The increasing size of the industry is expected to incite ethical concerns.
Los Angeles, CA (PRWEB) November 24, 2013
The Cryogenic Biobanking Services industry is rapidly becoming a crucial resource for modern scientific research, particularly with respect to disease researchers, pharmaceutical companies and biotechnology researchers. Using cryogenic storage facilities to house samples, industry operators catalog biospecimens by genetic or environmental characteristics for use by researchers who require specimens with these traits. Historically, the availability of a range of specimens, including plasma, whole blood, saliva and cerebral spinal fluid, has been limited. This trend, coupled with the increasing reliance of downstream researchers on high-quality biospecimens, explains the industry's ample performance over the five-year period. Moreover, from 2008 to 2013, industry revenue is anticipated to increase.
The number of biospecimens stored in the United States is also forecast to increase over the five years to 2013, increasing the variety and accessibility of industry services for downstream researchers and pharmaceutical companies. Moreover, according to a recent article published by Genome Medicine, two-thirds of domestic biobanks have been established within the past decade. However, challenges within the industry persist, especially with regard to the security of long-term funding, on which industry operators rely, given extensive capital costs. These funding concerns have led to a discussion concerning the need for a national biobanks system that is sponsored by the federal government, since this is already the primary source of funding for industry operators. Nevertheless, the industry's performance has continued to improve in recent years, and this progress includes an anticipated rise in revenue in 2013 alone.
The Cryogenic Biobanking Services industry has a low level of concentration, as the four largest firms (including Coriell Institute for Medical Research, Stemgent Inc. and BioServe Biotechnologies Ltd.) account for less than 10.0% of total industry revenue (see IBISWorld report OD4041 for major player market shares). Industry operators are predominantly small and serve specific regions or specialize in certain diseases. Despite operating with a small staff and enduring a tough economic climate for scientific research, the industry has grown rapidly. However, the majority of these operators will continue to be small enterprises that are expected to struggle within the industry. Consequently, IBISWorld expects the industry's low level of concentration to continue in the five years to 2018.
According IBISWorld Industry Analyst Stephen Hoopes, “Over the five years to 2018, industry revenue is forecast to increase.” The majority of trends from the previous five-year period are anticipated to continue, increasing demand from disease researchers. However, the increasing size of the industry is expected to draw ethical questions related to current practices, attracting attention from regulators. As the industry becomes an increasingly important component of the medical research sector, issues concerning the ownership rights of biospecimens will become more prevalent. Nonetheless, “industry revenue will not be greatly impacted by these trends,” says Hoopes.
For more information, visit IBISWorld’s Cryogenic Biobanking Services in the US industry report page.
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IBISWorld industry Report Key Topics
The Cryogenic Biobanking Services industry operates cryogenic storage facilities used to archive biological samples used for research. Biobanks, or repositories that store these biological samples, are used in hospitals, universities, nonprofit organizations and pharmaceutical companies.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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