Irreproducibility of research is one of the major factors for the failure of translating basic research results into tangible solutions. For addressing the problem development of biobanks plays a vital role in providing necessary infrastructure for high quality assurance and control measures by providing safe &reliable spaces for storing material which can be used for repeated testing which in turn will lead to trustworthy scientific results. Hence the increasing awareness and concern for development of novel drugs with the support of biobanking is promoting the market growth. Moreover, the rising prevalence of cancer globally is promoting the development of new solutions to fight cancer. For instance, according to World Health Organization, cancer accounted for around 9.6 million deaths in 2018. Hence the increasing setup of cancer biobanks for systematic storage of cancer tissues and associated data is promoting the growth of the market. However, the instability in consistent funding hampers the growth of biobanking Market.
Market Industry Reports (MIR) has published a new report titled “Biobanking Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global biobanking market is estimated to be over US$ 52.2 Billion in 2019. It is anticipated to grow at 5.2% CAGR from 2020 to 2030.
Regenerative medicines utilizes the body’s growth and healing properties to repair or replace the damaged cells, tissues, or organs. The extensive research in stem cell, developmental biology, bioengineering, material science, and gene editing are important in development of regenerative medicines. Rising government and private funding for research of regenerative medicine is promoting the biobanking market. For instance, in 2017, National Institute of Dental and Craniofacial Research (NIDCR) invested around $52 million in basic, translational, and clinical regenerative medicine research. The increasing application of biobanking for development of regenerative medicines is also contributing in the market growth.
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Some of the prominent players in the Biobanking Market include:
Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN, Becton, Dickinson
The increasing international awareness for the need of biobanking is promoting the growth of biobanking market. Biobanking plays an important role in advancing biomedical and translational research by providing better opportunities for collection and preservation of biological samples such as blood, tissues, and nucleic acids which are used in research endeavors to discover disease-relevant biomarkers. Moreover, several pharmaceutical companies are investing extensively in drug discovery and developing their pipeline products which require the application of biobanking.
As a standard protocol at MIR, all research assignments go through the following rigorous processes.
- Secondary Research
- Primary Research
- Market Size Estimation & Forecasting
- Data Validation & Triangulation
- Report Generation
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Table of Contents
- Market Definition
- Market Classification
- Geographic Scope
- Years Considered for the Study: Historical Years – 2017 & 2018; Base Year – 2019; Forecasted Years – 2020 to 2030
- Currency Used
- RESEARCH METHODOLOGY
- Research Framework
- Data Collection Technique
- Data Sources
- Market Estimation Methodology
- Data Validation and Triangulation
- ABSTRACT OF THE STUDY
- MARKET DYNAMICS ASSESSMENT
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