Cell Banking Outsourcing Market Target Audience, Growth Prospects and Segmentation
Market Overview
Tissues, cell lines, and cells are tested, characterized, stored, and collected by the cell banking outsourcing industry. These activities are carried out to aid in the production of biopharmaceuticals as well as research and development activities, ensuring minimal side effects and great efficacy. The technique for cell preservation entails initially proliferating cells, which subsequently multiply into a large number of identical cells, which are then stored in cryovials for future use. The production of regenerative medicine is essentially based on the use of cells. During the projection period of 2021 to 2027, the cell banking outsourcing market is estimated to reach USD 9476.9 million, growing at a CAGR of 15.6%.
Market Trends
During the forecast period, the cell banking outsourcing market is expected to rise due to an increase in the number of cell banks around the world. Another factor projected to drive market growth is the growing number of applications of cell-based products for research and therapeutics. Furthermore, a jump in the number of start-ups focusing on cell-based therapeutics and vaccine production is expected to drive market expansion. Similarly, the growing emphasis on regenerative and customized medicine is expected to fuel growth in the cell banking outsourcing industry. Due to well-established healthcare infrastructure, large patient populations, and significant healthcare expenditures, several key businesses focus on tailoring products and services to the American and European markets. There are no public cord blood banks in Africa, and importing cord blood units from other countries is prohibitively expensive for most patients. With first-to-market advantage, launching subsidiaries in developing regions can be advantageous.
Competitive Dynamics
The notable players of the market are CordLife (Singapore), Cleancells (France), Charles River Laboratories (US), BSL Bioservice (Germany), BioReliance (US), Sartorius (Germany), Covance (US), LifeCell International Pvt. Ltd. (India), Goodwin Biotechnology Inc. (US), GlobalStem Inc. (US), Cryo-Cell International Inc. (US), Lonza (Switzerland), PX’TherapeuticsSA (France), Wuxi Apptec (China), and the SGS Life Sciences (Switzerland).
Segmental Analysis
The global cell banking outsourcing market is divided into three categories: bank, cell, and application.
The market has been classified into three categories based on bank type: master cell banking, working cell banking, and viral cell banking. Because of its widespread utility, master cell banking is expected to have the largest market share in the worldwide cell banking outsourcing market.
The cell banking outsourcing market has been divided into stem cell banking and non-stem cell banking based on cell type. Because of its growing uses in regenerative medicine, the stem cell banking sector is expected to have the greatest market share in 2021.
Cell bank storage, cell bank preparation, and bank characterization and testing are the application segments of the cell banking outsourcing market.
Regional Overview
North America, Europe, Asia-Pacific, and the rest of the globe are the regions that make up the market.
Because of the greater adoption rates of novel technologies for the manufacturing of vaccines and therapeutic antibodies, North America is expected to have the greatest market share in 2021. Furthermore, the presence of various biopharmaceutical businesses in the region is expected to drive the cell banking outsourcing market in North America to new heights in the near future. North America is also likely to be a lucrative market due to the large number of research and development initiatives related to cytological inquiry for proteomics, genomics, and medication and vaccine development currently underway in the region. The growing demand for vaccines and biopharmaceuticals is expected to boost this region's growth.
The growing prevalence of leukemia in European countries is likely to drive the region's cell banking outsourcing industry forward. Furthermore, the region's cell banking outsourcing market is benefiting from an increase in the number of clinical trials and associations dedicated to discovering a cure for incurable diseases.
The cell banking outsourcing market in Asia-Pacific is predicted to develop at the quickest rate because to the increased prevalence of hematological illnesses, the growth of healthcare facilities, and growing support for the use of stem cell-based therapies. Furthermore, the expansion is likely to be fueled by an increase in the number of favorable government initiatives relating to biotechnology investments. In addition, continuous research and development for cancer therapy and fertility preservation helps to fuel demand for cell banking services.
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