New York, November 18, 2021 – Reports and Data has published its latest report titled “Biobanks Market, By Type (Disease-oriented Biobanks, Population-based Biobanks), By Storage Type (Manual Storage, Automated Storage), By Specimen Type (Human Organs, Human Tissues, Stem Cells, Others), By Product (Equipment, Consumables, Software, Services), By Application (Drug Discovery & Clinical Research, Therapeutics, Clinical Diagnostics, Others), and By Region, Forecast to 2028,”
Increasing genomic research activities, advancements in biobanking techniques, and growing need for stem cell banking are among the major factors driving the global market growth
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According to Reports and Data, the global biobanks market size was USD 59.62 billion in 2020 and is expected to reach USD 83.82 billion in 2028 and register a revenue CAGR of 4.3% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Steady revenue growth of the global biobanks market is attributed to factors such as rising prevalence of chronic and acute diseases worldwide, increasing genomic research activities, rising government investments in the life sciences industry, and growing trend of preserving stem cells of infants. Growing need for stem cell banking for cancer research, advancements in biobanking techniques, and increasing need for biomarker identification in disease diagnosis and prognosis are some of the other key factors driving revenue growth of the global biobanks market to a significant extent. Biobanks are biorepositories that store biological samples for use in a wide range of medical research activities including personalized medicine, regenerative medicine, and genomics. Growth of the global biobanks market is further driven by growing demand for personalized/precision medicine, increasing usage of biospecimens in genetic testing, digitalization or virtualization of biobanking, and increasing collaborations between private and public research institutions and pharmaceutical companies.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Population-based Biobanks Segment to Account for Largest Revenue Share:
Based on type, the population-based biobanks segment is expected to reach the largest revenue share in the global biobanks market, registering a significant 3.7% CAGR during the forecast period. Population-based biobanks aid in the identification of the healthy donors in particular nations or geographic regions based on their specific ethnic cohorts. Growing significance of population-based biobanks in genomic research activities is a key factor driving growth of this segment.
Drug Discovery & Clinical Research Segment Dominated Other Application Segments in 2020:
Among application segments, the drug discovery & clinical research segment dominated the in terms of revenue share in the global biobanks market in 2020. Factors contributing to robust growth of this segment are rising demand for bio-samples for new drug discovery & development, increasing clinical research & development activities, rising cases of worldwide, and surging need for COVID-19 vaccine development.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America biobanks market was the most dominant in terms of revenue share in the global market in 2020 due to many favourable factors. Increasing research & development activities in the life sciences industry, increasing focus on development of precision medicine and regenerative medicine, rise in collaborations between biotechnology and pharma companies and research institutes, and growing use of biobanks for storing RNA samples, DNA samples, blood, serum, tissue, plasma, and cells are among the primary factors contributing to the North America biobanks market revenue growth.
Major Companies in the Global Biobanks Market Include:
- Becton, Dickinson, and Company
- Merck KGaA
- Thermo Fisher Scientific
- Tecan Trading AG
- Panasonic Healthcare Holdings Co. Ltd.
- Hamilton Company
- VWR Corporation
- Brooks Automation Inc.
- Promega Corporation
- Chart Industries Inc.
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For the purpose of this report, Reports and Data has segmented the global biobanks market based on type, storage type, specimen type, product, application, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Disease-oriented Biobanks
- Population-based Biobanks
Storage Type Outlook (Revenue, USD Billion; 2018-2028)
- Manual Storage
- Automated Storage
Specimen Type Outlook (Revenue, USD Billion; 2018-2028)
- Human Organs
- Human Tissues
- Stem Cells
Product Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Drug Discovery & Clinical Research
- Clinical Diagnostics
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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