The size of the European biobanks market is forecasted to grow to USD 1.38 billion by 2028 from USD 0.99 billion in 2023, registering a CAGR of 6.85% between 2023 to 2028.
The growing patient population suffering from chronic diseases and infections across Europe is a key driver propelling the European biobanks market growth. Cancer has been identified as a major chronic disease leading to increased mortality rates in the region. As per the statistics published by the National Institutes of Health, approximately 1.4 million males and 1.2 million females in the EU-27 have been diagnosed with cancer. To address this critical issue, researchers are increasingly turning to the study of human specimens to discover novel drugs and treatments for faster disease management. Researchers have been focussing on the development of new drugs for cancer patients through the analysis of various biobank samples and this approach holds great promise for improving the quality of life for cancer patients and reducing the mortality rates associated with this debilitating disease.
The growing adoption of personalized medicine drives demand for biobanks in the European region and contributes to the European market growth. Biobanks serve as valuable repositories for the collection of biological samples and related data from patients, supporting both research and diagnostic activities. With the increasing side effects associated with many conventional medications, there is a growing preference among patients for personalized treatment options that offer better outcomes. To develop personalized drugs, researchers require access to biospecimens and comprehensive patient data to manufacture highly effective drugs. By storing patient specimens in biobanks, researchers are better equipped to conduct thorough research and develop innovative treatment solutions that address individual patient needs.
The preservation of cord blood stem cells from newborn babies further fuels the growth rate of the European biobanks market. As genetic disorders and various diseases continue to pose significant health risks to newborns, storing cord blood stem cells in biobanks has emerged as a promising approach for preventing and treating diseases in children. The growing support from the governments of the European countries, advancements in sample storage technology and significant investments from both private and public organizations favor the biobanks market in Europe.
In addition, rising support and funding for biobanking research from the European governments, advancements in sample storage technology and techniques, growing demand for high-quality biological specimens for research, raising awareness and understanding of the benefits of biobanking, growing emphasis on precision medicine and targeted therapies and expansion of research activities in fields such as genomics and proteomics are anticipated to support the growth rate of the European biobanks market during the forecast period.
However, stringent regulatory requirements and ethical concerns related to the use of human biological specimens are hampering the growth of the European biobanks market. In addition, factors such as lack of standardization in sample collection, processing and storage, high costs associated with sample storage and maintenance, limited availability of high-quality biological specimens for research and limited access to funding for biobanking research and infrastructure hinder the regional market growth. Furthermore, limited public awareness and understanding of the importance and benefits of biobanking, challenges associated with data management and sharing, competition from alternative sources of biological specimens, such as animal models or cell lines and limitations of current technology in terms of sample preservation and storage inhibit the growth rate of the European biobanks market.
This research report on the European Biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
The equipment segment had the leading share of the European biobanks market in 2022.
By Sample Type:
The human tissues segment captured the largest share of the European market in 2022.
The regenerative medicine segment is the most lucrative segment among all and is anticipated to account for the leading share by application during the forecast period.
Geographically, the European biobanks market had the second-largest share of the global market in 2022 and is expected to account for a substantial global market share during the forecast period. Germany had the leading share of the European market in 2022 and is estimated to grow at a noteworthy CAGR during the forecast period owing to the rapid adoption of advanced healthcare methods and growing awareness about the role of biobanks in the research and treatment of diseases. In addition, the presence of numerous research centers and increasing biobanking initiatives in Germany boost the growth rate of the German market.
The UK biobanks market is anticipated to hold a substantial share of the European market during the forecast period. The large pool of specialized researchers and robust biobanking databases drive the UK market growth.
Countries such as Spain, France and Italy are anticipated to witness healthy growth during the forecast period.
KEY MARKET PLAYERS:
The most promising companies in the European 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 growing demand for personalized medicine, the growing prevalence of chronic diseases, and the rise in investments in research and development activities primarily drive the growth of the European biobanks market.
Thermo Fisher Scientific Inc., Qiagen N.V., Tecan Trading AG, Merck KGaA and Lonza Group AG are some of the major players in the Europe biobanks market.
The challenges faced by the Europe Biobanks market include regulatory issues, ethical concerns, and the lack of standardization in sample collection and storage.
The countries with the largest biobank market in Europe include Germany, France, the UK, Spain, and Italy.
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