Biobanking Market Size to Grow $57.67 Bn, Globally, by 2027 at 4.6% CAGR
Pune, Maharashtra, India, December 17 2020 (Wiredrelease) Allied Analytics –:The global biobanking industry garnered $37.93 billion in 2019, and is expected to generate $57.67 billion by 2027, witnessing a CAGR of 4.6% from 2020 to 2027. Proactive support for biobanking by private & government organizations and high prevalence of chronic diseases drive the growth of the global biobanking market. However, ethical and legal issues associated with biobanking hamper the market growth. On the other hand, increase in R&D activities for application of biobanking and untapped opportunities in the developing regions are expected to create lucrative prospects for the market players in the coming years.
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Drivers, restraints, and opportunities
Increase in funding, surge in R&D activities for application of biobank specimens, and rise in fatal chronic diseases drive the growth of the global biobanking market. However, legal and ethical issues related to biobanking and lack of awareness hinder the market growth. On the other hand, untapped potential in emerging economies and surge in genomic research activities create new opportunities in the coming years.
– With the outbreak of the Covid-19 pandemic, the requirement of biobanks increased considerably to avail blood specimens for treatment of patients and ensure their recovery.
– Researchers across the world have begun research activities for development of vaccine for Covid-19. So, they need blood samples, biospecimens, and corresponding clinical and patient data to help in clinical trials, research, and drug development purposes.
– Health ministries across several countries have established biobanks to collect blood specimens and supply to research institutes, hospitals, and others to ensure ample availability of blood and plasma.
The blood products segment to maintain its lead position throughout the forecast period
Based on specimen type, the blood products segment accounted for the largest market share in 2019, accounting for nearly two-fifths of the global biobanking market, and is expected to maintain its lead position throughout the forecast period. This is attributed to rise in prevalence of hematological diseases and other chronic diseases along with increase in road accidents and injuries. However, the solid tissue segment is expected to manifest the largest CAGR of 6.5% from 2020 to 2027, owing to surge in demand for regenerative medicine along with increase in prevalence of cardiovascular & neurological disorders, different types of cancers, and diabetes.
The therapeutic segment to maintain its leadership status during the forecast period
Based on application, the therapeutic segment held the largest share of the market, accounting for around two-thirds of the global biobanking market in 2019, and is projected to maintain its leadership status during the forecast period. Moreover, this segment is estimated to witness the fastest CAGR of 5.0% during the forecast period. This is due to surge in incidence of chronic diseases and advancements in regenerative medicines. The report also analyzes the research segment.
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Europe held the largest market share in 2017, contributing about 41% of the total revenue and is projected to dominate the global market throughout the forecast period. However, Asia-Pacific region is expected to register the fastest CAGR of 5.7% from 2018 to 2025. The other regions analyzed in the report include North America and Latin America, Middle East and Africa (LAMEA).
The key market players analyzed in the report include, ASKION GmbH, Cureline, Inc., Firalis S.A., LabVantage Solutions, Inc., PrecisionMed, Inc., CTI BIOTECH, Excilone SARL, Hamilton Company, LGC Limited, and ProMedDx LLC.
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