IMARC Group, a leading market research company, has recently releases report titled “Biobanking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global biobanking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Biobanking Market?
The global biobanking market size reached US$ 57.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 82.3 Billion by 2028, exhibiting a growth rate (CAGR) of 5.86% during 2023-2028.
Biobanking involves collecting and preserving human biospecimens for future use in research, diagnosis, and biodiversity studies. These samples are stored for numerous years and used by researchers in cross-purpose research studies to understand health and various diseases better. In recent years, biobanking has gained immense traction across the globe as a vital resource in medical research, supporting different types of contemporary research, such as genomics and personalized medicine.
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What are the growth prospects and trends in the biobanking industry?
The global biobanking market is primarily driven by the surging product adoption in understanding the pathogenic mechanisms, collecting high-quality and well-annotated human biospecimens, and identifying potential treatment targets for coronavirus disease (COVID-19). Moreover, there has been a rise in demand for biobanking to develop diagnostics that can accurately and quickly identify pathogens due to the rising prevalence of new infectious and chronic diseases.
In line with this, the escalating demand for regenerative medicine and personalized treatment and the expanding geriatric population are positively influencing market growth. Additionally, continual innovations in bioenergy, environmental remediation, genomics, metagenomics, proteomics, disease biology, and allied fields are other major growth-inducing factors.
Furthermore, the rising investment in virtual biobank network models by health agencies of numerous countries, as they offer electronic databases that help investigators locate biospecimens and data mining from multiple biobanks, is contributing to the market growth. Other factors, including the emerging trend of conserving cord blood stem cells of newborns, the rising need for cost-effective drug discovery and treatment, and advancements in biobanking, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Specimen Type:
- Blood Products
- Solid Tissue
- Cell Lines
- Nucleic Acid
Breakup by Biobank Type:
- Population-based Biobanks
- Disease-oriented Biobanks
Breakup by Application:
Breakup by End User:
- Academic Institutions
- Pharma and Biotech Companies
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Brooks Automation Inc., Bay Biosciences LLC, Boca Biolistics, Ctibiotech, Cureline Inc., Firalis, Greiner Bio-One International GmbH, Hamilton Company, Merck KGaA, ProteoGenex Inc., Thermo Fisher Scientific Inc., VWR Corporation (Avantor Inc.),
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