Biobanking Market was valued at USD 42.10 Billion in 2020 and is projected to reach USD 69.52 Billion by 2028, growing at a CAGR of 6.2% from 2021 to 2028.
PORTLAND, OREGON, USA, March 11, 2022 /EINPresswire.com/ — The biobank is a biological repository for receiving and storing biological specimens such as plants, animals and microbes; which can later be used to support many types of contemporary research associated with genomics, healthcare research, medical care, and drug discovery. Additionally, biobanks allow large-scale analysis for the individuation of specific disease biomarkers, which will facilitate the development of personalized medicine. To promote the health and well-being of the community, the need for proactive participation is necessary for medical institutions, especially community medical centers. Additionally, several types of biobanks are currently being set up to support medical research, such as population biobanks and disease-focused biobanks.
𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
The major players operating in the global market are BioIVT & Elevating Science, Geneticist Inc, Firalis SA, AMS biotechnology Ltd. (AMSBIO LLC) and US Biolab Corporation, Inc., ProteoGenex, Inc., Cureline, Inc., Bay Biosciences LLC. , CTI Biotech and Boca Biolistics.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/request-sample/2798
𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘
• By sample type, the blood products segment was the largest contributor to the market in 2020.
• By type of biobank, disease-focused biobank was the largest market contributor in 2020.
• By ownership, the private organizations segment is expected to grow at a significant CAGR of 9.10% from 2021 to 2028.
• By application, the research segment contributed nearly 6.70% of the global biobanking market in 2020.
• By end user, the pharmaceutical and biotechnology segment led the market in 2020 and is expected to continue this trend throughout the review period.
• By region, North America garnered the largest revenue share in 2020, while Asia-Pacific is expected to grow at the highest CAGR over the forecast period.
The biobank market is positively impacted by the pandemic. Additionally, COVID-19 has shed light on the importance of biobanks and their role in understanding disease patterns and their usefulness in the development of vaccines and other prevention and treatment protocols. In addition, the government is now focusing on biobanks and repositories around the world, where regulators will support this effort by working to ease approvals. For example, the Indian Council of Medical Research (ICMR) has notified 16 bio-depots to collect, store and preserve clinical specimens including oropharyngeal/nasopharyngeal swabs, broncheoalveolar lavage, sputum, blood, urine and stool from COVID-19 patients. COVID-19 patient samples will be collected and archived for future use to develop validated diagnostics, therapies and vaccines. Moreover, the market is expected to continue growing after the pandemic.
Several organizations are involved in the creation of written guidelines on biobanks such as the World Medical Association, the Council for International Organizations of Medical Sciences, the Council of Europe, the Human Genome Organization, the World Health Organization Health and the United Nations Educational, Scientific and Cultural Organization (UNESCO).
The major factors contributing to the growth of the market include an increase in funding by private and governmental organizations of biobanking and an increase in the application areas of biobanking samples. Biobanked specimens are used in the treatment of several chronic diseases, and hence the rise in the incidence of diseases such as cancer further supports the growth of the market. However, ethical issues related to biobanks and lack of awareness about them are expected to hamper the market growth. Conversely, unmet medical needs in emerging countries are expected to provide a lucrative opportunity in the market.
𝐅𝐨𝐫 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 https://www.alliedmarketresearch.com/purchase-enquiry/2798
Based on the type of biobank, the market is divided into population-based biobank and disease-based biobank. The disease-focused biobanking segment was the top revenue contributor in 2020 and is expected to continue this trend during the forecast period. This is attributed to the increase in the geriatric population and the increase in awareness and adoption of biobank products for the treatment of chronic diseases. By end-user, the market is categorized into academic institution and pharmaceutical and biotechnology companies. This is attributed to the increasing prevalence of transfusion diseases, development of the health sector and advances in R&D. wise region,
𝗚𝗲𝘁 𝗗𝗲𝘁𝗮𝗶𝗹𝗲𝗱 𝐑𝐞𝐩𝐨𝐫𝐭 https://www.alliedmarketresearch.com/biobanking-market
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