Global GMP Cell Banking Services Market, 2030 By Cell Type (Mammalian, Microbial, Insect, Yeast, Avian, Stem Cell Type, Others), By End User, (Biopharmaceutical Companies Contract Manufacturing Organizations), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 803.9 Million in 2023 and is expected to exhibit a CAGR of 13.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key players in the market are focusing on the adoption of organic growth strategies, such as product launches to strengthen their market presence and expand their product portfolio in the global GMP cell banking services market, which is expected to drive the market growth over the forecast period. For instance, in June 2020, REPROCELL Inc. a company developing stem cell technologies, announced the launch of a new service to generate individual-specific induced pluripotent stem cells (iPSC) in Japan. Personal iPSC is a service that prepares and stores an individual’s iPSCs for the regenerative treatment of future illness or injury
Global GMP Cell Banking Services Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a negative impact on the global GMP cell banking services market, due to the nationwide lockdown decreased the manufacturing of neutropenia drugs. For instance, according to an article published by the Best Practice & Research: Clinical Anesthesiology Journal, in November 2020, healthcare facilities all around the world were severely affected by the COVID-19 pandemic. Furthermore, the same source, stated that the Indian economy, especially the healthcare manufacturing and service sectors was negatively impacted due to nationwide lockdowns during the COVID-19 pandemic.
Global GMP Cell Banking Services Market: Key Developments
On February 24, 2023, Cordlife Group Limited, a leading provider of cord blood banking services company, announced the launch of its peripheral blood stem cell (“PBSC”) processing and storage service in Singapore, further expanding its banking services in Singapore
In June 2022, Avid Bioservices, Inc., a dedicated biologics contract development and manufacturing organization (CDMO), announced that the company is further expanding its process development capacity for its mammalian cell business
Browse 31 Market Data Tables and 34 Figures spread through 212 Pages and in-depth TOC on “Global GMP Cell Banking Services Market”- Forecast to 2030 by Cell Type (Mammalian, Microbial, Insect, Yeast, Avian, Stem Cell Type, Others), by End User, (Biopharmaceutical Companies Contract Manufacturing Organizations), by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/gmp-cell-banking-services-market-3634
Key Takeaways of the Global GMP Cell Banking Services Market:
- The global GMP cell banking services market is expected to exhibit a CAGR of 13.5% during the forecast period. Increasing adoption of inorganic growth strategies, such as partnerships by key players in the market to expand product portfolio, is expected to drive segment growth over the forecast period. For instance, in June 2022, Cordlife Group Limited, a leading provider of cord blood banking services company, announced a partnership with AMILI Pte. Ltd. precision gut microbiome company, to provide the first-ever gut microbiome banking service in Singapore and the Asia Pacific region to allow people in Singapore to store their gut microbiome for future faecal microbiota transplants (“FMT”)
- Among Cell type, Mammilian segment is estimated to hold a dominant position in the global GMP cell banking services market over the forecast period, owing to the increasing adoption of inorganic growth strategies, such as merger of key market players to expand the product portfolio. For instance, on May 31, 2023, JSR Life Science LLC, a life science company, announced that KBI Biopharma, Inc., a pharmaceutical company, and Selexis SA, a life science company, were consolidating as one organization under the KBI Biopharma name to accelerate innovation and growth for its biopharma customers. The new structure enables integrated, seamless solutions for customers, cell line development through process development, to clinical and commercial cGMP manufacturing services for mammalian programs
- Among region, North America is expected to be the dominant region in the global GMP cell banking services market, owing to increasing organic growth strategies such as product launches by key market players to expand their product portfolio is expected to drive the segment growth over the forecast period. For instance, in June 2022, GoodCell, a life sciences company, launched Personal Biobanking, a proactive, preventative healthcare service that allows members to store their own stem cells for potential future personalized therapy. GoodCell extracts and stores peripheral blood mononuclear cells (PBMCs). PBMCs are used to generate a cell type similar in properties to embryonic stem cells called induced pluripotent stem cells (iPSCs).
- Major players operating in the global GMP cell banking services market include WuXi AppTec Group, Charles River Laboratories International, Inc., Eurofins Scientific, Merck KGaA, Lonza Group Ltd., SGS Ltd., ViruSure GmbH, Austrianova, Goodwin Biotechnology Inc., and Paragon Bioservices, Inc.
