Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Global Biobanking Market by Product & Service (Equipment, Consumable, Services, Software), Sample Type (Blood, Tissue, Nucleic Acids, Cell Lines), Ownership, Application (Regenerative Medicine, Life Science, Clinical Research), End-user, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global biobanking market is projected to reach USD 5 billion by 2028 from USD 2.9 billion in 2023, at a CAGR of 11.4% during the forecast period of 2023 to 2028.
The growth of this market is majorly driven by the demand for cord blood stem cell preservation. The increasing trend of preserving cord blood stem cells from newborns has led to a significant increase in the number of cord blood banks and biobanks that specialize in the preservation of cord blood stem cells. These biobanks store cord blood samples for long-term use and provide services, and are a valuable resource for researchers and clinicians studying regenerative medicine.
The consumables segment accounted for the second-largest share by product during the forecast period
In 2022, consumables segment accounted for the second-largest share by product in the global biobanking market. Biobanking consumables primarily include reagents and media, nucleic acid extraction kits, surface disinfectants, collection kits, swabs, containers, and syringes.
Consumables are indispensable and integral components of biobanking. With the rising demand for the biobanking of cells, tissues, and organs, the requirement for biobanking equipment and consumables has increased significantly. Furthermore, there is a growing demand for storage equipment in the biobanking industry, with an increasing number of samples being stored for research and clinical applications.
These trends underscore the importance of reliable and effective storage consumables in maintaining the integrity and accessibility of valuable biological specimens.
Europe: The second largest region in the biobanking market
Europe is the second-largest market for biobanking after North America. The European biobanking market has witnessed significant growth in recent years, driven by various factors that have propelled its expansion. One notable factor is the increasing focus on personalized medicine and precision healthcare, which has created a burgeoning demand for high-quality biological samples and associated data.
Furthermore, the advancements in genomic research and the advent of next-generation sequencing technologies have stimulated the need for vast repositories of biological materials, fueling the growth of biobanking activities across Europe. This upward trajectory in the European biobanking market exemplifies its vital role in facilitating biomedical research, enabling the development of innovative diagnostics, therapies, and treatments for improved patient outcomes.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 324 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $2.9 Billion |
| Forecasted Market Value (USD) by 2028 | $5 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Growing Investments and Funding for Biobanks
- Focus on Genetic Testing and Precision Medicine
- Increasing Trend in Preservation of Cord Blood Stem Cells from Newborns
- Favorable Funding Scenario for Research Related to Regenerative Medicine
Restraints
- High Cost of Automated Equipment
- Issues Related to Biospecimen Sample Management
Opportunities
- Emerging Economies to Provide Lucrative Opportunities
Challenges
- High Operational Cost of Biobanks
- Storage of Samples
Companies Mentioned
- AMSBio
- Askion GmbH
- Avantor, Inc.
- Azenta, Inc.
- Bay Biosciences LLC
- Becton, Dickinson and Company
- Biokryo
- Cell&Co Bioservices
- Cryoport, Inc.
- CTIBiotech
- Cureline
- Firalis Group
- Greiner AG
- Hamilton Company
- Merck KGaA
- Micronic
- PHC Holdings Corporation
- Proteogenex
- Qiagen N.V.
- Sopachem
- SPT Labtech
- Tecan Trading AG
- Thermo Fisher Scientific Inc.
- US Biolab Corporation, Inc.
- Ziath Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/mcnlfs
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
