Global Biobanking Market is projected to be worth USD 112.18 billion by 2032 and is estimated to expand at a CAGR of 4.84%.
Biobanking markets are technologically advanced market structures that are engaged in collecting and preserving biological data, materials, samples for future use and to gather information related to different disorders and to analyze the effect of various diseases, and also finding a cure out for them. The growth of the market is viewed as a result of the rise in the number of uses of the biobank samples which has increased the demand for the biobanking equipment market. Additionally, the increase in research projects and the investments made by healthcare organisations in R&D initiatives have increased demand for the global market. In addition to the fact that biobanking is expanding on its own, it is also enabling the expansion of related markets. Cryogenic markets, for instance, are primarily in charge of giving these market firms storage facilities so they may preserve biological material including cells, tissues, blood, and other bodily fluids.
The novel coronavirus, also known as Covid 19, has had a negative effect on the biobanking industry because of the risks involved with the storage, collection, and processing of human biospecimens and all biological materials due to the increased risk of virus and other infection transmission during this pandemic period. The ramifications of the SARS CoV-2 infection and subsequent transmission of the lethal virus have become a threat to the majority of biobanking companies. Various biobanking companies that were still collecting samples of human cells and tissues for cancer therapy have witnessed the consequences. On the other hand, a number of measures and resources have been employed to create low-level structures to collect SARS Cov-2 samples from a large base of population, to control the pandemic through the development of vaccines, and to provide a research base for all genomic studies and the development of healthcare systems.
Biobanking Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; BioIVT & Elevating Science, Geneticist Inc, Firalis S.A., AMS biotechnology Ltd. (AMSBIO LLC), and US Biolab Corporation, Inc., ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC, CTI Biotech, and Boca Biolistics.
Global Biobanking Market Segmentation:
By Specimen Type: Based on the Specimen Type, Global Biobanking Market is segmented as; Blood Products, Solid Tissue, Cell Lines, Nucleic Acid, and Others.
By Type of Biobank: Based on the Type of Biobank, Global Biobanking Market is segmented as; Population-based Biobanks, and Disease-oriented Biobanks.
By Ownership: Based on the Ownership, Global Biobanking Market is segmented as; National/regional agency, Non-profit Organization, Universities, and Private Organization.
By Application: Based on the Application, Global Biobanking Market is segmented as; Therapeutics, Research.
By End User: Based on the End User, Global Biobanking Market is segmented as; Academic Institutes, Pharma & Biotech Companies.
By Region: The four regions that make up the global market each have a substantial impact on it in terms of its capabilities and population demands. The Asia Pacific region, however, has been responsible for the largest market share among the four geographical areas because it is where the key factors fostering the development of the biobanking sector are being developed, and because the locals appear to be quite intrigued by the market's innovations in terms of new products. China, Japan, Korea, and India are anticipated to account for a large portion of the global biobanking market revenue. The biobanking figures show that these countries' populations and disposable incomes have been growing, which has caused changes in lifestyles and shifting expectations. People's growing health consciousness and the demand for regenerative therapies have also been contributing to the expansion of the market in this industry.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.