Spay and Neuter Industry is projected to witness a CAGR of 7.2% during the period 2023-2032. This growth can be attributed to the growing investments and fundings for biobanks.
Selbyville, Delaware, Oct. 04, 2023 (GLOBE NEWSWIRE) —
Biobanking Market size is estimated to record more than USD 127 billion by 2032. The growing number of biobanking initiatives to assist researchers in recognizing the importance of pooling resources for accelerating scientific discovery will drive the industry gains.
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To cite an instance, in May 2023, U.K.-based Medicines and Healthcare products Regulatory Agency (MHRA) launched Yellow Card biobank, a new biobank pilot for better understanding genetics and medicines safety. Rising strides in storage and retrieval technologies, automated sample handling, robotics, and advanced cryopreservation techniques for enhanced sample preservation and accessibility will also impact the industry development.
Human Tissues Segment to witness appreciable expansion
Biobanking market size from the human tissues sample type segment is poised to depict notable CAGR from 2023-2032 driven by the strong demand by researchers to study diseases and several health conditions at cellular and molecular levels. Of late, tissue biobanks have gained widespread popularity as they are important for advancing drug discovery, medical and scientific research, personalized medicine, and healthcare. The rising research in high-quality tissue samples for the development of new therapies and diagnostic tests. For instance, in January 2023, the Department of Laboratory Medicine and Pathology at the Hamad Medical Corporation (HMC) partnered with Qatar BioBank for launching the phase one of the Tissue Biobank Service in Qatar.
Manual storage biobanking to gain traction
With respect to storage type, the biobanking market size from the manual segment will reach substantial value by 2032 attributed to the rising complexities of automated and high-tech storage systems. Manual storage biobanking are largely preferred for smaller research laboratories and institutions with limited budgets as they are cost-effective. Benefits, such as customization, backup and redundancy, consumption of fewer resources, longevity as well as intact data security and sample integrity will also propel the segment expansion.
Increasing presence in hospitals
In terms of end-user, the biobanking market from the hospitals segment will depict significant development through 2032 owing to the rising focus on advancing research along with development of innovative treatments as well as diagnostic tools. Growing participation in clinical trials along with the surging efforts on precision oncology and rare disease research will drive the segment expansion. For instance, in February 2021, Cincinnati Children’s Hospital Medical Center partnered with DownSyndrome Achieves (DSA) for establishing a research biobank to act as a central repository for biospecimens that would be donated by Down syndrome patients and their immediate families.
Europe to emerge as a profitable market
Europe is expected to hold considerable share of the biobanking market by 2032 due to the rising demand for personalized medicine and the strong presence of well-established healthcare systems. Several biobanks in the region are increasingly collaborating with research institutions globally for facilitating the sharing of samples as well as data for international research projects. To cite an instance, in February 2023, a team of researchers processed as well as converted more than 1.3 billion rows of data from the UK Biobank to the OMOP (Observational Medical Outcomes Partnership) common data model for enhancing its usability in international research collaborations. The rising number of investments in large-scale population biobanking initiatives.
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Biobanking Market Participants
Some of the prominent biobanking industry players include Thermo Fisher Scientific, Inc., PHC Holdings Corporation, Hamilton Company, Avantor Inc., Qiagen N.V., Tecan Trading AG, Merck & Co., Inc., Becton, Dickinson and Company, Cryoport Inc., and Azenta Inc.
These firms are focusing on partnership-driven strategies, such as acquisitions to sustain the rising market competition and proliferate their product portfolio. For instance, in April 2023, Merck & Co. invested $10.8 billion to buy Prometheus Biosciences to bolster its immunology drug pipeline and Prometheus360 discovery engine platform, which comprises clinical database and associated biobank.
Partial Table of Contents (ToC) of the report:
Chapter 3 Biobanking Market Insights
3.1 Industry landscape, 2018 – 2032 (USD Million)
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Technological advancements in genomics, personalized medicine, and drug development
3.2.1.2 Increasing demand for personalized medicine
3.2.1.3 Increasing investments in genomic research
3.2.1.4 Integration of bioinformatics tools and advanced data analysis techniques
3.2.1.5 Increased need for cost-effective drug discovery and development
3.2.1.6 Growing investments and fundings for biobanks
3.2.2 Industry pitfalls & challenges
3.2.2.1 High cost associated with automated systems
3.2.2.2 Issues related to biospecimen sample procurement
3.2.2.3 Data privacy and ethical concerns
3.2.2.4 High cost required for establishing and maintaining biobanks
3.2.2.5 Lack of incompatibility between different biobank data systems
3.3 Growth potential analysis
3.3.1 By product and service
3.3.2 By sample type
3.3.3 By application
3.3.4 By storage type
3.3.5 By end-user
3.4 COVID-19 impact analysis
3.5 Regulatory landscape
3.6 Porter’s analysis
3.7 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Global company market share analysis, 2022
4.4 Competitive positioning matrix, 2022
4.5 Strategic dashboard, 2022
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