As per our research report, the global biobanks market size was valued at USD 241.7 million in 2022, and this value is further estimated to be growing at a CAGR of 7.68% from 2022 to 2027.
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The collection and preservation of biological materials for use in the diagnosis, biodiversity studies, and research is referred to as biobanking. In addition, biobanks play an important role in biomedical research, developing personalized medications, and preserving and updating age demographic records. Modern biobanks now have large-scale analyses of specific disease biomarkers, including biological or digital material with well-annotated clinical and biological data.
The COVID-19 pandemic has had a significant influence on the biobanks market. Biobanking is crucial in diagnosing and developing medicines for a wide range of disorders. International efforts to produce vaccinations and other drugs to combat the COVID-19 pandemic are urgently needed. The collection, processing, and analysis of patient samples are at the forefront of this crisis. Tulane University inaugurated a new COVID-19 biobank of blood and cell samples from survivors in July 2021 to help researchers figure out why some people heal fast while others have long-term problems. As a result of these activities, the onset of the pandemic has resulted in a rise in demand for biobank services, benefiting the global market. In addition, a huge number of COVID-19-related clinical trials and the growing use of stem cell therapies for the treatment of numerous chronic diseases are driving the demand for biobanking products.
Increased biobank sample application areas, expanded biobanking finance from commercial and government organizations, increased genomic research efforts, and increased R&D expenditure by various healthcare companies propels the global biobanks market ahead. The growth of the biobanks market is being fuelled by the rise of chronic diseases such as autoimmune diseases, cancer, and blood disorders. Furthermore, advances in genomes, metagenomics, proteomics, disease biology, bioenergy, environmental remediation, and related domains boost the market. Government subsidies for reformative medicine, stem cell treatments, and cell and gene therapy support research in this field. Despite this, the growing popularity of cord blood banking will help this market segment expand. The increasing trend of personalized medicines to lower chronic disease-related mortality rates is also driving demand for biobanks to store a variety of biospecimens, from blood to tissues, cells, and nucleic acids.
Regenerative medicine advancements are propelling the sector forward. One of the most significant treatments for disorders including Alzheimer’s, diabetes, cancer, and uncommon genetic diseases is regenerative medicine using stem cell technology. Umbilical cord cells and other stem cells are retained to benefit from existing therapies. During the forecast period, advancements in biobanking are expected to propel the market’s growth. Researchers’ use of laboratory information management systems (LIMS) for sample storage and retrieval has expanded in recent years, propelling the worldwide biobanks market. The growing trend of preserving babies’ cord blood stem cells for various health benefits and government and private funding to support regenerative medicine research are propelling the market forward. The rising worldwide burden of major diseases and the increased demand for cost-effective drug discovery and development is also influenced by the market. Furthermore, the biobanks market benefits from expanding the biotechnology sector, advancements in the healthcare sector, population growth, an increase in healthcare expenditure, and innovations in biobanking. Furthermore, the increased focus on cell therapy research and development provides profitable opportunities for market players.
During the forecast period, adverse effects connected with biobanking, such as legal and ethical issues and a lack of awareness about biobanks, are projected to limit the market growth. The market’s expansion is hampered by high automation costs and challenges with biospecimen sample procurement. Biobanks’ long-term viability is expected to pose a challenge to the biobanks market in the foreseeable period.
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SEGMENTS COVERED UNDER THIS REPORT:
By Product Type:
- Biobanks Equipment
- Temperature control systems
- Alarm and Monitoring Systems
- Other Equipment
By Sample Type:
- Human Tissues
- Stem Cells
- DNA or RNA
- Other Sample Type
- Therapeutic Applications
- Research Application
- Clinical Trials
- North America
- Latin America
- Middle East and Africa
KEY MARKET INSIGHTS:
Based on sample type:
The human tissue biobanks segment is expected to have the largest market share by sample type. Other organizations that accept and collect tissue and blood for direct patient care, such as organ or blood transplantation, are not human tissue biobanks. These biobanks exist only for research. The human tissue biobanking services market is being fuelled by an increase in disease research, particularly rare diseases in people, and advancements in regenerative medicine.
Based on application:
The life science research segment dominated the market. The expansion in sample distribution to academic institutions and pharmaceutical R&D for clinical applications is credited with the dominance. However, scientists are under increasing strain due to the rising prevalence of complicated diseases and the necessity for treatment measures.
Based on the region:
Europe accounted for a large share of the biobanks market in 2021 and is expected to maintain its dominance during the forecast period due to increased adoption of advanced technologies and increased awareness of biobanking among healthcare professionals and individuals working in the R&D industry. Furthermore, the biobanks market is being pushed by a surge in healthcare R&D initiatives to develop novel biobanking and the presence of significant players in the region.
Biobanks have been emerging in China in recent years as the demand for scientific research and specimen application has grown dramatically. China is now established and operated by hospitals and research groups, which collect human specimens to support clinical and scientific research using Biobanking software and services.
Drug discovery improvements and rising investment in customized and regenerative medicine in the United States have created a slew of new growth potential for biobanking companies. In addition, the rising incidence of cancer, cardiovascular illness, and infectious diseases is boosting the market’s growth in the province.
AMS biotechnology Ltd (AMSBIO LLC), Bay Biosciences LLC, BioIVT & Elevating Science, Boca Biolistics, CTI Biotech, Cureline, Inc., Firalis S.A., Geneticist Inc., and ProteoGenex, Inc. are a few of the notable companies operating in the global biobanks market.
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Browse Regional Reports:
- North America Biobanks Market
- Europe Biobanks Market
- APAC Biobanks Market
- Latin America Biobanks Market
- MEA Biobanks Market
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