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Feb 07, 2022, 08:00 ET
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VANCOUVER, BC, Feb. 7, 2022 /PRNewswire/ — The global biobanking market size was USD 29.79 Billion in 2020. Increasing need for genetic testing and personalized medicine are key factors driving global market revenue growth. Biobanks play a crucial role in biomedical research. Biobanks not only speed up the process of transfer of scientific knowledge into technical applications, but also give rise to situations, where obtaining such knowledge is dependent mainly on technology.
Drivers: Increased application in clinical and scientific research
Biobanks are an important resource for genomics, proteomics, metabolomic research, molecular epidemiology, translational studies, and therapeutic target creation. Thus, academic and industry researchers are showing increased interest in biobanking. Biobanking is gaining traction in the field of biomedical research. Several biobanks across the globe are assisting in medical research and clinical trials of personalized medicine as they aid in identification of biomarkers and various pharmaceutical treatments.
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Restraints: Issues related to procurement of samples
A key factor limiting growth of the global biobanking market is issues related with procurement of biospecimen samples which is a complex procedure and involves complications and processes to be fulfilled. Moreover, biobanking equipment are expensive and this limits adoption in some developing countries.
The global biobanking market size is expected to reach USD 67.90 Billion in 2030 and register a revenue CAGR of 8.6% over the forecast period. Increased focus on regenerative medicine for treatment of cancer, diabetes, Alzheimer’s Disease, and other rare genetic diseases is driving biobanking market revenue growth. Umbilical cords and stem cells are preserved in biobanks to help in development of regenerative medicines and the trend is gaining traction currently.
COVID-19 Direct Impacts
Biobanking market registered significant growth during the COVID-19 pandemic as researchers stored numerous samples of bronchioalveolar lavage, oropharyngeal/ nasopharyngeal swabs, blood, sputum, urine, and stool of infected patients. The samples were collected and archived for future use to develop diagnostics, therapies, and vaccines. COVID-19 biorepositories in India alone collected over 40,000 samples for researchers to develop vaccines/therapies.
Current Trends and Innovations
Biobanks has entered the Big Data era with advancements in Artificial Intelligence (AI)-driven data analytics, process automation, robotics, and other technological advancements. This has resulted in higher quality biobanking data and contribute to a shift to data driven science. Well processed Big Data allow collaboration of biobanks in different regions and with advanced technology, these data can be handled easily. Storage option on cloud also helps resolve limited local storage capacity issue.
Market in North America accounted for largest revenue share in 2020 due to advancements in drug discovery and increased investment in personalized and regenerative medicine. Increasing prevalence of cancer, cardiovascular, and infectious diseases is boosting growth of the market in the region. Large number of clinical trials related to COVID-19 and increasing usage of stem cell therapies for treatment of various chronic diseases is also driving market growth.
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In July 2021, BioIVT, which is a U.S.-based provider of research and high-quality biological specimens and value-added services, acquired Tissue Solutions Ltd., which is a virtual biobank in the U.K. The acquisition will add 150 collection sites to BioIVT’s network, giving access to high-quality control and disease state biospecimen. It will also help in expanding skin product offerings for in-vitro models.
Some Key Highlights From the Report
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Emergen Research has segmented the global biobanking market on the basis of product & services, sample type, storage type, application, and region:
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