The Asia Pacific biobanks market is expected to increase at a CAGR of 9.63% between 2022 and 2027. As a result, the market size is expected to be worth USD 1.12 billion by 2027 from USD 710 million in 2022. APAC Biobank market contributes to the advancement of biomedical and translational research by collecting and preserving biological samples such as blood, tissues, and nucleic acids, which are then made available for use in research to discover disease-relevant biomarkers; this information is then used for diagnosis, prognosis, and drug response prediction.
The biobank is a type of biorepository that stores the biological samples (mainly human samples) used for research purposes or even treatment. In the coming years, the Asia Pacific region is predicted to stand as a formidable contender, with the developed region's reason being rapid population growth. In addition, an increase in chronic diseases, which can be treated or else studied with the help of resources in the biobank, is a significant driver for Asia pacific market. Furthermore, government policies and funding for modernizing the healthcare industry will boost the APAC biobanks market enormously.
The increase in research activities in this area is a significant market driver. In addition, the availability of government financing for regenerative medicines, stem cell treatments, and cell and gene therapy is fueling this segment’s research. Aside from that, the growing trend of cord blood banking will help this market segment develop. In addition, prospects, such as developments in orthopedic operations, including the use of stem cells, are projected to fuel regenerative medicine market growth.
There is an inclination in the Asia Pacific market for Biopreservation systems due to increased demand for tissue banking, stem cell banking, and umbilical cord banking. The dependence of researchers from all scientific realms on biobanks increased tremendously for providing samples. Biological material and related data have become an essential resource for the industrial development of diagnostics and therapeutics and medical research.
The poor productivity rate of the pharmaceutical industry concerning new drug approvals is driving the Asia Pacific market. The vision of personalized medicine is also endorsed for the growth of this market.
The significant drawbacks involve storage and handling problem, regulatory issues, and cost-competitive procedures. The market expansion is projected to be hampered by regulatory concerns, high method costs, and a lack of standardization. Because of the variety of biological samples held in biobanks, developing a unique procedure for them can be a complex process, and the cost of the approach varies depending on the sample type.
This research report on the Asia-Pacific Biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
By Sample Type:
The Asia Pacific region is predicted to grow fastest, with Japan, China, and India leading the way. Increasing government investment in the biomedical, pharmaceutical, and biotechnology industries and improving life sciences research infrastructure in emerging economies are some drivers driving market expansion in the Asia Pacific region. However, the high cost of automation and challenges with obtaining biospecimen samples are projected to limit market growth to some extent.
India and China are significant contributors to market growth. Growing investments and a rising population are propelling these countries' demand for the biobanks market.
The major industry players released revolutionary products to retain and expand their position in the biobanking market. As a result, the leading company in this market has been identified as Panasonic Healthcare Holdings Co. Ltd, Japan.
Other beneficial elements that impact the developing of the region’s marketplaces include population growth and greater clinical research.
The biotechnology sector in the region has growth potential due to increased research activities. This expansion is owing to significant support from various government and private groups. The existence of regional players further aids the market’s development. The Asia Pacific region may have the fastest growth during the predicted period as the number of newly deposited organic species rises.
KEY MARKET PLAYERS:
Some of the dominating companies operating in the Asia-pacific Biobanks Market profiled in this report are Beckman Coulter, Tecan group, Taylor- Wharton, Panasonic biomedical, Teva Pharmaceuticals, Biolife Solutions, Custom biogenic systems, Princeton cryotech, Fluidx, Tissue solutions, Wildcat laboratory solutions, Micronik and Brooks life science systems.
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