Pune, May 23, 2022 (GLOBE NEWSWIRE) — According to a report by Market Data Center, Biobanks the industry generated revenues worth $67.5 billion in 2021 and is expected to accrue returns of approx. USD 105.17 billion by 2030. On top of that, Biobanks market is expected to register a CAGR of nearly 5.4% in 2022-2030. Additionally, biobanks are a key component of precision medicine and strongly support population stratification and biomarker drug discovery. They have become key resources for biomedical and genetic research activities. These biobanks provide biological samples used to elucidate the pathophysiology and diagnosis of diseases, thus contributing to more appropriate treatment of diseases. All these above-mentioned aspects will increase the biobank market size over the period 2022-2030.
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Sixteen of the largest biobanks in Europe, Australia, Asia and North America are reportedly collecting and distributing human research specimens while competently managing scientific initiatives with reduced operational costs. With a large number of commercial and academic biobanks supporting large clinical and epidemiological studies, the biobank market is expected to gain traction over the forecast period. Additionally, biobanks have played a major role in disease prediction in individuals, therapeutic monitoring, tracking and optimization, thereby tapping the growth of the biobank market.
Additionally, biobanks offer a useful multidisciplinary approach to addressing health issues in humans. It also offers medical and biological approaches in synchronization with bioinformatics information systems, modeling and calculation. In addition, biobanks improve the efficiency of diagnostic research, pharmacological research, and other types of scientific research activities. Apparently, biobanks help in a complete analysis of a particular disease arising due to biological disorder or heredity. This, in turn, will create new growth avenues for the biobanking market.
Biobanking Equipment segment will establish hegemony in the biobanking market during the forecast period (2022-2030)
The rapid expansion of the biobanking equipment segment during the evaluation period can be attributed to the massive need for products to meet the requirements of biobanking processes, including sample preparation, sample collection, processing of samples, as well as the storage and shipping of samples. The increase in the proportion of biobanks will lead to an increase in the demand for biobanks, thus embellishing the demand for biobanking equipment.
Human tissues will dominate the service domain space by 2030
The growth of the human tissue segment over the forecast period can be attributed to easy access to human tissue samples and availability of new technologies to store and retrieve biobanked tissues. A surge in funding for biotechnology research focused on curing chronic disorders will drive demand for human tissue samples for the study of oncology.
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Europe will bring a significant revenue share to the biobanking market in the forecast schedule
The progress of the European biobanking industry against the forecast schedule is subject to a sharp increase in funding for healthcare activities on the continent. In addition to this, the need to address disease management issues in the region has led to an ascent in the growth of the market in Europe. Citing an example, in March 2019, UK-based biobanks produced exome sequence data from nearly fifty thousand people in an effort to address healthcare issues such as prevention, diagnosis and curing illnesses through medical treatment.
Some of the key players have benefited greatly from the growth of the biobank market and will continue to do so even in the foreseeable future. They are
- ThermoFisher Scientific, Inc.
- Hamilton Company
- Avantor, Inc.
- Tecan Trading AG
- Danaher Corporation
- Becton, Dickinson and company
- BioCision, LLC
- Charles River International Laboratories, Inc.
- Lonza Group
- STEMCELL Technologies Inc.
- Biovault Family Limited
- PromoCell GmbH
- Precision Cellular Storage Ltd.
Breakthroughs in the biobank market
- In May 2022, BC Platforms – a leader in health data management and analytics – said it entered into a long-term contract with three clinical biobanks belonging to the Finnish hospital district to improve access to genomic, phenotypic and clinics. In addition, this strategic decision aims to improve medical treatment while focusing on effective research, diagnosis and treatment of cancer and neurogenerative disorders.
This review is based on a Market Center report, titled“, Biobanking Market – Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities, and Product Offerings/Mapping), Technology Assessment (Developments and Economic Impact), Partner and Customer Ecosystem ( product services, proposition and key features) Regional footprint by MDC Research.
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The global biobank market is segmented as follows:
By type of biological sample
By type of biobank
- Biobanks and repository
- Laboratory processing
- Cold chain logistics
- Drug Discovery and Clinical Research
- Clinical diagnosis
- North America
- Great Britain
- Nordic countries
- The Netherlands
- Asia Pacific
- New Zealand
- South Korea
- South East Asia
- Rest of Southeast Asia
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- Rest of the Middle East and Africa
- Rest of Latin America
Answers to key questions in this report:
- How does our portfolio of products and services compare to major competitors?
- What are the main changes in customer demand given the changing economy?
- What are the new pricing and consumption models in the market and how should we align our portfolio?
- What are the main decision factors for service buyers?
- How can we speed up our bidding process?
- What is the potential of the biobank market?
- What is the impact of COVID-19 on the global biobank market?
- What are the key strategies adopted by companies in the Biobanks market?
- What are the challenges faced by SMEs and major vendors in the biobanking market?
- Which region has the highest investments in the biobanking market?
- What is the latest research and activity for the Biobanks market?
- Who are the key players in the Biobanks market?
- What is the potential of the biobank market?
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