Portland, OR, Nov. 18, 2020 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global Biobanking Market size was pegged at garnered $37.93 billion in 2019, and is projected to reach $57.67 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.
Increase in fatal chronic diseases, rise in funding, and surge in R&D activities for application of biobank specimens drive the growth of the global biobanking market. However, ethical and legal issues regarding biobanking and lack of awareness hamper the market growth. On the contrary, untapped potential in developing countries and surge in genomic research activities are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- The need for biobanks has increased since the outbreak of Covid-19 to use blood specimens for treat patients and ensure their recovery.
- Since the outbreak of the virus, researchers and scientists across the globe have been trying to develop a vaccine against Covid-19. Thus, they need blood samples, biospecimens, and clinical data to help clinical trials and drug development purposes.
- Health ministries of several countries have established biobanks to gather blood specimens for research institutes, hospitals to ensure the availability of blood and plasma.
The global biobanking market is segmented on the basis of specimen type, type of biobank, ownership, application, and geography. Based on specimen type, the market is divided into blood products, solid tissue, nucleic acid, and cell lines. The solid tissue segment is projected to portray the highest CAGR of 6.5% during the forecast period. However, the blood product segment held the largest share in 2019, contributing to nearly two-fifths of the market.
Based on type of biobank, the market is classified into population-based biobanks and disease-oriented biobanks. On the basis of application, the market is divided into therapeutic and research. The therapeutic segment held the largest share in 2019, contributing to around two-thirds of the market. Moreover, the segment is anticipated to manifest the highest CAGR of 5.0% during the forecast period.
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Based on ownership, the market is segmented into national/regional agencies, nonprofit organizations, universities, and private organizations. The global biobanking market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Europe held the largest share in 2019, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 6.1% during the forecast period.
The global biobanking market report includes an in-depth analysis of the major market players such as BioIVT & Elevating Science, Firalis S.A., AMS Biotechnology Ltd. (AMSBIO LLC), ProteoGenex, Inc., Cureline, Inc., CTI Biotech, Geneticist Inc., US Biolab Corporation, Inc., Bay Biosciences LLC, and Boca Biolistics.
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