Europe Biobanks Market

Europe Biobanks Market Size (2022 to 2027)

The size of the European biobanks market is forecasted to grow to USD 1.3 billion by 2027 from USD 0.93 billion in 2022, registering a CAGR of 6.85% between 2022 to 2027.

Factors such as the growing prevalence of chronic illnesses and government and non-governmental organizations supporting and investing in R&D are projected to propel the market forward over the forecast period. The area is being driven by significant investments in R&D for advanced medicines such as personalized medicine and cancer genomics research. Furthermore, the emergence of COVID-19 has positioned Biobanks at the forefront of pandemic preparedness efforts, leading in market organic revenue growth. Biobanks have long been an essential part of biomedical research. There have been several advancements in platforms and technologies used in genetic investigations during the last few decades. Due to this, clinical labs have increased their need for biospecimens to develop tests for genetic testing. In addition, biobanks assist people in improving their health by reducing drug reactions and providing personalized medicines.

The European Science Foundation has been a key contributor to advances in stem cell and regenerative medicine research and the development of new treatments and opportunities for diseases that are currently incurable. With more people becoming aware of stem cell treatments, many parents opt for umbilical cord banks for their children. Biobanks are helpful not just for genetic illness treatments but also for medical research into uncommon genetic disorders. The European Biobanks market is growing due to rising awareness of stem cell treatments and advancements in regenerative medicine. In addition, the government is taking several steps to encourage regenerative medicine research, which will likely help the biobanking market's growth. The demand for cost-effective drug delivery and development is increasing, propelling the industry forward.

High method costs and a lack of standardization might restrict the expansion of the European biobanks market. Furthermore, because of the variety of biological samples maintained in Biobanks, developing a unique procedure for them may be a complex undertaking. Furthermore, the cost of the approach varies depending on the kind of sample.

Obstacles such as high poverty levels, poor literacy rates, and traditional behaviors obstruct the consequences. Furthermore, another issue challenging the market's growth is a shortage of medical ethics training and counseling for biobank personnel.

This research report on the European Biobanks market has been segmented and sub-segmented into the following categories:

By Product Type: 

• Equipment
• Consumables

By Sample Type: 

• Human Tissues
• Stem Cells
• DNA Or RNA
• Bio-fluids
• Others

By Application: 

• Therapeutic Applications
• Research Applications
• Clinical Trials

By Country: 

• UK
• France
• Spain
• Germany
• Italy
• Russia
• Sweden
• Denmark
• Switzerland
• Netherlands
• Turkey
• Czech Republic
• Rest of Europe

Geographically, the European biobanks market is expected to account for a substantial global market share during the forecast period. Due to significant government spending, growth in chronic illnesses, and increased research activities and drug development procedures, Europe has the most significant market for Biobanks. In 2020, Europe led the market, with the maximum market share. The existence of well-established Biobanks in Nordic nations such as Sweden, Norway, Denmark, and others is credited with this supremacy. Continuous R&D efforts by European pharmaceutical companies are also one reason behind the region's increased market share. In addition, stem cell research is becoming more popular in Europe, helping to find new treatments for various ailments. Over the last decade, stem cell research has enabled several advancements in regenerative medicine. As a result, it has become one of the most important treatments for diseases including Alzheimer's, diabetes, cancer, and rare genetic disorders.

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.