Global Biobanking market is projected to grow at a CAGR of 4.67% by 2032: Visiongain Reports Ltd
September 23, 2022
/EIN News/ -- Visiongain has published a new report entitled Biobanking 2022-2032. It includes profiles of Biobanking and Forecasts Market Segment by Type (Standalone, Partnership) Market Segment by Application, (Regenerative Medicine, Life Science Research, Clinical Research) Market Segment by Ownership, (National/ Regional, Universities, Non-Profit, Private) Market Segment by Sample Type, (Blood Products, Human Tissues, Nucleic Acids, Cell Lines, Biological Fluids, Other Samples) Market Segment by Product and Service, (Equipment, Consumables, Services, Software) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global biobanking market was valued at US$56,955 million in 2021 and is projected to grow at a CAGR of 4.67% during the forecast period 2022-2032.
Growing Opportunities for IT Companies in the Biobanking Market
Biobanks work hard to allocate financing to IT companies since it is suited for all biobanking activities, from subject recruitment to the publication of research results. Top investment objectives include specimen management as well as an accessible channel for organizations and individuals. A growing area of interest is the use of common standards to provide access to clinical and experimental databases. If ontologies are correctly standardized, this enables thorough example annotation. For instance, ongoing and resource-intensive standardization of disease coding and sample categorization. Standardization will become a major biobanking bottleneck if it is not finished on time. Scientific concern about interoperability among biobanks is also rising across the globe.
How has COVID-19 had a Significant Negative Impact on the Biobanking Market?
Globally, the coronavirus disease 2019 (COVID-19) epidemic is having a significant influence on the social, political, economic, and healthcare systems of many nations across the globe. There are several concurrent clinical concerns during a pandemic, from the urgent need to comprehend the biology of the illness to the need for optimal patient treatment and case prevention in the future. Research infrastructures, and particularly biobanks, have positioned themselves at the forefront of the many distinct COVID-19 responses that are required. There have been reports of initiatives to compile population-level databases of COVID-19 patients, symptomatic carriers, and members of the general public in the European Union (EU), Taiwan, and other places. An attempt to put together clinically meaningful cohorts is also occurring in low resource situations where certain infrastructures were accessible and sustained over time. In many cases, this effort is connected to a management structure that is more open to the sharing of specimens and data.
How will this Report Benefit you?
Visiongain’s 558-page report provides 357 tables and 309 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses of the global biobanking market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Biobanking. Get the financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture a higher market share. We believe that there are strong opportunities in this fast-growing biobanking market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the Current Market Drivers?
Rapidly Developing Field of Biobanks Enable Vast Sources of Human Biological Material and Related Data
The main focus of biobanks appears to be the knowledge of diseases and the creation of new therapeutics. Additionally, although the goal of biobank research is to shed new light on the genetic underpinnings of human disease, another key objective is to provide a more automated and tailored approach to therapy. With the rapid growth of biobanks, it is now possible to collect vast repositories of non-human biological materials, including plants, animals, and microorganisms among others. The expansion of numerous biobanks and reporting and tracking is anticipated to revolutionize research, enabling personalized medicine and other advantages.
Increased Emphasis on Genetic Testing and Precision Medicine
Traditional therapies today often do not work since they do not account for a person's unique traits and genetic makeup. The search for a more effective and accurate treatment throughout history led to the creation of the scientific area known as "personalized medicine." Personalized medicine has been acknowledged by the next generations of diagnosis and treatment as a consequence of significant technical developments in this area. Despite garnering a lot of attention lately, there are still significant obstacles standing in the way of its application in clinical practice. The boundaries have recently come to light due to the COVID-19 pandemic. Precision and personalized medicine are transforming medical diagnosis and paving the way for patient-centered, thorough diagnostics.
Where are the Market Opportunities?
Advancement in Biomedical Research and Customized Treatment Requires Human Biospecimens
The development of personalized medicine and the discovery of biomarkers depends on human biospecimens. Biobanks collect, store, and distribute cells, blood, various biofluids, and residual tissue samples from patients for scientific study. Up until recently, the market was very diversified, with biobanks catering to a particular market and typically not maintaining a comprehensive collection of trial information for each sample. It needs an overhaul, which luckily several exciting new firms are starting to provide. For the successful utilization of biospecimens, associated data, and downstream research, as well as for the biotechnology and pharmaceutical industries, biobanks are essential resources. The best biobanking techniques depend heavily on the individuals and their interests. By exchanging information, utilizing cutting-edge technology solutions, and conforming to some of the most recent standards, biobanks can reach their full potential.
Growing Focus on Cell Therapies
Patients can now receive treatment for a variety of ailments that were formerly incurable owing to the development in cell and gene therapy industry. As a consequence, pharmaceutical companies are spending a lot of money on research and development to develop new therapies, and several genetic and cell therapy pharmaceuticals are now in the early stages of development. Together with the substantial investment in R&D, the industry is anticipated to witness strong commercial growth. Emerging economies across the globe provides a wide range of commercial opportunities for stakeholders.
The major players operating in the biobanking market are AMS Biotechnology (Europe) Ltd., ASKION GmbH, Avantor, Inc., Azenta, Inc. (Azenta), Bay Biosciences LLC, Bioivt & Elevating Science, Boca Biolistics, CTI Biotech, Cureline Inc., Firalis SA, Geneticist Inc., Hamilton Bonaduz AG, Isenet Biobanking, Merck & Co., Inc., ProteoGenex Inc., Qiagen NV, Stemcell Holdings, Inc., STEMCELL Technologies Inc., Thermo Fisher Scientific Inc., US Biolab Corp. Inc.. The major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- On May 5, 2022, Avantor, Inc., announced its plans to combine its current distribution center with new manufacturing operations in Singapore to establish a new manufacturing and distribution hub.
- On April 19, 2022, Applied Cells Inc. and STEMCELL Technologies Canada Inc. announced their partnership to develop a new, high-performance cell separation solution that combines the MARS® platform from Applied Cells with the EasySepTM immunomagnetic cell separation kits from STEMCELL. Through this collaboration, researchers from all around the world will be able to more effectively and automatically separate high-quality cells from a variety of sample types, including whole blood, bone marrow, apheresis products, and dissociated tissue.
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To find more Visiongain research reports on the pharma sector, click on the following links:
- Precision Medicine Market Report
- Biopreservation Market Report
- 3D Cell Culture and 3D Bioprinting Market Report
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