Cell Banking Outsourcing Market Worth $9.87 Billion By 2022
The global Cell Banking Outsourcing Market is expected to reach USD 9.87 billion by 2022, according to a new report by Grand View Research, Inc. Factors attributing towards this anticipated market size include growing demand for gene therapy, stem cell therapy, biopharmaceutical production that target on novel active sites.
Additionally, rise in prevalence of oncology associated diseases and other infectious chronic disorders are expected to promote cytological R&D in which cell banking plays a pivotal role thereby driving growth. R&D for commercialization of novel characterization and cryopreservation methods is also expected to considerably enhance lucrative growth opportunities over the forecast period.
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Further key findings from the report suggest:
- Master cell banks accounted for over 60% of revenue generated in 2014 owing to rise in these facilities across the globe. Moreover, master cell banks are useful for the preparation of working cell banks and thus find applicability in various research and development perspectives for stem cell therapy and gene therapy thereby resulting to segment growth.
- Stem cells accounted for the largest share with respect to revenue in cell banking market by cell type. Factors attributive towards large share of this segment include availability of stem cells from different organ origins and there consequent use in different metabolic disorders.
- North America accounted for the largest share of this market for 2014, as there are a significantly high number of research and development projects ongoing in the region related to cytological investigation for proteomics, genomics, and drug and vaccine development. Growing need for vaccines and biopharmaceuticals is also anticipated to fuel the growth of this region.
- Asia Pacific is expected to witness significant growth in demand over the forecast period owing to increase in number of supportive government initiatives pertaining to investments in biotechnology sector. Additionally, ongoing R&D activities for cancer treatment and fertility preservation facilitate the demand for cell banking services.
- Key participants in the cell banking outsourcing market include BioReliance, BioOutsource (Sartorious), BSL Bioservice, Cleancells, Charles River Laboratories, Covance, GlobalStem Inc., Lonza, PX’Therapeutics SA, SGS Life Sciences, Texcell, Toxikon Corporation, Wuxi Apptec, Reliance Life Sciences, LifeCell International Pvt. Ltd., Cryobanks International India, Cryo-Cell International Inc., and CordLife.
- Market participants are involved in R&D for characterization of cell banks which include introduction of efficient gene sequencing tests, karyology, and safety tests.