Biobanking Market to Exhibit 8.9% CAGR till 2026; Increasing Prevalence of Chronic Diseases to Spur Demand, says Fortune Business Insights™
- Key Companies Covered are Medizinische Universität Graz, UK Biobank, Shanghai Zhangjiang Biobank, Isenet Biobanking, Hamilton Company, Thermo Fisher Scientific Inc., ProMedDx, BBL, Brooks Life Sciences, ASKION, among others
PUNE, India, April 14, 2020 /PRNewswire/ -- The global biobanking market is set to gain traction from the rising integration of innovative technologies in the pre-existing systems. Besides, the introduction to virtual biobanking is set to revolutionize the system by enabling researchers to conduct their studies smoothly, as well as by lowering the time constraints. This information is published by Fortune Business Insights™ in a recent study, titled, "Biobanking Market Size, Share & Industry Analysis, By Sample Storage (Blood, Cells & Tissue, and Others), By Application (Regenerative Medicines, Life Sciences, and Others), By Settings (Academic Medical Institutes, and Pharmaceutical & Biotechnology Companies), and Regional Forecast, 2019-2026." The study further mentions that the biobanking market size was USD 25.09 billion in 2018 and is projected to reach USD 49.46 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period.
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An Overview of the Impact of COVID-19 on this Market:
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This Report Answers the Following Questions:
- What are the most significant biobanking market trends, challenges, and opportunities?
- How many segments will the market consist of?
- Which region is expected to dominate the market in terms of revenue?
- Which segment is likely to lead in terms of share in the coming years?
- What are the new strategies adopted by key players to strengthen position?
Drivers & Restraints-
Emergence of Cord Blood Stem Cell Biobanking to Accelerate Growth
Nowadays, cord blood is considered to be an important source of stem cells that is often processed and conserved for medical research. In the field of biobanking, the conservation of cord blood is gaining more popularity. Also, the upsurging trend of cord blood stem cell biobanking is set to affect the biobanking market growth positively during the forthcoming years. Sweden's Lund University, for instance, unveiled the world's largest stem cell biobanking that would aid researchers in understanding the origin and cause of diseases, such as Parkinson's and Alzheimer's. Apart from that, the rising incidence of chronic diseases across the globe would contribute to the market growth.
High Demand for Samples from Pharmaceutical Industry to Augment Blood Segment
In terms of sample storage, the market is segregated into cells and tissue, blood, and others. Out of these, the blood segment acquired 79.5% biobanking market share in 2018 and is set to lead throughout the forecast period. This is attributable to the rising distribution, storage, and collection of blood samples backed by the increasing cases of infectious diseases. It is further creating high demand for curative measures. As blood samples contain RNA and DNA, they are considered to be a vital biospecimen and hence, are utilized in conducting several research activities. These are especially demanded by the academic medical institutions, as well as many pharmaceutical companies.
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Europe to Remain at Forefront Backed by Increasing Number of Biobanks
The market is geographically divided into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Amongst these, Europe is likely to remain in the dominant position in the coming years. It had generated biobanking market revenue of USD 8.93 billion in 2018. This growth is attributable to the presence of innovative biobanks in countries, such as Denmark, Norway, and Sweden. As per a report by Global Engage, in Iceland, around 40% of the population have contributed their DNA and those specimens are stored safely in biobanks.
Asia Pacific, on the other hand, is anticipated to exhibit a high CAGR in the coming years fueled by the rising investments by industry giants to develop well-structured biobanks. Additionally, increasing sales of cell and blood samples by the academic medical institutions for conducting research activities would propel growth in this region.
Key Players Aim to Open New Biobanks to Aid Researchers with Further Studies
Several companies present in the market are engaging in distribution strategies to enhance the market value. They are also investing huge sums for the development of new biobanks so that more researchers and clinicians would be able to conduct R&D activities for helping out the ones in need. Below is one of the latest key industry developments:
- October 2019: CureDuchenne, a non-profit provider of unique technologies for enhancing and extending lives of children suffering from Duchenne muscular dystrophy headquartered in California, started developing a biobank for Duchenne. It will enable researchers in conducting extensive studies on Duchenne to find a cure that would be accessible to all. Minimally invasive skin and blood tissue samples will be asked from patients on a voluntary basis.
List of the Key Companies Operating in the Biobanking Market. They are as follows:
- Medizinische Universität Graz
- UK Biobank
- Shanghai Zhangjiang Biobank
- Isenet Biobanking
- Hamilton Company
- Thermo Fisher Scientific Inc.
- Brooks Life Sciences
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Detailed Table of Content:
- Others Scope
- Market Segmentation
- Others Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview: Trends in Biobanking Market
- Prevalence of Key Diseases - By Key Countries
- Overview: Number of Biobanks – By Key Countries
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Biobanking Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Sample Storage
- Cells & Tissues
- Market Analysis, Insights and Forecast – By Application
- Regenerative Medicines
- Life Science
- Market Analysis, Insights and Forecast – By Settings
- Academic Medical Institutions
- Pharmaceutical & Biotechnology Companies
- Market Analysis, Insights and Forecast – By Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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