Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Global Biobanks Market Analysis & Forecast 2024-2034: Market By Product; By Service; By Biospecimen; By Type; By Application; And By Region" report has been added to ResearchAndMarkets.com's offering.
As the lifelines of the medical research community, biobanks play a critical role in enabling cutting-edge clinical research and therapeutic innovation. This latest industry analysis captures a detailed market forecast, highlighting the promise of personalized medicine and technology's impact on market growth.
Researchers estimate the global biobanks market to expand from USD 78.02 billion in 2023 to a remarkable USD 206.25 billion by 2034. Such growth, characterized by a steady CAGR of 9.24% during 2024-2034, reflects a vibrant sector driven by significant investments in research & development, the ascent of personalized medicine, and a burgeoning demand for clinical diagnostic tools.
Detailed within this comprehensive report is a granular market segmentation, which encompasses the following:
- Product advancements and trends, including the demand for biobanking equipment and sophisticated laboratory information management systems (LIMS)
- Service innovations within biobanking and repository services and the critical role of lab processing
- Biospecimen considerations, with human tissues and organs offering high growth potential
- Type categorizations, contrasting physical/real biobanks with the emerging sector of virtual biobanks
- Application insights, especially within therapeutics and the burgeoning field of clinical diagnostics
The geographical breadth of the report covers key regions across the globe:
- North America: Leading in revenue share, driven by substantial R&D investment and a robust healthcare industry
- Asia Pacific: Forecasted to experience the fastest growth rate, given its innovative collaborations, technological maturity, and R&D focus
- Europe, Latin America, Middle East & Africa: Providing a comprehensive market view with nuanced regional analyses
Highlighted within the analysis are pioneering collaborations and strategic alliances that are setting the stage for next-generation biobanking practices. In particular, the establishment of a Yellow Card biobank by Genomics England in collaboration with MHRA, underscores the proactive measures taken by key industry players to integrate genetic information with pharmacovigilance data.
Technological Innovation Catalyzing Market Growth
The deployment of high-efficiency equipment like PHC Corporation of North America's innovative VIP ECO SMART Ultra-low Temperature Freezer exemplifies the market's commitment to technological progress. Concurrently, the establishment of CHAVI, India's first fully annotated cancer image repository, demonstrates a significant leap forward in the Asia Pacific region, opening new arenas for research and diagnostic development.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $78.02 Billion |
| Forecasted Market Value (USD) by 2034 | $206.25 Billion |
| Compound Annual Growth Rate | 9.2% |
| Regions Covered | Global |
Companies Mentioned
- Becton Dickinson and Company (BD)
- Thermo Fisher Scientific Inc.
- Avantor
- Taylor-Wharton
- QIAGEN
- Charles River Laboratories
- Hamilton Company
- PromoCell GmbH
- Tecan Trading AG
- Merck KGaA
- Danaher Corporation
- STEMCELL Technologies Inc.
- Lonza
- BioCision
- Biovault Family
- Precision Cellular Storage Ltd. (Virgin Health Bank)
For more information about this report visit https://www.researchandmarkets.com/r/ep1uv7
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