economic climate for scientific research will further restrain the market growth of cryogenic biobanking services.
Geographically, North America is considered to be the largest market of cryogenic biobanking services due to increasing research and development activities in pharmaceutical and biotechnology industries. In addition, rising investment by the U.S. government and non-government organizations in biobanking services will further drive the market growth. Furthermore, increasing number of cancer patients which demands use of biospecimen materials for the treatment of cancer. Cryogenic biobanking is considered as most useful technique for the storage of these biospecimen materials which would ultimately drive the market growth. Furthermore, presence of various nationalized biobanks such as the UK biobanks and Cancer Human Biobank (caHUB) will augment the growth of cryogenic biobanking services market.
Europe is considered as the second largest market of cryogenic biobanking services. The market of cryogenic biobanking services witnessing positive growth in Europe due to advancement in cryogenic biopreservation applications coupled with increasing adoption of these services. Furthermore, rising demand of biospecimens in research and development for different disease conditions such as diabetes, cancer, cardiovascular and others are rapidly increasing in Europe. This factor would ultimately increase the demand of cryogenic biobanking services and hence drive the market growth. In addition, Asia-Pacific region is the emerging market for cryogenic biobanking services market because of rising awareness about cryogenic biopreservation services among Asia-Pacific population.
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Various key players contributing to the global cryogenic biobanking services market comprises Coriell Institute for Medical Research, BioServe Biotechnologies Ltd, Sigma-Aldrich Corporation, Preservation Solution, Inc., Thermogenesis Corporation, Custom Biogenic Systems, Inc., Stemgent, Inc. and others.