The Middle East & Africa Biobanks Market is expected to increase at a CAGR of 5.97% between 2023 and 2028. As a result, this market is forecasted to be worth USD 160 million by 2028 from USD 220 million in 2023.
Biobanks aid in preserving a patient's personal and medical information; nevertheless, the proper environment must be maintained to keep biological resources in biobanks. Furthermore, these specimens and data are utilized to diagnose and establish the causes of diseases. Single-nucleotide polymorphisms, for example, have been related to various disorders.
The increasing R&D efforts to study diseases and the growing demand for cost-effective drug discovery and development drive the Middle East African Biobanks market. In addition, the increasing number of biobanks and the availability of advancing healthcare sectors is expected to boost the market. Also, the rising number of bio-samples across the region increases the demand for the equipment. Furthermore, growing investments and funding by the government and private organizations for developing healthcare infrastructure and supporting regenerative medicine research encourage market growth. In addition, there has been an increasing trend of preserving cord blood stem cells from newborns in recent years, which is projected to generate attractive development opportunities for the market.
Furthermore, advances in regenerative medicine are projected to generate considerable growth opportunities for market players. Using stem cell technology, Regenerative medicine is one of the essential treatments for diseases such as Alzheimer's and chronic diseases such as diabetes, cancer, and uncommon genetic disorders. In addition, umbilical cord cells and other stem cells are preserved to benefit from existing therapies. The availability of numerous types of biospecimens to support a wide range of sectors, including drug research, diagnostics, and others, has accelerated biorepository diversification, boosting the biobanks market in MEA.
The high cost of automation and the issues related to the biospecimen sample procurement are restraining the market growth. In addition, stringent regulations on biobanks and various privacy policies are more likely to limit the development of the biobanks market in the MEA.
This research report on the MEA Biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
By Sample Type:
The MEA recorded a moderate share in the worldwide biobanks market in 2020, estimated to grow at a good pace during the forecast period. The increasing prevalence of blood disorders and chronic conditions like cancer drive market growth. In addition, the availability of advancing healthcare infrastructure, increasing research and development activities, and Supportive government policies. Further, personalized and regenerative medicine development in emerging countries such as South Africa, UAE, and Saudi Arabia contributes to regional market growth.
South Africa accounted for the largest share of the market, and it is anticipated to register a predominant share during the forecast period. The increasing research and development activities, high healthcare spending, and technological advancements in the healthcare sector are expected to boost market growth.
Further, emerging countries such as UAE and Saudi Arabia are predicted to record a considerable market share. The prevalence of chronic disorders, the growing geriatric population, changing lifestyles, and supportive government policies contribute to market growth.
KEY MARKET PLAYERS:
Companies dominating the MEA 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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