The global biobanks market size is expected to reach USD 74.54 billion by 2025 at a 4.5% CAGR over the forecast period, according to a new report by Grand View Research, Inc. Growing need for sample collection to support and facilitate clinical trials for novel therapies, which are developed for treatment of chronic conditions, is anticipated to boost the market.
Different
biospecimens stored at biobanks are witnessing significant demand owing to
advancements in cell-based research activities. Rising demand from different
end users has led to establishment of a substantial number of population-based
and disease-based banks in recent years. Population-based banks are established
to support precision medicine research initiatives, whereas disease-specific
biobanks provide resources to research communities to enable a better
understanding of disease etiology.
Furthermore,
there has been a rapid increase in number of biobanks over the recent past,
which can be attributed to perpetual developments in cell-based therapies, such
as advent of stem cells and regenerative medicine. Thus, competition among
biobanks is observed within for-profit biostorage entities that provide open access
to researchers and hospitals. Increase in efforts undertaken by life science
industries for collaboration with biobanks to support life science research
programs is expected to further boost the market.
In
addition, regional biobank networks are being established to enhance
accessibility to biospecimens and promote international sharing of these
samples. Few examples of such networks are BBMIR-ERIC, Asian Network of
Research Resource Centers, and Asian Consortium for the Conservation and
Sustainable Use of Microbial Resources.
Increase
in number of clinical trials for new drug candidates has spurred demand for
biobanking services. Major challenges in biobanking operations include
sustainability, limited access, and information sharing. However, technology
advancements aid in overcoming these hurdles. Owing to introduction of novel
applications of stored cells and biospecimens in drug development, leading
economies such as U.S. and U.K. are revising their regulatory policies and
guidelines pertaining to biobanking operations.
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Biobanks
Market Report Highlights
- Biobanking equipment held
the dominant share by product in 2017. High cost of equipment, coupled
with rapid increase in number of biobanks, is attributive to its leading
revenue share
- The LIMS segment is
projected to witness lucrative growth over the forecast period owing to
rise in efforts undertaken for improvement of sample quality to suit
international standards
- North America dominated the
global market in 2017 owing to high demand for biosamples. This increase
in demand is attributive to rapid advancement of genomics, bioinformatics,
and translational research
- Asia Pacific is projected to
exhibit the fastest growth due to rapid progress of Asian countries in
healthcare, drug discovery, and scientific research
- Some of the major companies
offering biobanking products are QIAGEN; Thermo Fisher Scientific Inc.;
Agilent Technologies, Inc.; and Merck KGaA. VMR International, Charles
River, Lonza, Biovault, Thermo Fisher Scientific (Fisher BioServices), and
Virgin Health Bank are among prominent companies engaged in offering
biobanking services.
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Biobanks
Market Segmentation
Grand View Research has segmented
the global biobanks market on the basis of product, service, biospecimen type,
biobank type, application, and region:
Biobanks Product
Outlook (Revenue, USD Million, 2014 - 2025)
- Biobanking Equipment
- Temperature Control Systems
- Freezers &
Refrigerators
- Cryogenic Storage Systems
- Thawing Equipment
- Incubators &
Centrifuges
- Alarms & Monitoring
Systems
- Accessories & Other
Equipment
- Biobanking Consumables
- Laboratory Information
Management Systems
Biobanks Service
Outlook (Revenue, USD Million, 2014 - 2025)
- Biobanking & Repository
- Lab processing
- Qualification/ Validation
- Cold Chain Logistics
- Other Services
Biobanks
Biospecimen Type Outlook (Revenue, USD Million, 2014 - 2025)
- Human Tissues
- Organs
- Stem Cells
- Adult Stem Cells
- Embryonic Stem Cells
- IPS Cells
- Other Stem Cells
- Other Biospecimens
Biobanks Type
Outlook (Revenue, USD Million, 2014 - 2025)
- Physical/Real Biobanks
- Tissue Biobanks
- Population Based Biobanks
- Genetic (DNA/RNA)
- Disease Based Biobanks
- Virtual Biobanks
Biobanks
Application Outlook (Revenue, USD Million, 2014 - 2025)
- Therapeutics
- Drug Discovery &
Clinical Research
- Clinical Diagnostics
- Other Applications
Biobanks Regional
Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Asia Pacific
- Japan
- China
- Latin America
- Brazil
- Middle East & Africa
- South Africa
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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