Biobanks Market exhibiting CAGR of 4.5% by 2032, due to the growing adoption of biobank services for regenerative medicine | insightSLICE
The global Biobanks market size was estimated to be US$ 65 billion in 2021 and is expected grow at a CAGR of 4.5% between 2023 to 2032.
Biobanks are facilities where organic materials and biomedical resources are gathered and preserved for use in research and diagnosis. In biomedical research like genetics, genomics, and the creation of highly specialized drugs, biobanking is extremely helpful. Additionally, biobanks can retain and share patient data from vast populations.
To conduct scientific research on common illnesses, genetic abnormalities, and human genomics, researchers have access to the samples and data stored in biobanks. To preserve individual biological samples and medical records, biobanks are also used to store human biological resources such as plasma, DNA, blood, saliva, and stem cells.
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Biobanks adopt a number of precautions, including centralized registrations, duplicate sample storage, and regular data backups to secure the patient’s data. Cryogenic storage of samples is also considered a form of the biobank which is also increasing in adoption. The main consumers of biobanks include medical facilities, academic institutions, pharmaceutical firms, non-profit organizations, and research facilities.
Global Biobanks Market Key Segments:
By Product
- Equipment
- Consumable
- Others
By Service
- Biobanking/Repository
- Lab Processing
- Others
By Sample Type
- Human Tissues
- Organs
- Stem Cells
- Others
By Application
- Therapeutics
- Drug Discovery & Clinical Research
- Others
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
The key players of the Global Biobanks Market are:
The market for biobanks is now being dominated by organizations like Avantor, BioCision, Biovault Family, Hamilton Company, Lonza, Merck KGaA, PromoCell GmbH, Stemcell technologies, Tecan Trading, and Thermo Fisher Scientific. To further grow their market share in the biobanking industry, these businesses additionally engage in competitive tactics including R&D, market rank analysis, market capitalization, etc.
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Factors leading to growth of Biobanks Market
Newer applications of biobanks have been made possible by increased research and development efforts by healthcare organizations, which foster market expansion. The market for biobanks has expanded as a result of rising investments from the public and private sectors. The market expansion for biobank services has also been fuelled by genomics, customized medicine, illness detection, environmental cleanup, and the bioenergy industry.
The prevalence of cancer, viral infections, and chronic illnesses has also demonstrated the usefulness of biobanks, leading to the expansion of their market. Such biobanks store statistical data and virtual networks that offer prospects for meta-analysis in clinical diagnosis and medication development. For research purposes, a scientist may also have access to a lot of genetic data stored in these biobanks. The demand for the worldwide biobanks market has grown as a result of this and the widespread use of biotechnological services.
Numerous biobanks hosting virtual biobanking facilities have begun providing internet resources with 2D & 3D data sets. These virtual services’ accessibility and visualization capabilities provide quicker access to clinical and biological data, which might aid in more accurate sample analysis. The complexity of services offered by the global biobanks market is anticipated to grow as a result of the additional advantages provided by biobanks, which have enabled them to play a variety of functions in the biomedical sector.
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Regional performance of Biobanks Market
Of all of the other regions in the world, the Europe Biobanks market has the largest share of revenue right now. Faster adoption of cutting-edge technology and higher scientific and public understanding of such services are the main drivers of the rising penetration of the biobanking industry in Europe.
In terms of revenue, North America follows Europe closely, with the United States having the largest share. Biobanks are mainly utilized for cord blood storage purposes throughout the USA. The growth of the biobanks market in this area is being aided by improved awareness of biobanking services, rising interest in stem cell-based techniques, and widespread acceptance of biobanks for storing cord blood and genetic data.
The growing populations of nations like China and India have resulted in fresh improvements and lowered the cost of biobanking facilities in these nations. The biobank market in this area is expected to increase positively in the growing nations of Asia-Pacific and the Middle East. The development of the biobanks industry in the aforementioned locations is being fuelled by an increase in awareness, an increase in disposable money, an expansion of specialized biomedical institutions, and an overall increase in the diagnosis and prevalence of genetic illnesses. The need for biobanking services will develop significantly as the economies of the nations in this region expand quickly. Thus, the Asia-Pacific region in general with countries like India, China, and the Philippines is expected to drive the growth of the biobanks market in this region during the forecasted period.
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Governing laws acting as hindering factor for growth of Biobanks Market
Contradictory laws and regulations regarding the operation of biobanks, however, may hinder market expansion throughout the anticipated timeframe. The acceptance and growth of this industry will be significantly hampered by strict laws governing informed permission, ethical data collecting, and a lack of uniform standards across the board. Governments and biobanking industry players should strike a balance between stringent and many rules. A crucial demand that needs to be addressed across the board in the biobanking business is the proper collection of samples and data, consistent storage and retrieval protocols, consent-based practices, and data protection assurance. We can only anticipate a large increase in the global biobanks industry if these legislative barriers have been properly ratified.
For a seamless and dependable biobanking experience, operational measures including virtual biobank repositories, RFID tagging of samples, automated and straightforward tracking procedures, cost reduction, and data mistakes need to be put into place. The development of these features and their correct utilization can help the growth of the market for biobanks from its current state.
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