How is Stem Cell Therapy Fuelling Growth of Biobanking Market?

 The rising incidence of chronic diseases and the surging number of research and development (R&D) activities being conducted on genome are the major factors predicted to cause the surge of the global biobanking market, from $25.8 billion to $36.8 billion from 2018 to 2024. In addition to this, the market is predicted to exhibit a CAGR of 6.2% between 2019 and 2024, as per the forecast of P&S Intelligence, a market research company based in India.  

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The soaring prevalence of diabetes, Parkinson’s disease, and Alzheimer’s disease is massively boosting the demand for stem cells and cord blood cells (that contain the stem cells) all over the globe. The treatment procedures involving stem cells have the ability to help significantly in organ transplantation, tissue grafting, drug testing, and the development of regenerative medicines. Thus, because of the various advantages of stem cell therapies, their popularity is rapidly growing, which is, in turn, boosting the demand for biobanks across the world. 

Based on offering, the biobanking market is categorized into services, software, equipment, and consumables. Out of these categories, the consumables are predicted to account the highest growth, in terms of revenue, in the market in future. This is ascribed to the higher demand for consumables amongst the consumers as compared to the equipment and software. In addition to this, the consumables are bought repeatedly by consumers whereas, the equipment and software record one-time sale in the biobanks.

During the next several years, the Asia-Pacific (APAC) biobanking market is predicted to register huge growth, on account of the rising awareness amongst the masses about biobanking, soaring population levels and surging clinical research activities in the various APAC countries. Furthermore, the advancement of the biotechnology sector, on account of increasing investments by public and private organizations and ballooning R&D activities, will majorly contribute toward the expansion of the market in the region in the forthcoming years.

Therefore, it can be safely said that the market will exhibit sharp growth in the upcoming years, on account of the increasing R&D activities in the healthcare and biotechnology sectors and the rising prevalence of chronic diseases across the world. 

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How is Growing Chronic Disease Burden Leading Biobanking Market Growth?

It has been estimated that the global disease burden of chronic diseases would increase to 57% by 2020, which was about 46% in 2001, as per the World Health Organization. It is further predicted that chronic diseases would account for three-quarters of all deaths globally by 2020.  Majority of the deaths related to chronic diseases are attributable to cardiovascular diseases, and more cases of diabetes and obesity are being observed. Risk factors such as obesity, high blood cholesterol, and high blood pressure are common causes of four major chronic diseases: cancer, cardiovascular diseases, chronic obstructive pulmonary disease, and type 2 diabetes. Further, unhealthy lifestyle habits, such as tobacco smoking, sedentary lifestyle, alcohol abuse, and poor nutrition, lead to the development of such diseases.  Therefore, with the increasing burden of many life-threatening diseases, research activities for finding a cure for these diseases as well as treatment using unconventional therapies, such as organ transplantation, tissue grafting, regenerative medicine, are witnessing a rise, thereby resulting in the high demand for biobanking methods for the preservation and utilization of cord blood cells and stem cells.

A biobank is a repository which stores, analyses, processes, and transports samples and specimens, such as tissues, biological fluids, cell lines, and human waste products. These samples and specimens are used for clinical diagnosis, research studies, and regenerative medicine.  A P&S Intelligence study showed that the biobanking market generated revenue of $25.8 billion in 2018 and is predicted to witness a 6.2% CAGR in the coming years. 

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Biobanking is used for various applications, such as regenerative medicine, clinical research, and life science & medical research. In the past, the highest demand for biobanking facilities was generated from the clinical research domain due to the requirement for specimens for establishing the safety and efficacy of medication and therapies.

The biobanking ecosystem includes software, consumables, services, and equipment.  In 2014–2018, the highest demand was for the consumables, as they are required for analysis of each sample. Consumables are used for storage, analysis, and processing of the samples and specimens.  Storage consumables are used for storing the samples; commonly utilized consumables are reagents, such as methanol, ethanol, and formaldehyde and storage units, such as vials and test tubes. Maxwell RSC tissue DNA kit, plasma or serum kits are used for analyzing samples. In fact, in the coming time, consumables are expected to continue generating the high demand due to their wide application in research activities.

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