The global biobanks market size is expected to increase at a CAGR of 7.68% between 2022 to 2027. This market is expected to value USD 241.7 million in 2022 and is forecasted to grow USD 349.9 million by 2027.
Biobanks play a vital role in advancing biomedical and translational research by preserving and collecting biological samples. The samples such as human tissues, blood, and nucleic acid are collected and used to discover disease-relevant biomarkers. Further, these samples are made useful in the diagnosis and prediction of drug response. The market does not include sales generated from the sale of blood used for transfusions to treat medical conditions and statistical data such as gender, age, diet, and lifestyle. The collected data will analyze and distribute biospecimens for search purposes and treating medical conditions. Regenerative medicine through stem cell technology is essential for the treatment of diseases. Alzheimer's, cancer, diabetes, and rare genetic disorders are cured using regenerative medication. Umbilical cord cells and other stem cells are preserved to benefit from existing therapies. Stem cell practices are rising globally and influencing the expansion of new solutions for various diseases.
Impact of COVID-19 on biobanks market:
The outbreak of the pandemic has brought significant growth across the globe. The COVID-19 is an infectious disease, and it spreads quickly from person to person. To control the spread of the virus, the government has imposed a nationwide lockdown. The outbreak of the COVID-19 has shown significant growth in the biobanks market. The governments have established rapid covid-19 biobanks worldwide to collect the biospecimen. The ministry of health and welfare was assigned to establish COVID-19 Biobanks to collect a blood sample from the patients, helping in research and development activities.
Technological advancements and Y-O-Y growth in chronic diseases are expected to propel the global biobanks market growth.
Emerging innovations play a critical role in the biobanks market. Biobanks have grown in popularity due to Artificial Intelligence (AI)-driven process automation, data processing, robotics, the internet of things, and other developments. Biobanks began with the collection of frozen specimens. However, with today's technological advancements, it has evolved into a virtual network that can link to the rest of the world. The technology also allows for the exchange of data obtained by biobanks, and any researcher may use this data for their study, reducing the time it takes to produce research results.
The rising prevalence of chronic diseases is also propelling the biobanks market. Present medications are incapable of curing a wide range of chronic illnesses, including cancer, immune deficiency, cardiovascular disease, neurological disease, and genetic disease. And if they are available, they have certain side effects. As a result, new therapies to treat these diseases are needed. Biobanks play an important role in the research for alternative therapies in this regard because it provides the majority of the evidence needed for the development of new treatments. Biobanks include a large number of biospecimens that can be used in chronic disease studies. As a result, the use of biobanks has grown rapidly over the years.
The support provided by the government and non-profit organizations also helps to set up the biobanks; henceforth, the market is showing growth over the period.
The biospecimens and database stored in biobanks used for various purposes like a clinical trials, drug development, and life science research. Hence, many businesses and governments are taking initiatives to support biobanks and also researches. Also, some governments are funded to establish new biobanks. For example, in 2017, the new biobank was founded named German Biobank Node (GBN), which acts as an organization for German biobanks. The Federal Ministry of Education and Research (BMBF) supports this organization by funding approximately € 3.5 million. All these efforts made it possible for the growth of the biobanks market.
Genomic testing and stem cell transplantation provide opportunities in the future.
Increasing public awareness of genomic testing and stem cell therapies priding the opportunities for the growth of the biobanks market forward. In genetic disorders, genes and stem cells perform critical roles. They not only replace damaged cells, but they can also restore cells with the aid of engineering. Furthermore, a growing number of people are opting for cord blood banks for cord stem cell storage. Parents save their baby's cord blood in the hope that it will be useful in the future. As a result, the number of banks has increased over the last few decades, and the stem cell transplantation process is simplified by preserving cord blood. According to WHO, about 50,000 Haematopoietic Stem Cell Transplantations are performed worldwide each year, with the figure steadily growing.
Strict regulations on biobanks in many countries are slightly expected to hamper the growth rate of the global biobanks market.
For instance, in 2018, the new European Union (EU) General data protection had made privacy policies more consistent across the UK for personal data, including genetic and clinical data. The high cost of automation and issues related to the biospecimen sample procurement hinder market growth over the years.
High costs hindering the global biobanks market growth.
Nonetheless, the high cost of biobanks inhibits business growth. To incorporate advanced technical biobanks, expensive machinery and other resources are needed. This raises the operational cost, and the high cost placed on consumers to store their biospecimens lowers the acceptance rate much more. Furthermore, myths about biobanks, a scarcity of trained people, and strict regulation also hinder the growth of the biobanks market.
The main challenges are storage issues, regulatory issues, and inexpensive procedures. As a result, biomarker-based research is being adopted throughout the R & D process, from early detection to clinical research and data protection and confidentiality issues.
Biobanks Market in the Asia Pacific:
The Asia Pacific market to record lucrative growth as biobanks awareness in the region grows with a CAGR of 6.8% during the forecast period. Population growth and increased clinical research are other factors that positively impact the development of the region's markets.
Expanding research activity also offers significant growth potential for the biotechnology sector in the region. This growth is due to no small amount of funding received from various governments and private organizations. The presence of regional players also contributes to the development of the market. As the total number of newly deposited organic species increases, the Asia Pacific region may record the fastest growth in the forecast period. Countries like Japan, China, South Korea, Thailand, India, Singapore, and Australia have biobank networks globally.
Market Size Available
2021 to 2027
2022 to 2027
By Product Type, Sample Type, Application, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
This research report on the global biobanks market has been segmented & sub-segmented based on product type, sample type, application, and region.
Biobanks Market - By Product Type:
The biobanks equipment segment was the leader among all in 2020 and occupied the lion's share based on the product type. An increase in the new biobanks among various geographies worldwide has majorly contributed to this segment securing the top spot.
Biobanks Market - By Sample Type:
The individual tissue section accounts for the highest biobanks market share of approximately 65% during the forecast period based on the sample type. Preference for human tissue specimens increases over animal tissue samples due to the unavailability of appropriate animal models for specific neurological and psychiatric disorders.
Biobanks Market - By Application:
Based on the application, the regenerative medicine segment is accountable for the largest market share in 2019. Factors such as increasing research and development activities on regenerative medicines and increasing demand for well-characterized and quality biosamples for research are driving the growth of this segment.
Biobanks Market - By Region:
Geographically, the United States Biobanks Market has the largest market share, followed by the European market. The growth in the Asia Pacific region is increasing rapidly and driven by the rise in population and increasing healthcare spending from government bodies. Asia Pacific region to show fierce competition with the developed areas.
North America held the largest share of the global biobanks market. Due to an increase in healthcare investments, the processing of largescale databases and establishments is propelling the market growth in this region. The United States market holds the highest share in this regional market with the increasing expenditure on healthcare. Rising disposable income in urban areas is likely to fuel the demand of the market.
The European biobanks market is expected to register the majority market share of biobanks after North America with influential growth factors such as increasing government investments in biobanks to collect the biospecimen data and improve medical infrastructure.
The Asia Pacific biobanks market provides lucrative opportunities for the players in the biobank market. However, the market is expected to increase the market growth with the rapid increase in the geriatric population and rise in healthcare expenditure.
The Latin American market is forecasted to have lucrative opportunities in the near future and is expected to grow at a CAGR of 8.02% from 2020 to 2025.
The Middle East and Africa are expected to improve the market share during the forecast period. Increasing geriatric population, advancing technologies, and improving healthcare expenditure are anticipated to propel the market growth in this region.
COMPETITIVE LANDSCAPE & KEY MARKET PLAYERS:
Beckman Coulter, Thermo Fisher, Panasonic, Sigma-Aldrich, and SOL Group are industry leaders. They hold key technology and patents for high-end customers, with a market share of 32.28% formed by an industry monopoly.
Some of the promising market participants dominating the global biobanks market profiled in this report are Beckman Coulter, Tecan Group, Taylor- Wharton, Panasonic Biomedical, Teva Pharmaceuticals, Biolife Solutions, Custom Biogenic Systems, Princeton Cryo-Tech, Fluidx, Tissue Solutions, Wildcat Laboratory Solutions, Micronik, and Brooks Life Science Systems. These players are focusing on collaborations, mergers, acquisitions to expand their market share. Some of the examples include,
On 22 February 2021, Cincinnati Children's Hospital Medical Center has partnered with DownSyndrome Achieves (DSA) to provide a research biobank that will act as a national repository of biospecimens donated by people with Down syndrome and their families.
On 19 April 2020, Partners HealthCare has signed a partnership to launch a COVID-19 biobank using blood samples from Biogen workers and their relatives.
Tecan Group Ltd. Tecan's Fluent Laboratory Automation workstation improves the performance of the QFT-Plus diagnostic test by dispensing a sample of the optional lithium heparin single-tube workflow. Fluent instruments are delivered directly to the lab through Tecan's Life Sciences business.
Becton, Dickinson, and Company launched an automated instrument for sample preparation using flow cytometry with a CE-IVD certified BD FACSDuet in March 2019. This instrument helps to understand and count the characteristics of cells.
As per our research report, the global biobanks market size is estimated to grow USD 349.9 million by 2027.
Based on the product type, the equipment segment is predicted to grow significantly from 2022 to 2027 in the global biobanks market.
Geographically, the North American regional market held the largest share in the global biobanks market in 2021.
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