The size of the North American Biobanks Market is estimated to grow to USD 1.49 billion by 2027 from USD 1.06 billion in 2022, growing at a CAGR of .09% from 2022 to 2027.
The biobank is a type of biorepository that stores the biological samples (mainly human samples) used for research purposes or even treatment. Geographically North America leads the market with the highest number of shares. Factors driving the market are the increasing rate of diseased and aged populations and the recent advancements in molecular biology and genetics, which require many specimens. Thus, biobanks play a vital role in the field of biomedical research. The wide range of biospecimens includes blood, saliva, plasma, and purified DNA, which can be described as libraries of the human organism.
The researchers depend more on biobanks for providing samples. In addition, biological material and related data have become an important resource for therapeutics and the industrial development of diagnostics and medical research. An increase in demand for tissue banking, stem cell banking, and umbilical cord banking is the reason for the inclination in the North American market for biopreservation systems due to an increase.
The key driver for the North America Biobanks Market is the pharmaceutical industry's poor productivity rate concerning new drug approvals. In addition, these storage solutions can reduce manufacturers' testing time and costs, as a testing laboratory can take up to 3 days for testing. Still, if the hospital themselves have a storage bank, the time can reduce to 3 hours.
The major drawbacks involve storage and handling problem, regulatory issues, and cost-competitive procedures. In addition, privacy and confidential issues are as well restraining the market.
This research report on the North American Biobanks market has been segmented and sub-segmented into the following categories:
By Product Type:
By Sample Type:
Based on the sample type, the human tissue segment is expected to account for the highest market share of approximately 65% during the forecast period. In addition, the preference for human tissue specimens increases over animal tissue samples due to the unavailability of appropriate animal models for specific neurological and psychiatric disorders.
Geographically, North America dominated the global biobanks market in 2020. However, due to a growth in healthcare investments, the processing of largescale databases and installations is propelling market expansion in this region. With rising healthcare expenditures, the United States market has the largest share in this regional market. In addition, the market’s demand is projected to be fuelled by increased disposable income in metropolitan regions.
The inclination in the North American market for a biopreservation system is owing to an increase in demand for tissue banking, stem cell banking, and umbilical cord banking. In addition, the pharmaceutical industry’s low productivity rate in new drug approvals is a major driver for the North American biobanks market.
Biobanks are useful not just for genetic illness therapies but also for medical research into rare genetic disorders. Other factors, such as the increased prevalence of chronic diseases and rising healthcare spending, will likely propel the market forward throughout the forecast period. Furthermore, with technological developments and the increasing usage of automated storage systems, automated alarm monitoring devices are in high demand, which is projected to drive market expansion.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American 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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