The latest report by IMARC Group, titled “Biobanking Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global biobanking market size reached US$ 53.3 Billion in 2021. Biobanking refers to the procedure of collecting and preserving human biospecimens that can be further used for diagnosis, biodiversity studies, and research. These specimens are stored for several years and are used by multiple researchers for cross-purpose research studies and to improve the understanding of health and different diseases. Over the years, biobanking has become a vital resource in medical research, supporting various types of contemporary research like genomics and personalized medicine.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Biobanking Market Trends:
The market is primarily driven by the growing prevalence of infectious and chronic diseases as biobanking is extensively used to develop diagnostics that can accurately and quickly identify pathogens. In addition, the escalating demand for regenerative medicine and personalized treatment represents another major growth-inducing factor. Besides this, health agencies of numerous countries are investing in virtual biobank network models that help investigators locate biospecimens and data mining from multiple biobanks. This, coupled with the significant developments in genomics, disease biology, metagenomics, proteomics, bioenergy, and environmental remediation, are positively influencing the market growth. Moreover, key players are integrating various advanced technologies with biobanking that assists healthcare professionals in collecting high-quality and well-annotated human biospecimens, and understanding pathogenic mechanisms. These advanced methods are also being utilized to identify therapeutic targets of coronavirus disease (COVID-19), which is also creating a positive market outlook across the globe. Looking forward, IMARC Group expects the market to reach US$ 77.6 Billion by 2027, expanding at a CAGR of 6.18% during the forecast period (2022-2027).
- Based on the specimen type, the market has been categorized into blood products, solid tissue, cell lines, nucleic acid, and others.
- On the basis of the biobank type, the market has been bifurcated into population-based and disease-oriented biobanks.
- Based on the application, the market has been classified into therapeutics and research.
- On the basis of the end user, the market has been segmented into academic institutions, and pharma and biotech companies.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Brooks Automation Inc., Bay Biosciences LLC, Boca Biolistics, LLC, Ctibiotech, Cureline Inc., Firalis S.A., Greiner Bio-One International GmbH, Hamilton Company, Merck KGaA, ProteoGenex Inc., Thermo Fisher Scientific Inc. and VWR Corporation (Avantor Inc.).
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