Biobanking Market is anticipated to grow at a sustainable CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Biobanking Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the biobanking market is estimated to be over US$ 1,900 Mn in 2018. It is anticipated to grow at a sustainable CAGR from 2019 to 2030.
The continual growth of biobanking market can be attributed to several factors such as rising number of genomic research activities, increase in private funding, innovations in regenerative medicine and developing a pattern of conserving cord blood stem cells of newborns. Moreover, factors such as an increase in chronic diseases, developments in drug discovery and an increase in R&D funding are expected to boost the growth of the market over the forecast period. However, high cost for automation in biobanking is likely to restrain the growth of this market. Additionally, the various ethical and legal issues concerning the practices of biobanking might restrain the market to a certain extent.
Biobanking market plays a significant role in the development of biomedical and translational science due to the easy availability of biological samples to discover disease-specific biomarkers. A rising number of research activities used for diagnosis, prognosis and foreseeing drug reactions is expected to support the growth of this market. Increase in public and private funding for the creation of more biobanks is likely to positively contribute to the growth of the global biobanking market.
The preservation of cord blood stem cells is an emerging practice that promises a cure for more than 60 different types of diseases. Owing to increasing awareness about stem cell therapies, the large numbers of parents are choosing umbilical cord banks for their children. Moreover, many embryonic disorders can be investigated and treated through stem cell research. For instance, the transformation of early stem cells into different cell types helps to identify if there is any genetic error and can be resolved before the symptoms begin to manifest in the infant.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Biobanking Market by Product & Services (Equipment, Consumables, Services and Softwares), Sample Type (Blood Products & Services, Biological Fluids, Cell Lines, Human Tissues, Nucleic Acids), Storage Type (Automated, Manual), Application (Clinical Research, Life Science Research, Regenerative Medicine) – Analysis and Forecast 2019-2030. in detail along with the table of contents: https://www.marketindustryreports.com/76/biobanking-market
The major factor restraining the growth of the global biobanking market is the high cost of automation. Moreover, the problems associated with the procurement of biospecimen sample can hamper the growth of biobanking market. For instance, when the samples are transferred from one location to another location for processing, the time interval between collection and stabilization may lead to loss of some unstable markers. Additionally, there are certain ethical issues for storing the biological samples of human setbacks the overall market growth.
The Asia Pacific region is anticipated to witness growth in the practice of biobanking owing to the factors such as improving life sciences research infrastructure, growing investments of governmental organizations in fields like biomedical, pharmaceutical and biotechnology. The growth of the biobanking market is expected particularly in countries like India, China, and Japan. These regions have been witnessing an increase in the collection of a number of new biospecimens. Moreover, the increasing demand for regenerative medicines in these countries is likely to contribute to the growth of biobanking market over the forecast period.
The key players in the global biobanking market are Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN N.V., Becton, Dickinson and Company, Merck KGaA, Hamilton Company, Avantor, Inc., LLC, Tecan Group Ltd., BioCision, Promega Corporation among others.
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