BANGALORE, India, Aug. 19, 2021 /PRNewswire/ -- Biobanking Market by Specimen Type (Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, and Others), by Type of Biobank (Population-based Biobanks, and Disease-oriented Biobanks), By Ownership (National/regional agency, Non-profit Organization, Universities, and Private Organization), by Application (Therapeutics, and Research) and End User (Academic Institutes, and Pharma & Biotech Companies): Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Health Category.
The global biobanking market was valued at USD 42,104.30 Million in 2020 and is estimated to reach USD 69,518.70 Million by 2028, growing at a CAGR of 6.2% from 2021 to 2028.
Major factors driving the growth of the biobanking market are:
- An increase in the incidence of chronic disease propels market growth.
- The rise in funding support by private & government organizations to establish biobanks around the globe are expected to increase the biobank market
- COVID-19 biobanks are springing up all over the world to gather research biospecimens and matching clinical and patient-provided data from COVID-19 patients with proven infection with the novel SARS-CoV-2 virus in order to conduct high-quality research. This in turn is expected to drive the biobanking market.
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TRENDS INFLUENCING THE GROWTH OF THE BIOBANKING MARKET
Many chronic diseases, including cancer, cardiovascular disease, neurological disorders, and immunological disorders, cannot be treated with traditional medicines because they cause significant side effects. Integrating it with stem cell therapy, which functions as a restorative agent to minimize the damage produced by treatment dosages, could lessen the probability of severe side effects. As a result, the increase in chronic disease is expected to boost the biobanking market growth.
Biobank samples are used for a variety of applications, including research, treatments, clinical trials, and medication development. As a result, many nonprofit and government groups have increased their financing for the development of more public storage banks. As a result, market growth is likely to be fueled by an increase in financing for biobanks.
Advancement in regenerative medicine is anticipated to further drive the Biobanking market. Chronic heart failure, stroke, chronic osteoarthritis, and other illnesses can all be treated with regenerative medicine and tissue engineering. In general, stem cells are used in regenerative medicine and tissue engineering to treat patients, however mature cells that aren't traditionally considered stem cells may also be used. Although stem cells are frequently used in therapy right after isolation, in many cases, stem and progenitor cells are harvested, processed, and frozen for later use. Biobanking is a handy alternative to same-day therapeutic usage since it allows for patient recuperation, allows time to find the optimal treatment alternatives, and may allow for repeated interventions without adding to the patient's discomfort or danger.
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BIOBANKING MARKET SHARE ANALYSIS
Based on specimen type, In 2019, the blood product segment contributed the most revenue, and this trend is expected to continue during the forecast year. This is due to an increase in the prevalence of hematological disorders and the number of accidents.
Due to an increase in the frequency of chronic diseases and improvements in regenerative therapies, the therapeutic category is predicted to develop at the fastest CAGR.
Based on region, North America was the largest shareholder in the global biobanking market in 2019. This dominance is attributed to its well-established healthcare infrastructure, the spike in acceptance of cell and stem therapies, growth in the elderly population, and rise in the prevalence of chronic diseases.
On the other hand, the Asia-Pacific region is predicted to exhibit the highest CAGR of 6.1% during 2020-2027. Because of the rising population and the presence of a significant geriatric population, Asia-Pacific delivers the profitable potential for key participants in the biobanking industry. Furthermore, rising healthcare spending and the development of guidelines are projected to drive market expansion in the region.
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KEY MARKET SEGMENTS
By Specimen Type
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
- Others
By Type of Biobank
- Population-based Biobanks
- Disease-oriented Biobanks
By Ownership
- National/regional agency
- Non-Profit Organization
- Universities
- Private Organization
By Application
- Therapeutic
- Research
By End User
- Academic Institutions
- Pharma & Biotech Companies
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- AMS biotechnology Ltd (AMSBIO LLC)
- Bay Biosciences LLC
- BioIVT & Elevating Science
- Boca Biolistics
- CTI Biotech
- Cureline, Inc
- Firalis S.A.
- Geneticist Inc
- ProteoGenex, Inc
- US Biolab Corporation, Inc
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SIMILAR REPORTS :
- Global Biobanking Product Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Biobanking Product, Product-Type: Equipment, Consumable, Application: Virtual Biobanks, Tissue Biobanks, Population Biobanks.
- Global Biobanking Technologies Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Biobanking Technologies, Product-Type: Blood Products, Human Tissues, Cell Lines, Nucleic Acids, Application: Regenerative Medicine, Life Science, Clinical Research.
- Global Biobanking Software Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Biobanking Software, Product-Type: Blood Products, Human Tissues, Cell Lines, Nucleic Acids, Application: Regenerative Medicine, Life Science, Clinical Research
- Global Cryogenic Biobanking Services Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Cryogenic Biobanking Services, Product-Type: Ice Machines, Freezers, Alarms And Monitoring System, Refrigerators, Cryogenic Storage Systems, Accessories, Application: Biobaking, Regenerative Medicine, Drug Discovery.
- The global Biobanking Services market size is projected to reach USD 8631.3 million by 2027, from USD 5115.6 million in 2020, at a CAGR of 7.3% during 2021-2027.
- The global Blood Collection market size is projected to reach USD 7164.1 Million by 2027, from USD 4440.6 Million in 2020, at a CAGR of 7.1% during 2021-2027.
-Global Biobanking Consumables Market Research Report
-Global Biobanking Equipment Market Research Report
-Global Human Biobanking Equipment Market Research Report
-Global Bio-Preservation Market
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