Biobanking Market Outlook Forecast 2024-2029 - Virtual Biobanks Are Gaining Popularity
Biobanking Market
Dublin, March 20, 2024 (GLOBE NEWSWIRE) -- The "Biobanking Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The biobanking market evaluated at US$60.735 billion for the year 2022 is forecast to grow at a CAGR of 5.68%, reaching a market size of US$89.411 billion by the year 2029.
The field is being driven by significant investments in the research and development of cutting-edge therapeutics including personalised medicine, regenerative medicine, and cancer genomic investigations. Additionally, the emergence of the pandemic has positioned biobanks at the forefront of pandemic control efforts, propelling the bio-banking market's organic revenue growth. For the diagnosis and creation of medications for a range of illnesses, biobanking is crucial. There has been an urgent need for international initiatives to generate vaccinations and other medications to stop the spread of the virus.
Growing prevalence of chronic diseases
Chronic diseases have grown exponentially in recent years owing to the changing lifestyle and eating habits of patients. For instance, according to the World Health Organization report, cardiovascular disease is considered the leading cause of death globally. In addition to this, the rising geriatric population and, the increase in the number of people suffering from obesity, and diabetes are the key drivers for the bio-banking industry. An increase in the prevalence of cardiovascular and neurological disorders is also anticipated to fuel the bio-banking market. The rise in mortality risk with such disorders is also increasing the utilization of medical diagnosis.
Rising government initiatives
Increased applications for biobanked samples, increased financing for biobanking from commercial & public organisations, increased genomic research efforts, and increased investment in R&D activities by various healthcare firms are the main drivers of bio-banking market growth for biobanking globally. For instance, in January 2021, the Federal Ministry of Education and Research committed €3.5 million in financing for three years to support the German Biobank Node activity. Additionally, the Victorian government gave the COVID-19 biobank at the Doherty Institute $5 million in May 2021.
Increase in genomic research activities
One of the key reasons fueling the expansion of the global bio-banking market is the rise in genomic research initiatives for the study of illnesses. The growing trend of preserving babies' cord blood stem cells for different health benefits, as well as public and private financing for regenerative medicine research, is driving the bio-banking market growth. The market is further influenced by the rise in the prevalence of major illnesses worldwide and the demand for cost-effective medication development. Additionally, the bio-banking market is favourably impacted by the growth of the biotechnology industry, improvements in the healthcare industry, population growth, an increase in healthcare spending, and breakthroughs in biobanking.
Biobanking for blood products
Blood products are expected to rise during the forecast period. This is explained by an increase in the occurrence of accidents and haematological illnesses. As the most frequently collected specimens and the primary sources of DNA and RNA, blood and blood products now account for the lion's share of the bio-banking market. The need for blood-related goods and the rising prevalence of blood-related illnesses are driving the expansion of blood products. Additionally, the growing elderly population is a major factor fueling the bio-banking market growth for blood products.
Virtual biobanks are gaining popularity
Data that has been collected and characterised from samples kept in conventional biobanks is made available in a virtual repository. The database of the virtual biobank provides high-resolution photographs of the samples and other identifying information. Virtual biobanks, which are frequently used in bioinformatics, include records for 2D and 3D microscopy on priceless clinical biopsy samples. This approach has become a viable choice for enhancing sample visibility and accessibility. Researchers may find the goods and services they require to manage and streamline key steps in the biobanking process by using virtual biobanks. Future growth of the bio-banking market is probably due to virtual system integration.
Rising adoption of regenerative drugs
Regenerative treatments aid in the induction of cell, tissue, and organ regeneration to assist them to regain their functionality. Every year, several requests for human clinical studies in regenerative medicine are submitted to the Food and Drug Administration (FDA). The rapid expansion of the global bio-banking market might be attributed to the regenerative medicine industry's ability to develop efficient treatments for chronic illnesses. The biobank has been a valuable resource for the development of regenerative therapies since it offers samples for study, development, and treatment. Investing in biobanking can result in significant cost recovery to support programmes for tissue engineering and regenerative medicine.
Europe is predicted to hold the largest market share for the biobanking market
Europe is anticipated to hold the largest share of the bio-banking industry. Well-established biobanks are present in European nations including Denmark, Norway, and Sweden, which has made a substantial contribution to the bio-banking market growth. Consequently, the biobanking sector has expanded as a result of the increasing sample supply in Europe. The bio-banking market expansion over the past few years has been aided by growing pharmaceutical company spending in R&D and greater usage of virtual biobanking technology in Europe.
Key Attributes:
Report Attribute | Details |
No. of Pages | 140 |
Forecast Period | 2022 - 2029 |
Estimated Market Value (USD) in 2022 | $60.74 Billion |
Forecasted Market Value (USD) by 2029 | $89.41 Billion |
Compound Annual Growth Rate | 5.6% |
Regions Covered | Global |
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Force Analysis
4.4. Industry Value Chain Analysis
5. BIOBANKING MARKET, BY SAMPLE TYPE
5.1. Introduction
5.2. Blood Products
5.3. Human Tissues
5.4. Cell Lines
5.5. Nucleic Acids
5.6. Biological Fluids
5.7. Human Waste Products
6. BIOBANKING MARKET, BY OWNERSHIP
6.1. Introduction
6.2. Universities
6.3. National/Regional Agencies
6.4. Non-Profit Organizations
6.5. Private Organizations
7. BIOBANKING MARKET, BY APPLICATION
7.1. Introduction
7.2. Regenerative Medicine
7.3. Life Science Research
7.4. Clinical Research
8. BIOBANKING MARKET, BY END-USE
8.1. Introduction
8.2. Pharmaceutical Companies
8.3. Academic & Research Institutes
8.4. Hospitals
9. BIOBANKING MARKET, BY GEOGRAPHY
10. COMPETITIVE ENVIRONMENT AND ANALYSIS
10.1. Major Players and Strategy Analysis
10.2. Market Share Analysis
10.3. Mergers, Acquisitions, Agreements, and Collaborations
11. COMPANY PROFILES
Sapien Biosciences
Hamilton Company
UK Biobank
Apollo Hospitals
Banka Bio
Labvantage
Amgen
BioKryo
Thermo Fisher Scientific
Cureline
For more information about this report visit https://www.researchandmarkets.com/r/uoiuec
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