Biobanking will be worth $24 billion in 2017, says Visiongain study

The London-based market research firm predicts a doubling from 2012’s $12.2 billion, driven by increased medical samples and especially human tissue and stem cell markets.

“Over the coming 10 years there will be an increase in stem cell banking for future therapeutic use. The highest rates of market expansion will occur during the first half of the forecast period,” says Jennifer Taylor, industry analyst. “Between 2017 and 2023, this rate of expansion will begin to slow as more companies become established, increasing competition and saturating the market."

According to the study, biobanking is currently diverse, fragmented and lacking harmonized standards, limiting researchers’ ability to access biological samples. Going forward, these biobanks will become networked with each other, providing better standardization and thus becoming a more reliable resource for researchers.

The full report is available for purchase from visiongain at www.visiongaingobal.com.