Rockville, MD, Aug. 08, 2023 (GLOBE NEWSWIRE) -- According to the new market research report, titled, "Biobanking Market Analysis By Storage (Manual Biobanking, Automatic Biobanking), By Application (Therapeutics, Clinical Diagnostics, Drug Discovery & Development), By Biospecimen (Blood Products, Human Tissues, Cell Lines, Nucleic Acids), By Product (Biobanking Equipment, Biobanking Incubators & Centrifuges, Biobanking Alarms & Monitoring Systems, Biobanking Accessories & Other Equipment, Biobanking Consumables) and Region - Global Market Insights 2023 to 2033 " published by Fact.MR, the global biobanking industry is climbing at a healthy 6.6% CAGR, to attain a revenue valuation of US$ 89.5 billion by the end of the forecast period (2023 to 2033). China, the United Kingdom, and the United States are the top markets for biobanking companies to keep an eye out for in the future.
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Biobanking plays a pivotal role in enhancing biomedical and translational research, by the stocking and preservation of biological samples, such as blood, tissues, and nucleic acids, which are then made available for usage in research to determine disease-relevant biomarkers; this is later used for diagnosis, prognosis, and foreseeing drug responses. An advance in the number of research activities in this section outlines a prominent driver for the market.
Europe and Asia Pacific are projected to offer highly lucrative growth opportunities for established as well as incoming biobanking providers in the future. The aforementioned can be attributed to the increasing patient pool and rising healthcare expenditure in both regions.
Key Takeaways from Market Study
- The global biobanking market stands at a valuation of US$ 46.8 billion in 2023.
- Demand for biobanking is projected to expand at a CAGR of 6.6% from 2023 to 2033.
- The biobanking market is anticipated to reach a size of US$ 89.5 billion by 2033.
- Surging prevalence of chronic disorders, increasing investments in medical R&D, growing popularity of biobanks, and rising adoption of gene and stem cell therapies are prime market growth drivers.
- Legal and ethical concerns associated with biobanking and high cost of biobank operations are prime market restraints.
- Europe is estimated to maintain its position as a highly rewarding regional market throughout the forecast period.
- Demand for biobanking services for therapeutic applications is projected to exceed expectations through 2033.
“Biobanking companies should focus on decreasing the operational costs of biobanks to unlock the full revenue generation potential,” says a Fact.MR analyst
Winning Strategy
Leading biobanking manufacturers are continually focusing on expanding their business potential to new applications and regions through collaborations, partnerships, acquisitions, and mergers. Companies should also focus on solving the ethical and legal issues that plague the biobanking space to unlock the full potential of the market going forward.
This elaborate biobanking market study by Fact.MR, a market research and competitive intelligence provider offers an in-depth analysis of all the strategies that are being adopted by renowned as well as new biobanking providers.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global biobanking market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential Analysis of Biobanking Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more.
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