Cell banking is the process of keeping cells for later use. For the purpose of study and surgical tissue regeneration, these cell samples can be preserved indefinitely. Research and treatment involving stem cells is the main application for cell banking.
Global Cell Banking Outsourcing Market Driving Factors and Challenges
The growing demand for stem cell therapies is a significant driver of market expansion. The use of stem cells in applications like cell therapy, regenerative medicine, drug discovery, toxicity assessment, and developmental biology research holds great promise for preserving their biological attributes, preventing contamination, and ensuring efficient utilization in both fundamental research and therapeutic applications, present and future. Moreover, many stem cells are derived from unique tissues, like cord blood that was previously discarded but can now treat various illnesses, including blood cancers. These long-preserved and banked cells can be readily used for prompt treatment, helping to curb disease progression.
In addition, the cultivation of ideal traits in a cloned specimen stored in a bank for the production of monoclonal antibodies has bolstered the monoclonal antibody industry. This industry's growth, with its associated benefits such as treating cancer, inflammatory conditions, and autoimmune diseases, has spurred market expansion. Furthermore, factors like increased vaccine production, growing cancer prevalence, a rising number of cell banks, and heightened demand for monoclonal antibodies have contributed to market growth. Additionally, industry players' strategies of collaboration and acquisitions have positively impacted the sector's development.
That being said, one of the biggest challenges this industry has is the expensive cost of maintaining these cells in cell banks. Industry restraint is anticipated due to a number of legal concerns around stem cell and other cell banking practises. Further impeding the growth of the cell banking outsourcing market are concerns about donor disclosure of important clinical information found during the donor screening process, as well as issues with the protocols used to obtain informed consent from potential cord blood donors. In conclusion, handling and storing cells should be done with prudence as one of the concerns of cell banking is the possibility of cell contamination from environmental factors or human error.
Impact of COVID-19 on Global Cell Banking Outsourcing Market
The COVID-19 pandemic has affected the market for cell banking outsourcing in both positive and negative ways. Positively, the epidemic has emphasised the significance of developing vaccines and cell-based treatments. As a result, the market is expanding faster and there is now a higher demand for cell banking services. It is anticipated that the rising incidence of COVID-19 will have a major impact on worldwide cell banking outsourcing during the forecast period. Furthermore, some regional markets have seen substantial losses due to the ongoing coronavirus outbreak, which has a detrimental effect on the market for cellular banking outsourcing. On the other hand, the pandemic has also slowed down research and development efforts and upset international supply chains, which has had an impact on the market's overall growth.
Cell Banking Outsourcing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Charles River Laboratories, Inc., Clean Biologics, Cordlife Group Limited, Cryo-Cell International Inc., Cryoviva India, GBI, LifeCell International Pvt. Ltd, Lonza, Merck KGaA, Reliance Life Sciences, SGS Life Sciences, Texcell, Wuxi Apptec, Others.
Global Cell Banking Outsourcing Market Segmentation:
By Type: Based on the Type, Global Cell Banking Outsourcing Market is segmented as; Master Cell Banking, Viral Cell Banking, Working Cell Banking.
By Cell Type: Based on the Cell Type, Global Cell Banking Outsourcing Market is segmented as; Stem Cell (Adult Stem Cell Banking, Cord Cell Banking, Dental Stem Cell Banking, Embryonic Stem Cell Banking, IPS Stem Cell Banking), Non-stem Cell.
By Phase: Based on the Phase, Global Cell Banking Outsourcing Market is segmented as; Bank Characterization & Testing (Gene Expression Testing, Gene Sequencing Testing, Karyology Testing, Safety Testing), Bank Preparation (Master Cell Bank Preparation, Working Cell Bank Preparation), Bank Storage (Cell Storage Stability Testing, Master Cell Bank Storage, Working Cell Bank Storage).
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.