The biobanks market size in the Asia-Pacific region is expected to rise at a CAGR of 9.63% between 2023 and 2028. As a result, the market size is expected to be worth USD 1.12 billion by 2028 from USD 710 million in 2023.
Biobanks contribute to advancing biomedical and translational research by collecting and preserving biological samples such as blood, tissues, and nucleic acids, which are then made available for research to discover disease-relevant biomarkers; this information is then used for diagnosis, prognosis, and drug response prediction. The biobank is a biorepository that stores the biological samples (mainly human) used for research or 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.
The growing R&D investments by pharmaceutical companies and the rising patient population suffering from chronic diseases propel the biobanks market growth in the Asia-Pacific region. To conduct research for the invention of new drugs or therapies, the researcher needs thousands of biological samples with related data, which can be taken from the biobanks. In addition, these biobanks also secure the data given by the donor of the samples. By considering these factors, biobanks help develop different types of drugs and medicine concerning the disease.
The growing demand for personalized medicine is expected to boost the growth rate of the APAC biobanks market. Biobanks play a significant role in the development of personalized medicine. The researcher needs high-quality human biospecimens such as tissues, blood, and other body fluids with clinical information about the patient to manufacture personalized medicine. These personalized medicines are developed for a single patient or a group of people, which helps in giving better treatment compared to standard medicine. Increasing chronic diseases such as cancer, diabetes, and cardiovascular diseases drive the demand for personalized medicine.
The growing preservation of cord blood stem cells of a newborn for various health benefits is further estimated to fuel the biobanks market growth in the Asia-Pacific region. The infant umbilical cord is made up of tissue and contains blood and is helpful for research to find new ways of treatment for various types of diseases. Several hospitals are conducting programs on storing cord blood stem cells for the baby's future, giving more demand for biobanks in this region.
The rising adoption of technological advancements in the biobanks is expected to favor the market’s growth rate in the Asia-Pacific region. In recent years, advanced technologies such as artificial intelligence, robotics, data analytics, automation, and other technologies have helped develop biobanks. As a result, manufacturers are focused on developing different types of cooling devices and equipment to store biological samples in the biobanks.
However, the high costs associated with storing and maintaining the biosamples for different purposes are the major restraint for market growth. In addition, a lack of awareness about biobanking and a lack of skilled professionals working on the biosamples are the other factors that hamper the market growth.
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 APAC region is one of the potential markets for biobanks. The APAC market is predicted to grow at a healthy CAGR during the forecast period. The growth of the APAC market is primarily driven by the growing adoption of advanced healthcare systems in the Asia-Pacific region for the betterment of people's health.
China is expected to capture a substantial share of the APAC market during the forecast period. Due to increasing covid-19 cases in China, the Chinese government decided to establish several biobanks which help manufacture Covid-19 drugs to help reduce the spread of the virus. The growing investments by the Chinese government to conduct around Covid-19 to prevent different variants among the population through the invention of vaccines with the help of different types of samples in the biobanks.
The Indian biobank market is predicted to showcase a healthy CAGR in the coming years owing to the growing number of biobank centers in India. In India, due to increasing diabetic cases, the researcher decided to collect and store several samples from many diabetes people in biobanks to find the reasons and develop medicine to prevent or reduce the glucose level in the body. In recent years, in India, a national biobank was established for heart failure cases that collect blood, biopsies, and clinical data to guide future therapies.
The Japanese biobanks market is anticipated to hold a considerable share of the APAC market during the forecast period due to advanced infrastructure in biobanks. For example, six national biobank centers in Japan help develop advanced and specialized medicines. In addition, increasing awareness about the biobanks among the population in this region also helps market growth.
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.
The APAC biobanks market is expected to grow at a CAGR of 9.63% from 2023 to 2028.
The growing prevalence of AMD, PD, and AD, a rise in the demand for personalized medicine, and advancements in biobanking technology are majorly driving the APAC biobanks market.
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 are some of the key market players in the APAC biobanks market.
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