San Francisco, March 11, 2022 (GLOBE NEWSWIRE) — The Global biobank market the size is expected to reach USD 106.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 6.2% from 2021 to 2028. Biobanks continue to evolve with the introduction of new technologies such as NGS and the increased focus on genomic medicine. The availability of several types of biospecimens to cater to several fields including drug discovery, diagnostics and others has accelerated the diversification of biorepositories, thereby boosting the market.
Main information and conclusions of the report:
- The biobanking equipment segment accounted for the maximum revenue share in 2020 due to the high cost of instruments coupled with an increase in the number of biorepositories.
- The biobanking and storage services segment accounted for the largest revenue share of 36.0% in the market.
- This is due to the higher penetration of these services and the increased need for preservation of biological samples for the development of precision medicine and disease-specific research.
- Human tissue is the most stocked sample for clinical research, resulting in the dominance of this type of sample in the market.
- The virtual biobanking segment is expected to witness the fastest growth rate over the forecast period owing to the increasing demand for 3D biospecimens coupled with the need for rare disease data for biomedical research.
- The therapeutic applications segment accounted for the largest share of revenue in 2020 due to the growing popularity of cell therapies for cancer treatment.
- Several pharmaceutical/biotech companies have established their private banks to support clinical trials and development of cell therapies, which has led to revenue growth in this segment.
- North America led the market with its extensive network of biospecimen storage centers in the United States
- In addition, a high number of COVID-19 cases in the United States and increased R&D programs have resulted in the creation of new biodepositories, thereby generating revenue in North America.
- In Asia-Pacific, the market is expected to register the fastest growth owing to the ever-expanding pharmaceutical field and clinical research in Asian countries.
- Key players are committed to expanding their global reach by partnering with global distributors, merging and acquiring other players, and entering into a strategic alliance with research communities.
Request a free sample or view the report summary: “Biobank Market Size, Share & Trends Analysis Report By Product, By Service (Cold Chain, Lab Processing), By Biological Sample Type, By Biobank Type (Virtual, Physical), By Application, By Region & Segment Forecast, 2021-2028“, published by Grand View Research.
Biobanking Market Growth and Trends
The quality of biological samples can significantly influence disease testing as well as preclinical and clinical research. Regulators have played a critical role in driving the adoption of biobanking services by establishing guidelines for effective sample management. For example, the US Centers for Disease Control and Prevention (CDC) has issued guidelines to minimize human risk when handling COVID-19 specimens.
This serves as a model for other biodeposits. Moreover, as the number of research studies and clinical trials related to COVID-19 increases, the demand for high-quality biological samples is expected to increase significantly in the near future, driving market growth. Additionally, population-based cohort studies are facilitated by biodeposits to estimate true seroprevalence. Health Catalyst, Inc., through its Touchstone platform, provides nationwide data related to COVID-19 information. These factors are expected to contribute to the flow of revenue in this space.
Segmentation of the biobank market
Grand View Research has segmented the global biobanks market on the basis of product, service, type of biological sample, type of biobanks, application, and region:
Biobanking Product Outlook (Revenue, USD Million, 2017 – 2028)
- Biobank equipment
- Temperature control systems
- Freezers and refrigerators
- Cryogenic storage systems
- Thawing equipment
- Incubators and Centrifuges
- Alarms and monitoring systems
- Accessories and other equipment
- Temperature control systems
- Consumables for biobanks
- Laboratory Information Management Systems
Biobanking Services Outlook (Revenue, USD Million, 2017 – 2028)
- Biobanks and repository
- Laboratory processing
- Cold chain logistics
- Other services
Biobanks Biospecimen Type Outlook (Revenue, USD Million, 2017 – 2028)
- Human tissues
- Stem cells
- Adult stem cells
- Embryonic stem cells
- IPS cells
- Other stem cells
- Other biological samples
Biobank Type Outlook (Revenue, USD Million, 2017 – 2028)
- Physical/real biobanks
- Tissue biobanks
- Population-based biobanks
- Genetics (DNA/RNA)
- Disease-based biobanks
- Virtual biobanks
Biobanking Applications Outlook (Revenue, USD Million, 2017 – 2028)
- Drug Discovery and Clinical Research
- Clinical diagnosis
- Other Apps
Biobanking Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
List of Biobanking Market Key Players
- ThermoFisher Scientific, Inc.
- Merck KGaA
- Hamilton Company
- Tecan Trading SA.
- Danaher Company
- Becton, Dickinson and company (comics)
- Charles River Laboratories
- STEMCELL Technologies Inc.
- Biovault family
- PromoCell GmbH
- Precision Cellular Storage Ltd. (Virgin Health Bank)
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Registered in California and based in San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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