Further growth expected over next decade, says Visiongain report
The world market for biobanking in human medicine will generate US$24.4bn by 2017, reveals a new report by business analyst Visiongain.
This market was worth $12.2bn last year and will expand strongly over the next decade, according to Biobanking for Medicine: Technology and Market 2013–2023.
Visiongain forecasts that, from 2013 to 2023, the overall world market for medical sample preservation will more than double in sales.
Biorepositories, biotrusts and biolibraries are all expected to develop and prosper, the report says.
The main segments for revenue growth are the human tissue and stem cell submarkets.
“Market expansion will be driven by the increasing use of banked human tissues, primary cell lines and stem cells in preclinical pharmaceutical research and development,” said Jennifer Taylor, a pharmaceutical industry analyst at Visiongain. “Currently, around 90% of drugs in clinical trials fail; pharmaceutical companies are looking for more reliable preclinical models to reduce unnecessary R&D spending. Increasingly, they are looking to human tissue and stem cell models for preclinical drug development, as they provide a more accurate representation of how drugs will act in the clinical setting.”
Market expansion will be driven by the increasing use of banked human tissues, primary cell lines and stem cells in preclinical pharmaceutical research and development
The development and public awareness of stem cell treatments will also drive expansion of the market, added Taylor.
Visiongain’s research covers the activities of Tissue Solutions, Asterand, Biopta, BioServe and other providers of technologies and services for archiving medical biosamples.
In addition to forecasting the world market for biobanking, the study predicts revenue trends for human tissue samples, stem cells and related material, and other biopreservation (including DNA, RNA and body fluids).
The human tissues segment is broken down further, with forecasts to 2023 for commercial biorepositories and public sector storage facilities such as hospitals, clinics, research institutes and universities.
For stem cell banking, the analysis also provides data on cord blood storage and other biological sample archives.
In addition the report discusses technological and commercial news and predicts overall revenues to 2023 in leading national markets.