Wilmington, Delaware, United States, April 26, 2023 (GLOBE NEWSWIRE) -- The global biobanking market stood at USD 50.1 Bn in 2021 and the global market is projected to reach USD 87.4 Bn by 2028. The global industry is anticipated to expand at a CAGR of 5.9% between 2022 and 2031.
The market value of Biobanking is increasing due to the growing prevalence of chronic diseases. The prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases has been increasing globally. Biobanks play a crucial role in providing researchers with the necessary biological samples to study the underlying mechanisms of these diseases and develop new treatments.
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The advances in genomics research is another significant factor contributing to the market growth. The field of genomics research has been rapidly evolving in recent years, with significant breakthroughs in areas such as gene editing, gene therapy, and precision medicine. Biobanks provide researchers with the necessary biological samples to study the genetic basis of diseases and develop targeted therapies.
Another factor driving the market prospects includes the increasing demand for personalized medicine over the analysis period. Personalized medicine is an emerging field that aims to tailor medical treatments to an individual's unique genetic makeup. Biobanks are essential for the development of personalized medicine as they provide researchers with the necessary biological samples to study an individual's genetic profile and develop targeted therapies.
The biobanking market is characterized by a high degree of collaboration and partnership between biobanks, research institutions, and pharmaceutical companies. These collaborations and partnerships are expected to drive the growth of the market by facilitating the sharing of resources and expertise.
Key Findings of the Market Report
- On the basis of product, the consumables segment is likely to be most preferred, attributed to increasing demand for biological samples, growing investments in biobanks, and growing focus on personalized medicine.
- Based on biospecimen type, the human tissues segment holds the highest market share, due to the growing demand for tissue-based research
- By application, the drug discovery & development segment is expected to boost the market growth
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Global Biobanking Market: Growth Drivers
- The global biobanking market is projected to expand at a steady pace from 2021 to 2031, due to the increasing prevalence of rare diseases.
- Another factor that is projected to augment the market growth includes the advancements in biobanking technology.
- Additionally, the rising demand for clinical trials, is another major factor that is anticipated to fuel the market prospects in the near future.
Global Biobanking Market: Regional Landscape
- North America is expected to dominate the Biobanking market during the forecast period.
- The regional market is witnessing an increase, due to the factors such as growing research & development activities, as well as favorable regulatory environment.
- Increasing prevalence of chronic diseases in the region, as well as increasing technological advancements are anticipated to escalate the growth of the regional market over the analysis period.
Global Biobanking Market: Key Players
- Thermo Fisher Scientific, Inc.
- PHC Holdings Corporation (Panasonic Healthcare)
- Hamilton Company
- Chart Industries, Inc.
- VWR International LLC (Avantor, Inc.)
- QIAGEN N.V.
- Greiner AG
- Brooks Automation, Inc.
- Merck KGaA
- Tecan Trading AG.
- Micronic
- Greiner Bio One
- Biobank AS
- BioLife Solutions
- Biokryo GmbH
Competitive Landscape
Prominent players in the Biobanking industry are taking advantage of the rapidly increasing demand for Biobanking. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In March 2021, BioLife Solutions, a leading developer and supplier of bioproduction tools, acquired Astero Bio, a provider of cloud-based biobanking software and services.
- In January 2021, Thermo Fisher Scientific launched its new SmartFreezer® System, which is designed to improve sample tracking and traceability in biobanking.
- In August 2020, Tecan, a leading provider of laboratory automation solutions, launched its new DreamPrep NAP workstation, which is designed to automate the processing of nucleic acid samples in biobanking.
- In July 2020, QIAGEN launched its new QIAsure Methylation Test, which is designed to detect DNA methylation biomarkers in biobank samples and can be used for cancer detection and other applications.
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Global Biobanking Market: Segmentation
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