Dublin, Feb. 29, 2024 (GLOBE NEWSWIRE) -- The "Biobanking Market Report 2024-2034" has been added to ResearchAndMarkets.com's offering.
World revenue for the Biobanking Market is forecast to surpass US$75 billion in 2024, with strong revenue growth through to 2034.
Growing Investments and Funding Projected to Boost Industry Growth
Biobanks are experiencing increased acknowledgment and support from global governments, research bodies, and financial institutions, leading to a surge in investment in these facilities. Notably, initiatives like the Biorepository and Precision Medicine Initiative Cohort Program, funded by the U.S. National Institutes of Health (NIH), seek to amass biological samples from over a million individuals to establish a comprehensive national research resource.
Concurrently, the European Commission has committed funding to the Biobanking and Biomolecular Resources Research Infrastructure (BBMRI), a pan-European facility focused on biobanking and biomolecular resources. This heightened attention and financial backing underscore the strategic importance of biobanks in advancing scientific research and precision medicine on a global scale.
Hight Cost of Equipment Likely to Challenge Industry Growth
The market's growth potential is anticipated to face limitations due to the substantial expenses associated with automated equipment. While cutting-edge technologies like advanced sample handling systems have the potential to enhance operational efficiency and elevate the quality of biobanking processes, their high price tags pose a considerable challenge, particularly for smaller biobanking enterprises or those with constrained financial capacities. Take, for instance, the expenditure involved in acquiring an automated storage system, which can vary based on its size and complexity.
The initial capital outlay for such systems can be substantial, ranging from tens of thousands to hundreds of thousands of dollars. Beyond the initial investment, ongoing considerations encompass maintenance and operational expenses, including software updates, repairs, and training. This cost factor serves as a strategic consideration for businesses evaluating the incorporation of automated equipment in their biobanking operations.
Key Market Dynamics
Market Driving Factors
- Increased Focus on Precision Medicine and Genetic Testing
- Growing Demand for Umbilical Cord Blood Banking
- Evolution of Biobanks Rapidly Enabling Massive Collections of Biological Materials and Associated Information
Market Restraining Factors
- Private Sponsorship Has Raised a Number of Ethical Issues
- Issues Related to Biospecimen Sample Procurement
- Long-term Sustainability of Biobanks
Market Opportunities
- Human Biospecimens are Essential for Progress in Biomarker Discovery and Customised Treatment
- Opportunities for Cardiovascular Research
- Growing Focus on the R&D of Cell Therapies
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, the new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, and restraints), Porter's Five Forces Analysis, PEST Analysis and recent developments.
Segments Covered in the Report
Ownership
- National/Regional Agencies
- Universities
- Non-profit
- Private
Product and Service
- Equipment
- Consumables
- Services
- Software
Sample
- Blood Products
- Human Tissues
- Nucleic Acids
- Cell Lines
- Biological Fluids
- Others
Application
- Regenerative Medicine
- Life Science Research
- Clinical Research
End-users
- Pharmaceutical & Biotechnology Companies
- CROs
- Academic & Research Institutes
- Hospitals
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.
The report also includes profiles and for some of the leading companies in the Biobanking Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- ASKION GmbH
- Avantor Inc.
- Azenta Inc.
- Boca Biolistics
- BIOIVT & ELEVATING SCIENCE
- Cryoport Inc.
- CTI Biotech
- Hamilton Company
- Isenet Biobanking
- Merck & Co., Inc.
- PHC Holdings Corporation
- ProteoGenex Inc.
- Qiagen N.V.
- Thermo Fisher Scientific, Inc.
- Tecan Trading AG
- US Biolab Corp. Inc.
In summary, the report provides you with the following knowledge:
- Revenue forecasts to 2034 for Biobanking Market 2024 to 2034, with forecasts for ownership, product and service, sample, application, end-users each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 22 key national markets - See forecasts for the Biobanking Market, 2024 to 2034 market in North America, Europe, Asia-Pacific, Latin America, and MEA. Also forecasted is the market in the US, Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 16 of the major companies involved in the Biobanking Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/5yb5lv
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