WASHINGTON, June 06, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Biobanking Market finds that rising genomic research activities, increasing technological advancement in bio-banking, increasing trend of conserving cord blood stem cells of new-borns, increasing government & private investment to support regenerative medicine research and rising need for cost-effective drug discovery & development are some major factors, augmented the growth of the Biobanking Market in recent years. However, high automation cost and bio-specimen sample procurement issues are hampering the growth of Biobanking Market during forecast period.
Moreover, increasing demand of Research and Development (R&D) activities for cell therapies will provide various growth opportunities for Biobanking Market in near future.
The Global Biobanking Market revenue is expected to reach a value USD 44.9 Billion in the year 2028.
The Global Market revenue stood at a value USD 27.1 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period; states Vantage Market Research, in a report, titled “Biobanking Market Size, Share & Trends Analysis Report by Product and Service (Equipment, Consumables, Services, Software), by Sample Type (Blood Products, Human Tissues, Nucleic Acids, Cell Lines), by Application (Regenerative Medicine, Life Science Research, Clinical Research), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increased Prevalence of New Infectious and Chronic Diseases.
In the last few years, the global market has witnessed a significant boost in the demand for bio-banking. The growth in the demand is majorly attributed to the increasing prevalence of new infectious and chronic diseases. The prevalence of new infectious and chronic diseases like autoimmune diseases, cancer, blood disorders, Alzheimer’s and Parkinson’s is rapidly increasing around the globe and many peoples lost their life too because of these harmful diseases. According to Fogarty International centre, chronic diseases account for 60% of deaths worldwide. 80% of these deaths occur in low- and middle-income countries. About 16 million people die each year from chronic diseases before the age of 70. The global outbreak of these chronic diseases plays an important role in the creation of stem molecular Biobanks. Hence, increasing infectious and chronic diseases, further propelling the market growth.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Biobanking market is predicted to grow at a CAGR of roughly 8.8% during the forecast period.
- The Biobanking market was estimated to be worth roughly USD 27.1 Billion in 2021 and is expected to reach USD 44.9 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Biobanking market.
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Segmentation of the Global Biobanking Market:
- Product and Service
- Equipment
- Consumables
- Services
- Software
- Sample Type
- Blood Products
- Human Tissues
- Nucleic Acids
- Cell Lines
- Biological Fluids
- Human Waste Products
- Application
- Regenerative Medicine
- Life Science Research
- Clinical Research
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Launch of Software for Virtual Bio-banking.
The collection and preservation of biological samples such as blood, tissue, and nucleic acids can be used in research to detect disease-associated biomarkers. It is also used to diagnose, predict, and predict drug response. At the present, there are much software launched for taking samples and make the process very easy and convenient. The launch of virtual bio-banking resulted in minimizing time constraints for the bio-banking system and permits researchers to conduct the studies smoothly. Virtual bio-banking has helped the Biobanks to generate better revenue, accordingly, growing the market cost. Hence, the launch of software for virtual bio-banking propelling the growth of the market in forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Biobanking Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Europe Holds Largest Market Share
Europe is expected to dominate the growth of Biobanking Market in 2021. This is owing to the continuous investment in the collection, establishment, and processing of large-scale datasets within the regions. Along with that, developing countries like India, China, and Japan is also expected to grow at the highest Compound Annual Growth Rate (CAGR). This growth is attributed to the growing health science research infrastructure and growing government investment in the biomedical, pharmaceutical, biotechnology industries and diagnostics infrastructure across the region. Moreover, the increasing government initiatives in the regions of bio-banking in developing countries is also witness the significant growth in the forecast period.
List of Prominent Players in the Biobanking Market:
- Thermo Fisher Scientific Inc. (U.S.)
- Tecan Group Ltd. (Switzerland)
- Qiagen N.V. (Germany)
- Hamilton Company (U.S.)
- Brooks Automation (U.S.)
- TTP Labtech Ltd (U.K.)
- VWR Corporation (U.S.)
- Promega Corporation (U.S.)
- Worthington Industries (Taylor Wharton - U.S.)
- Chart Industries (U.S.)
- Becton
- Dickinson and Company (U.S.)
- Merck KGaA (Germany)
- Micronic (Netherlands)
- LVL Technologies GmbH & Co. KG (Germany)
- Panasonic Healthcare Holdings Co. Ltd (Japan)
- Greiner Bio One (Greiner Holding AG - Austria)
- Biokryo GmbH (Germany)
- Biobank AS (Norway)
- Biorep Technologies Inc. (U.S.)
- Cell & Co Bioservices (France)
- RUCDR infinite biologics (U.S.)
- Modul-Bio (France)
- CSols Ltd (U.K.)
- Ziath (U.K.)
- LabVantage Solutions Inc. (U.S.)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Biobanking Market Size, Share & Trends Analysis Report by Product and Service (Equipment, Consumables, Services, Software), by Sample Type (Blood Products, Human Tissues, Nucleic Acids, Cell Lines), by Application (Regenerative Medicine, Life Science Research, Clinical Research), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/biobanking-market-073069
Recent Developments:
December 2021: Newcastle University opened a new collection of blood samples and donated human tissue which could revolutionize attempts to cure uncommon malignancies.
September 2021: STEMCELL Technologies has introduced the specification of human pluripotent stem cell and banking services in partnership with WiCell. These services, provided in the category of STEMCELL's Contract Assay Services, provide researchers with a complete overview of cell quality and enable them to produce cell banks using standard procedures.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Biobanking Market?
- How will the Biobanking Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Biobanking Market?
- What is the Biobanking market drivers and restrictions?
- What will be the CAGR and size of the Biobanking Market throughout the forecast period?
This market titled “Biobanking Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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