Rising importance of stem cell and cord blood banking, increasing prevalence of rare genetic disorders and cancer, and rapid advancements in technology are some key factors expected to drive market growth.
Rising importance of stem cell and cord blood banking, increasing prevalence of rare genetic disorders and cancer, and rapid advancements in technology are some key factors expected to drive market growth
According to Emergen Research, the global biobanking market size was USD 29.79 billion in 2020 and is expected to reach USD 67.90 billion in 2030 and register a steady revenue CAGR of 8.6% during the forecast period, 2020-2030.
Market Dynamics:
Biobanking is a process involving collection of human biological samples and materials organised systematically along with its associated information. The concept of biobanks and population-based biobanks for healthy donors has evolved from traditional DNA and serum banking concept and boosting genetic epidemiological studies and regenerative medicine studies. Biobank is a type of biological resource centre (BRC) functioning on operational, security and quality guidelines developed by global organizations. Biobanking and biorepositories have varied applications such as drug and biomarker development, in public health research, monitoring clinical trials for the effects of drugs and its outcomes, clinical care for therapy, among others.
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Biobanking is carried out for maintaining demographic data, for diagnosis and biodiversity studies, and plays an important role in supporting biomedical research and personalized medicine. Increasing accuracy in pharmaceutical studies, providing better understanding related to vaccine working, disease prognosis and augmenting treatment options are some factors expected to drive demand for biobanking in the healthcare and research sector across the globe. In addition, growing applications of regenerative medicine in Alzheimer’s disease, cancer and other rare genetic disorders are contributing to revenue growth of the biobanking market. Moreover, rising popularity of Artificial Intelligence (AI) driven data analysis and automation of processes due to technological advancements and leading to generation of high quality biobanking data are some other factors expected to drive revenue growth of the global biobanking market over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Life Science Research Segment Revenue Growth to Support Market Growth:
Life science research segment is expected to account for a significantly large revenue share in the global market over the forecast period. Revenue growth can be attributed to rising technological advancements, growing research and development activities in regenerative medicine and increasing prevalence of chronic and infectious diseases. Increasing population and rising demand in cord blood stem cell research are leading to growing adoption of biobanks across the globe. In addition, increasing investments by government and key market players in clinical trials is a key factor expected to further drive revenue growth of the segment over the forecast period.
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Blood Product Segment Revenue to Expand Significantly:
Blood Product segment is expected to register robust revenue CAGR over the forecast period. Blood specimen is most commonly used specimen for testing biomarkers of diseases and for collection of DNA and RNA. Growing need for precise disease diagnosis, accurate evaluation of patient outcomes and efficient gathering of patient information to augment treatment approaches are some key factors expected to drive revenue growth of the segment over the forecast period.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market attributable to increasing investments in personalized and regenerative medicine owing to rising prevalence of cancer, chronic and cardiovascular diseases, genetic disorders, among others. Growing technological advancements, rising research activities and clinical trials, and increasing popularity of stem cell therapies are some factors expected to drive market revenue growth. In addition, growing importance and awareness regarding biobanks among research sector and healthcare professionals are leading to development of well-established and advanced biobanks by key market players in the region and this is expected to further boost revenue growth of the market in the region.
Major Companies in the Market Include:
- ProteoGenex, Inc
- US Biolab Corporation
- BioIVT & Elevating Science
- Geneticist Inc
- CTI Biotech
- Boca Biolistics
- Bay Biosciences LLC
- Firalis S.A.
- AMS biotechnology Ltd. (AMSBIO LLC)
- Cureline
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For the purpose of this report, Emergen Research has segmented the global biobanking market based on the sample type, application, and region:
Sample Type Outlook (Revenue, USD Billion; 2019-2030)
- Biological Fluids
- Blood Products
- Nucleic Acids
- Human Waste Products
- Cell Lines
Application Outlook (Revenue, USD Billion; 2019-2030)
- Regenerative Medicine
- Life Science Research
- Clinical research
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Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of Middle East & Africa
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