Biobanking Market Boosted by Pandemic, with Strong Growth Outlook to 2030
The global biobanking market is growing increasingly due to useful method.
The process of collecting, preserving, and managing biological samples and associated data for use in research and therapeutic applications is referred to as biobanking. Biobanks can gather a variety of samples, such as blood, tissues, and bodily fluids, as well as clinical data, such as medical histories and lifestyle data. These samples and data are often preserved in biobanks, which are specialized facilities.
Biobanking Market Predictable at $56.67 Billion in 2022, is estimated to increase at a CAGR of 9.34% from $62.56 billion in 2023 to $85.67 Billion by 2030.
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Driving forces for biobanking market is increased personalised treatment.
The growing desire for personalised treatment is one of the primary drivers of biobanking. With an increased understanding of individual differences in genetics, lifestyle, and environmental variables, personalised medicine is becoming increasingly crucial for illness prevention and treatment.
Biobanks are an important source of data and biological samples for the development of personalised medicine, and demand for biobanking services is projected to increase in the future years. The rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular disease is another driver of the biobanking business.
These diseases place a considerable burden on healthcare systems globally, and their prevalence is anticipated to rise in the coming years as populations age and lifestyles change.
Competitive Landscape of the Biobanking Market
- Tecan Group Ltd.
- Becton Dickinson and Company
- Qiagen N.V.
- TTP Labtech Ltd.
- VWR Corporation
- Promega
- Brooks Automation
- Thermo Fisher Scientific Inc.
- Worthington Industries
- Chart Industries
- Hamilton Company
- Merck KGaA
New Developments in Biobanking Market
July 20, 2023 Tecan’s Phase Separator™: advancing automation for liquid biopsy and biobanking
Tecan proudly unveils Phase Separator™, an innovative liquid separation technology that promises to save time and improve accuracy in laboratory workflows. With specific applications in liquid biopsy and biobanking, its benefits will be felt in genomics, proteomics and across multiple disease areas, from oncology and neurodegenerative disease to metabolic disorders.
Phase Separator is a unique new pipetting capability of the new Air Flexible Channel Arm™ (Air FCA) on Tecan’s flagship liquid handling platform, the Fluent® Automation Workstation. It addresses the critical challenge of detecting liquid–liquid interfaces and effectively separating neighboring phases, while avoiding the risk of contamination makeing it ideal for separating plasma in centrifuged blood samples.
In May 2023 Upkara, a biomedical technology start-up founded in 2022, announced that it had raised US$ 9 million in Series A funding. The company was expected to use the raised funding to commercialize its biopreservation technology and bring it to the market.
In February 2023 PHC Corporation of North America launched the PHCbi Brand VIP ECO smart ultra-low temperature freezer with industry-leading energy efficiency. This technology will increase the shelf life for the sample and will ultimately lead to lesser number of sample spoilage.
The biobanking market is constrained by biobanking limitations.
High-quality biological sample collection and storage are essential to biobanks. However, due to factors including sample degradation during collection, transportation, and storage, assuring sample quality can be difficult. The dependability and reproducibility of study findings can be impacted by differences in sample quality and features, including variations in sample collecting procedures, sample sizes, and storage conditions.
Human biological samples are collected and used in biobanking, which creates ethical and legal questions. Important components of biobanking include informed permission, privacy protection, and maintaining compliance with legal and ethical standards, including data protection legislation and research ethics guidelines.
These factors could slow down the biobanking process and reduce the number of available samples by posing administrative and logistical difficulties. In addition to storing biological samples, biobanks also gather and maintain related data, such as clinical, genetic, and environmental details. Especially when working with large-scale biobanks, managing and integrating varied data sets from numerous sources can be challenging.
For successful use of biobank resources, ongoing issues such as data standardisation, interoperability, and protecting data privacy and security must be resolved.
Biobanking market has a wider scope in developed countries.
The research infrastructure in developed nations is often well-established and includes academic institutions, research centres, and hospitals. These institutions frequently have specialised biobanking resources and facilities, allowing them to gather, manage, and store enormous numbers of biological samples.
The construction and administration of biobanks is made easier by the availability of cutting-edge facilities, cutting-edge technology, and qualified employees. Developed nations frequently have strong healthcare systems with meticulous patient records and cutting-edge medical technology. This offers a strong foundation for biobanking since it is simple to gather and incorporate patient samples, medical data, and related information into biobanks.
A more extensive and varied range of samples are present in biobanks thanks to the availability and calibre of healthcare services. The financial resources dedicated to research and development are often higher in developed nations. Grants and assistance for biobanking programmes may be provided by funding organisations, both governmental and private.
This makes it possible for biobanks to get the money they need for their infrastructure, sample collecting, storage, and data administration.
COVID-19 pandemic had a neutral impact on the production of medical image management.
The COVID-19 pandemic has had an impact on the biobanking sector, both positively and negatively. On the one hand, the pandemic has boosted the focus on vaccine and treatment research and development, raising demand for biobanking services and samples.
On the other side, supply chain interruptions, restrictions on research efforts, and budget cuts have all had a detrimental impact on the market. In reaction to the epidemic, there has also been a shift towards virtual biobanking systems, as well as a greater emphasis on data management and sharing.
North America region is expected to show higher biobanking market growth in the forecast period.
The North America region dominated the biobanking by accounting for over 47% of the market share. The biobanking market in North America is expected to grow significantly in the coming years due to increasing investment in research and development activities, advancements in personalized medicine, and rising demand for high-quality biological samples.
The United States dominates the market due to its well-established healthcare infrastructure, favourable regulatory policies, and high healthcare spending. Key players in the North American biobanking market include Thermo Fisher Scientific, Qiagen, Incision, and Hamilton Company, among others.
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