Global Biobanking Market it is anticipated to grow at 7.5% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Biobanking Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global biobanking market is estimated to be over US$ 2.1 Billion in 2019. It is anticipated to grow at 7.5% CAGR from 2019 to 2030.
Irreproducibility of research is one of the major factor for the failure of translating basic research results into tangible solutions. For addressing the problem development of biobanks plays a vital role in providing necessary infrastructure for high quality assurance and control measures by providing safe & reliable spaces for storing material which can be used for repeated testing which in turn will lead to trustworthy scientific results. Hence the increasing awareness and concern for development of novel drugs with the support of biobanking is promoting the market growth. Moreover, the rising prevalence of cancer globally is promoting the development of new solutions to fight cancer. For instance, according to World Health Organization, cancer accounted for around 9.6 million deaths in 2018. Hence the increasing setup of cancer biobanks for systematic storage of cancer tissues and associated data is promoting the growth of the market. However, the instability in consistent funding hampers the growth of biobanking Market.
Regenerative medicines utilizes the body’s growth and healing properties to repair or replace the damaged cells, tissues, or organs. The extensive research in stem cell, developmental biology, bioengineering, material science, and gene editing are important in development of regenerative medicines. Rising government and private funding for research of regenerative medicine is promoting the biobanking market. For instance, in 2017, National Institute of Dental and Craniofacial Research (NIDCR) invested around $52 million in basic, translational, and clinical regenerative medicine research. The increasing application of biobanking for development of regenerative medicines is also contributing in the market growth.
The increasing international awareness for the need of biobanking is promoting the growth of biobanking market. Biobanking plays an important role in advancing biomedical and translational research by providing better opportunities for collection and preservation of biological samples such as blood, tissues, and nucleic acids which are used in research endeavors to discover disease-relevant biomarkers. Moreover, several pharmaceutical companies are investing extensively in drug discovery and developing their pipeline products which requires the application of biobanking. For instance, Novo Nordisk with the support of UK Biobank is discovering novel drug targets for several chronic conditions such as diabetes, cardiovascular liver, kidney diseases and obesity.
However, funding remains as a major challenge for long-term biobank sustainability. The establishment of the necessary infrastructure and commitment will lay the foundation for successful biobanking for promoting the health and wellbeing of the community. Moreover, the built in-house, sample management system also remains as a major concern. For the successful completion of biobank activities there are a set of requirements to be met. These essentially involves accommodation of pre-collected, processed and post-storage phase of the sample. Hence the risk related to biospecimen sample collection and processing hampers the growth of biobanking market.
Asia Pacific is estimated to account for the highest CAGR in biobanking market over forecast period. The improving research infrastructure, emergence of diseases, and increasing adoption of new technologies in this region is contributing to the growth of biobanking market. Moreover, extensive government initiative and investment for development of novel pharmaceutical products is attributed to increasing use of biobanking.
Some prominent players in the biobanking market include Thermo Fisher Scientific Inc., PHC Holdings Corporation, QIAGEN, Becton, Dickinson and Company, Merck KGaA, Hamilton Company, Tecan Trading AG, Cell&Co, Promega Corporation and Brooks Life Sciences among others.
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