Yahoo Finance Biobanking Market Size Worth USD 2.69 billion by 2030: Exclusive Report by Growth Plus Reports
Pune, July 05, 2022 (GLOBE NEWSWIRE) -- The Global Biobanking Market is expected to clock USD ~2.69 billion by 2030 from valued at USD 1.85 billion in 2022, growing at a CAGR of 7.8% from 2022 to 2030 owing to increasing funding for research activities and growth in the number of biobanks in the past few years.
The global biobanking market is being driven by the development of regenerative medicine and its application in the treatment of cancer, Alzheimer's disease, diabetes, and other genetic diseases. Biobanks store stem cells and umbilical cord tissue to aid in the development of regenerative medicines. Furthermore, with advancements in artificial intelligence, biobank has entered the big data era. This has resulted in higher-quality data and contributed to the shift toward data-driven science. Well-processed big data allows biobanks in different regions to collaborate and with advanced technology, these data can be easily handled. The cloud storage option also aids in resolving the issue of limited local storage.
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The global biobanking market has been analyzed from five perspectives: Products & Services, Sample Type, Application, Storage Type and Region.
Market Driver
Significant growth in demand for cord blood banking is driving the growth of biobanks market on the global front. The increased awareness of numerous medicinal applications is blamed for the market expansion. Numerous NGOs, government agencies, business and public institutions, and other groups are raising awareness about the uses of cord banking. The ability to cure immunodeficiency illnesses is another benefit of cord blood banking technology, which profoundly alters the market. Blood and blood-forming organs are involved in hematological disorders, which include thalassemia, sickle cell anemia, leukemia, lymphoma, hemophilia, and other illnesses. These illnesses are becoming more and more common. The need for cord blood cells is expanding as a result of the exponentially increasing occurrence of leukemia cases around the world. Additionally, the development of the sector will be positively impacted by supportive government initiatives, quickly advancing healthcare infrastructure, and increased R&D for the treatment and diagnostics of various hematological illnesses.
Excerpts from ‘By Products & Services Segmentation’
Based on products & services, the biobanking market has been segmented into: -
Equipment
Consumables
software and services.
Equipment segment is further categorized into sample processing equipment, sample analysis equipment, storage equipment and sample transport equipment. Likewise, the services segment is also classified into sample collection services, sample processing services, sample analysis services, sample storage services and sample transport services. During the forecast period, the equipment segment is expected to dominate the global biobanking market. Because of the high capital investment required to acquire the equipment, so eventually generating more revenue. There is a broader range of equipment available for various processes such as sample collection, storage, processing and shipment. Equipment’s that are offered to provide different biobanking processes include: cell separators, freezers, thawing equipment, barcode readers, alarm and monitoring systems. Another prime factors such as the expansion in the number of biobanks globally, increasing technological advancements and new product release have played a key role in pushing the growth of this segment.
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Excerpts from ‘By Region Segmentation’
Based on the region, the global biobanking market has been segmented into:
North America
Europe
Asia Pacific
Rest of the World (RoW).
Geographically, the biobanking market is dominated by North America, followed by Europe. The United States controlled majority of the market in North America. The increasing burden of chronic diseases and the increased emphasis on R&D activities are the major factors driving market growth in the United States. According to the American Cancer Society, an estimated 1.9 million new cancer cases will be diagnosed in the United States in 2022, accounting for 609,360 cancer deaths. Because biobanks make it easier for researchers to obtain the volume, quality, and type of cancer tissue and data needed to accelerate their research, rising cancer incidences may increase R&D activities for cancer medications, contributing to market growth. Furthermore, strategic developments by key players may contribute to market growth. For example, in February 2021, Cincinnati Children's Hospital Medical Center partnered with Down Syndrome Achieves (DSA) to establish a research biobank that will serve as a central repository for biospecimens donated by people with Down syndrome and their families.
Europe is the fastest growing, in terms of market size: factors such as expansion in research studies and growing funds for research activities are playing a crucial role in boosting the European biobanking market. The existence of well-recognized biobanks in the European countries such as Denmark, Norway, and Sweden have offered a considerable contribution towards the market growth. The European region is expected to grow at a significant rate during the forecast period owing to advancements in infrastructure for processing, storage, and retrieval of biospecimens. The BBMRI and EuroBioBank are two of the biggest biobanking networks presently operating in the region for bolstering research and medical activities.
Excerpts from ‘Competitive Landscape’
The renowned players operating in the global biobanking market are:
Thermo Fisher Scientific Inc
BD and Company
PHC Corporation
QIAGEN N.V
VWR International, LLC
Hamilton Company
Tecan Trading AG
Brooks Life Sciences
Greiner Bio-One International GmbH
Promega Corporation
Among others
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