New York, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global biobanking market size is projected to expand at ~8% CAGR between 2023 and 2033. The market is expected to garner a revenue of USD 90 billion by the end of 2033, up from a revenue of ~USD 50 billion in the year 2022.The market growth is attributed to the rising progression in the biological science sector such as biotechnology, genomics, genetic engineering, and molecular biology across the world. As per the Bureau of Labor Statistics, the genetic engineering sector is projected to rise by 18% in the decade with a bright future in the present changing world. The healthcare products developing with the knowledge of biomolecular structures of living organisms to treat various ailments are analyzed to boost the market sector in the coming years.
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Moreover, the development of precision medicine in the health sector is growing owing to the demand for personalized and patient-specific treatment techniques. The incorporation of molecular profiles in the precision medicine creation aids in developing predictive, therapeutic, and diagnostic methods to support required patient care. Also, the integration of artificial intelligence and big data in precision medicine is remodeling the range of biobanks. All these factors are likely to boost the market growth. The total number of precision medicines permitted until 2023 contributed to 25% of the new drug approvals with the inclusion of 12 new precision drugs approved in 2022 as per the estimations.
Increasing Biobanks and Cases of Hemophilia and Bleeding Disorders is Anticipated to Propel the Growth of the Biobanking Market
The escalating need for biobanks is on the rise on account of the growing worldwide population storing biological samples and is predicted to shoot up the market growth. The redoubling number of bleeding disorders in men and women across the globe as a result of genetic inheritance or acquired after birth is estimated to propel the market size. Over 90% of people with Hemophilia A disorder were men across the world in 2022 as per the reports. The absence or reduced production of blood clotting factors occurring as a result of vitamin K deficiency leading to bleeding disorders is also driving the market trend in the coming years.
Biobanking Market: Regional Overview
Escalating Stem Cell Usage to Cure Various Diseases is Foreseen to Hike the Market Growth in the North American region
The biobanking market in North America region is determined to garner a significant market share of 39% during the forecast period owing to the high rate of storage options available for stem cell storage. There are 2800 clinics in the United States marketing stem cell treatments in 2021 operated by 1500 businesses. The expanding awareness of people on stem cell benefits is strengthening the market size expansion. The multiplying investment in research and development initiatives by pharmaceutical firms to develop new therapies is assessed to foster market growth in the region.
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Growing Research of Genomics and Use in Cancer Treatment is Impelled to Fuel the Market Expansion in the Asia Pacific Region
Asia Pacific region market of biobanking is outlined to register a share of 23% by the end of 2033 backed by aggregating research activities in the genomic sector. The use of gene therapy such as somatic gene therapy, antiangiogenic gene therapy, targeting angiogenesis, gene silencing, tumor vaccines, delandistrogene moxeparvovec, gene transfer, P53 gene replacement, and tisagenlecleucel in the treatment of cancer is protruded to drive the market growth. The government of India initiated a project called National Genomics Core which collaborated with PAN-INDIA 1000 SARS-CoV-2-RNA Genome Sequencing Consortium and other projects of INSACOG at the time of COVID-19.
Biobanking, Segmentation by Specimen Type
- Blood Products
- Human Tissue
- Nucleic Acids
- Cell Lines
- Biological Fluids
- Others
The blood products segment is expected to hold a market share of 24% during the forecast period. The market segment growth is attributed to the growing number of road accidents and the incidence of hematological disorders across the world. The sprouting ratio of surgeries which raises the need for blood products is envisaged to flourish the market segment growth in the coming years. Globally, over 15 million surgical procedures were done in 2022 with an increase of more than 10% during the forecast period as per the survey. The prevalence of blood disorders that is intensifying the necessity for blood products is surging the market segment growth.
Biobanking, Segmentation by Application
- Regenerative Medicine
- Life Science Research
- Clinical Research
The clinical research segment of the biobanking market is evaluated to register a market share of 35% in the coming years. The applications of biobanking in clinical research for the systematic collection of large amounts of data and tissues during trials for clinical research are intended to shoot up the market growth. The efficiency of new drugs and treatment combinations is determined by the evaluation of biobank samples for preclinical studies. This helps to select the qualified patients required for the clinical trial based on molecular profile, and treatment response. As of 2024 records of the U.S. National Library of Medicine, the number of registered clinical studies was 437,513 at the beginning with the inclusion of 39,724, and 477,237 studies during and end of the year respectively in 2021.
A few of the well-known industry leaders in biobanking market that are profiled by Research Nester are UK Biobank Limited, Thermo Fisher Scientific Holdings, Inc., Tecan Trading AG, Hamilton Bonaduz AG, Bay Biosciences LLC, ISENET USA LLC, ASKION GmbH, Promega Corporation, VWR International, LLC, Merck KGaA, and others.
Recent Development in the Biobanking Market
- Thermo Fisher Scientific Inc. associated with the Qatar Genome Program to enhance genomic research and clinical uses of predictive genomics to extend the precision medicine advantages for Arab people across the world. An Axiom custom genotyping array was created to fuel the scientific research and insights on diseases such as diabetes, metabolic diseases, inherited genetic disorders, cardiovascular diseases, and cancer.
- UK Biobank Limited launched the data of Whole Genome Sequencing for research which constitutes details of 200,000 participants of UK Biobank. The data helps scientists to know the genetic factors of the disease cause and promote advanced drug discovery.
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