Demand for Global Biobanking Market Size to Surpass USD 87.39 Billion by 2030, Exhibit a CAGR of 5.87% | Biobanking Industry Trends, Share, Value, Segments, Growth, Analysis & Forecast Report by Facts & Factors

SAN FRANCISCO, U.S., Jan. 19, 2023 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Biobanking Market Size, Share, Growth Analysis Report By Biospecimen Type (Human Tissues, Blood Products, Nucleic Acids, Cell Lines, and Others), By Product (Software & Services, Consumables, and Equipment), By Storage Type (Automated, and Manual), By Application (Clinical Diagnostics, Therapeutics, Drug Discovery & Development, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” in its research database.

“According to the latest research study, the demand of global Biobanking Market size & share was valued at approximately USD 50.15 billion in 2021. The market is expected to grow above a CAGR of 5.87% and is anticipated to reach over USD 87.39 billion by 2030.”

The report analyzes the biobanking market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global biobanking market.

Biobanking Market Overview:

Biobanking is the process of collecting samples of tissues or bodily fluids for research purposes. The studies are further used to learn more about the diseases concerned with living organisms to improve their health.

Some of the other forms of information collected are weight, height, and questions related to health like lifestyle or family history. In most cases, biobanking samples are collected for a longer duration that goes on until several years depending on the expected outcomes of the study. This is to keep the sample safe for long-term research.

Some biobanking samples are used for customized purposes for instance treatment of a certain illness related to the person; however, there are certain projects, usually carried out on a bigger scale that requires the collection of samples from a large group of participants in order to conduct analysis and understand various stages of disease development. These techniques have been found useful in understanding medical cases that impact a larger part of society for instance Covid-19. The adoption and advancements in technology have helped to further the cause of biobanking since the methods of storing and analyzing the samples have improved drastically.

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Key Insights from Primary Research

• As per the analysis, the biobanking market is likely to grow above a CAGR of around 5.87% between 2022 and 2030.
• The Biobanking market size was worth around US$ 50.15 billion in 2021 and is estimated to hit approximately US$ 87.39 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The market is projected to grow at a significant rate due to the growing investments in research & development in the healthcare field
• Based on biospecimen type segmentation, blood products were predicted to show maximum market share in the year 2021
• Based on storage type segmentation, automated was the leading type in 2021
• On the basis of region, North America was the leading revenue generator in 2021

Industry Growth Drivers

• Growing investments in research & development to drive market growth

The global biobanking market is projected to grow owing to the growing participation of the public in the biobanking process. The participation involves people voluntarily requesting bodily fluid samples to be stored and allowing them to be either used for research and studies or to act as important information in case of any future medical concern. This move is further encouraged by service providers using advanced technologies to store the sample since it helps in generating confidence amongst the masses about the efficiency of the process. Participation from diverse groups of people is essential for the success of biobanking mechanisms.

The global market is projected to gain higher momentum due to growing investments by private and government entities in building necessary structures of biobanking facilities. The growing government funds to conduct genome studies, stem cell therapeutics, or for the development of regenerative medicine is a prime example of methods deployed by agencies with the national interest to promote biobanking culture. Growing advancements in orthopedic medical care may help generate more revenue in the coming years.

Restraints

• Rising number of legal cases associated to biobanking

The key restraining factor in the global market is the growing number of legal cases related to biobanking. Two of the most popular legal cases were Greenberg vs Miami Children’s Hospital Research Institute and Moore vs Regents of the University of California. The latter dealt with the intellectual property right over one’s cells that were collected for samples to be used by doctors for research.

By the end of the court’s case, the decision was in the favor of Regents of the University of California as the court announced that Moore did not have any right over the sample. The patient succumbed due to cancer remission. Such incidents have resulted in growing concerns over the ethics behind the biobanking systems.

Opportunities

Increasing awareness about the conservation of stem cells in infants may provide growth opportunities while maintaining security in biobanks is expected to pose a major challenge.

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Competitive Players

The report contains qualitative and quantitative research on the global Biobanking Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market’s main competitors, as well as information on their competitiveness.

The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.

Some of the main players in the global Biobanking market include;

• Brooks Automation Inc.
• PHCHoldings Corporation(Panasonic Healthcare)
• Chart Industries Inc.
• Micronic
• Merck KGaA
• Hamilton Company

Browse the full “Biobanking Market Size, Share, Growth Analysis Report By Biospecimen Type (Human Tissues, Blood Products, Nucleic Acids, Cell Lines, and Others), By Product (Software & Services, Consumables, and Equipment), By Storage Type (Automated, and Manual), By Application (Clinical Diagnostics, Therapeutics, Drug Discovery & Development, and Others), and By Region – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030” Report at https://www.fnfresearch.com/biobanking-market

Biobanking Market: Segmentation Analysis

The global biobanking market is segmented based on biospecimen type, product, storage type, application, and region.

Based on product, the global market segments are software & services, consumables, and equipment. The global market is projected to be led by the equipment segment in the coming years owing to the growing demand for personalized medicines. However, the software & services segment may also witness high CAGR due to the growing investments in the field to upgrade infrastructure. In July 2019, 54gene, pan-Africa’s first biobank received seed funding of USD 4.5 million, thus encouraging the company’s efforts in upgrading biobanking infrastructure in the continent.

Based on application, the global market divisions are clinical diagnostics, therapeutics, drug discovery & development, and others. The highest growth was registered in the drug discovery & development process as the majority of the samples were collected for research purposes. The segment witnessed higher growth in 2021 as a post-Covid 19 impact as research institutes contribute to learning more about the virus. In March 2021, the US health agency received funding of USD 3.6 billion to conduct research on Covid-19.

Regional Dominance:

• North America to lead with the highest market share

North America is anticipated to lead the global biobanking market due to the presence of advanced healthcare infrastructure in the US and Canada with the former leading the regional market growth. The US is home to some of the biggest brands operating the biobanking segment that have adopted aggressive strategies to enter new markets.

Asia-Pacific may register a significant CAGR due to the growing investments in the healthcare sector in countries. In August 2021, National Centre for Advanced Research and Excellence, India, established the country’s first biobank related to heart failure. The facility boasts some of the most advanced methods of specimen storage.

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Recent Industry Developments:

• In November 2022, the Indian Biological Data Bank opened a new regional center in Faridabad, India to store digital biological data. The information will be stored on a supercomputer called ‘Brahm’
• In October 2022, MyAfroDNA opened a new biobank centered on the study of African biospecimens

Key questions answered in this report:

• What is the market size and growth rate forecast for Biobanking industry?
• What are the main driving factors propelling the Biobanking Market forward?
• What are the leading companies in the Biobanking Industry?
• What segments does the Biobanking Market cover?

• How can I receive a free copy of the Biobanking Market sample report and company profiles?

Report Scope:

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The global biobanking market is segmented as follows:

By Biospecimen Type 

• Human Tissues
• Blood Products
• Nucleic Acids
• Cell Lines
• Others

By Product 

• Software & Services
• Consumables
• Equipment

By Storage Type 

By Application 

• Clinical Diagnostics
• Therapeutics
• Drug Discovery & Development
• Others

By Region

• North America
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2022−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Biospecimen Type, Product, Storage Type, Application, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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