Visiongain has published a new report on Biobanking Market Report 2021-2031. Forecasts by Biobank Type (Standalone, Partnership); Application (Research, Therapeutics); Sample Type (Bio-fluids, Human Tissue/Tumor Cells, Stem Cells, DNA/RNA, Other Sample Types); Ownership (National/ Regional, Universities, Non-Profit, Private); Region (North America, Europe, Asia Pacific, LAMEA), PLUS COVID-19 Recovery Scenarios.
The global biobanking market size is projected to reach US$ 53.90 billion in 2020 and is further expected to reach US$ 71.08 billion in 2026 while growing at a CAGR of 4.78% during the first half of the forecast period i.e. 2021 to 2026. The global market size is further projected to reach US$ 92.87 billion by 2031 at a CAGR of 5.49% from 2026 to 2031. The overall CAGR for the global biobanking market is expected to be 5.14% from 2021 to 2031.
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COVID-19 Impact on Biobanking Market
In clinical trials relating to COVID-19, COVID-19 biobanks will play an important role. These biobanks will play an instrumental role in future scientific studies on the emerging coronavirus (COVID-19) pandemic facing the world. The secret to gathering, preserving, and distributing specimens collected from coronavirus patients will be in biobanks around the world. In addition, for each interpretation from the radiologist, biobanks will store COVID-19 specimen data obtained from each individual, images from chest X-rays (X-ray therapy [XRT]), and (computed tomography [CT]) scans, which will be essential to personalised medicine research, genomics research, and outcomes research. Biobanks will also play a crucial role in the entire process of tracking and optimization of patient prevention and prediction, follow-up, and therapy.
Market Drivers
Growing Demand for Biobank Resources for Research
The demand for resources stored in biobanks is growing worldwide. The value of human biologic specimens for research is increasing. Biologic specimens housed in biobanks are being increasingly used in epidemiological investigations into various diseases. Also, more and more scientists understand the benefits of using human tissue and human samples in drug discovery and development, and their importance in developing new drugs to market. The increasing rate of chronic diseases combined with awareness about the benefits of biobanking is supporting this drive to develop new medicines using biobanking resources. The applications of biobanked stem cells can cover disease treatment, tissue regeneration, targeted cell therapy, and more.
Currently, there is a high rate of failure of drugs in clinical trials. There are high costs associated with these failures. Such failures are attributed to the fact that preclinical investigations using animal models are not indicative of safety and efficacy in humans. The use of human biologic samples earlier in the drug development process can generate safety and efficacy information and facilitate more reliable stop-go decisions to be made. Pharmaceutical companies are looking to reduce R&D spending and reduce the attrition rate in clinical trials. They are increasingly using biobanked human specimens in early drug development and drug discovery investigations to achieve this. As a result, the demand for biobanked resources is rising. This will be a major driver of growth in the biobanking industry during the forecast period 2021 to 2031.
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Establishment of Biobanking Networks
Biobanks are valuable resources for research and drug development. However, it is a fragmented industry with samples and associated data spread out in different biobanks. Large collections of biological samples are presently stored in research laboratories, with those samples being difficult to account for; it is difficult to have a comprehensive figure on the number of biobanks existing across the world at present, in early 2016. Additionally, although several such services have been set up in recent years, there is a lack of common platform to access information on the various biobanks and their stored specimens.
Market Opportunities
High Potential of Stem Cell Therapeutics in Unmet Clinical Needs
Stem cell therapeutics will offer unique clinical and commercial opportunities and will revolutionise medicine at every level. This may sound overly optimistic at present, but stem cells are being claimed as a possible cure for many diseases including: diabetes, rheumatoid arthritis, HIV and a possible disease-modifying treatment for ischaemic stroke, spinal cord injury and neurodegenerative diseases, and a major potential presence in the treatment of oncology and cardiovascular indications. Many of these diseases currently lack effective treatments. The rapid spread of various infectious diseases like Zika virus induced microcephaly can also be a target disease for stem cell therapeutics. This potential market would be equivalent to a significant proportion of the entire global pharmaceutical market.
Competitive Landscape
Some of the major companies operating in the global biobanking market are Thermo Fisher Scientific Inc., Merck & Co., QIAGEN, Danaher, STEMCELL Technologies Inc., BioLifeSolutions Inc., BioCision, VWR International, LLC., Hamilton Company, and Becton, Dickinson, and Company (BD).
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