The size of the European biobanks market is forecasted to grow USD 83.15 million by 2027 from USD 58.24 million in 2022, registering at a CAGR of 7.38% 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 large 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 important part of biomedical research. There have been several advancements in platforms and technologies used in genetic investigations during the last few decades. Clinical labs have increased their need for biospecimens to develop tests for genetic testing due to this. 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, a growing number of parents are opting for umbilical cord banks for their children. Biobanks are useful 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 is likely to help the biobanking market's growth. The demand for cost-effective drug delivery and development is increasing, which is propelling the industry forward.
The expansion of the European biobanks market might be restricted by high method costs and a lack of standardization. Furthermore, because of the variety of biological samples maintained in Biobanks, developing a unique procedure for them may be a difficult undertaking. The cost of the approach varies depending on the kind of sample.
Obstacles such as high levels of poverty, poor literacy rates, and traditional behaviors obstruct the consequences. Furthermore, a shortage of medical ethics training and counseling for biobank personnel is another issue that is challenging the market's growth.
This research report on the European Biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
By Sample Type:
Geographically, the European biobanks market is expected to account for a substantial share in the global market during the forecast period. Due to significant government spending, growth in the number of chronic illnesses, and increased research activities and drug development procedures in the area, Europe has the greatest market for Biobanks. In 2020, Europe led the market, with 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, and it is helping to find new treatments for a variety of 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.
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