Global Biobanking Market (2020 to 2027) – by Specimen Type, Type of Biobank, Ownership, and Application – ResearchAndMarkets.com | Financial Buzz

Global Biobanking Market (2020 to 2027) – by Specimen Type, Type of Biobank, Ownership, and Application – ResearchAndMarkets.com

The “Biobanking Market by Specimen Type, Type of Biobank, Ownership, and Application: Global Opportunity Analysis and Industry Forecast, 2020-2027” report has been added to ResearchAndMarkets.com’s offering.

The global biobanking market was valued at $37.93 billion in 2019, and is estimated to reach $57.67 billion by 2027, growing at a CAGR of 4.6% from 2020 to 2027.

Biobank is a biorepository meant to collect and preserve biological materials that are used for diagnosis, biodiversity studies, and research. In addition, it is used to support the research of most common types of genetic disorders to develop personalized medicines and to maintain and update database of diseases related to age.

The rise in funding by private & government organizations for biobanking and increase in application areas of bio banked samples are the major factors that drive the growth of the global biobanking market. Moreover, upsurge in incidence of diseases such as cancer significantly contributes toward the market growth, owing to the fact that biobanked specimens are used in the treatment of several chronic diseases. However, ethical issues related to biobanking and lack of awareness about it are expected to impede the market growth. On the contrary, advancements in stem cell research and unmet medical needs in emerging nations are anticipated to provide lucrative opportunity for the market expansion.

The rise in genomic research activities acts as a key driving force of the global market. Furthermore, government is taking multiple initiatives to support regenerative medicine research, which is expected to boost the market growth. Moreover, increase in demand for cost-effective drug delivery & development accelerates the market growth. Furthermore, usage of human biospecimens is increasing in cohort studies. Number of registered clinical studies with the National Institutes of Health (NIH) increased from 181,305 in 2014 to 262,445 in 2017. A substantial number of large ongoing cohort studies related to precision medicine have fomented the establishment of population-based banks.

The global biobanking market is segmented into specimen type, type of biobank, ownership, application, and region. Depending on specimen type, the market is categorized into blood products, solid tissue, cell lines, nucleic acid, and others. On the basis of ownership, it is divided into national/regional agencies, nonprofit organization, universities, and private organization. The applications covered in the study include therapeutic and research. By type of biobank, the market is bifurcated into population-based biobank and disease-oriented biobank. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits

  • This report provides an extensive analysis of the current and emerging market trends and dynamics in the global biobanking market to identify the prevailing opportunities.
  • This study presents the competitive landscape of the global market to predict the competitive environment across geographies.
  • Comprehensive analysis of factors that drive and restrict the market growth is provided.
  • Region- & country-wise analysis is provided to understand the market trends and dynamics.

Market Dynamics

Drivers

  • The Rise in Funds for Biobanks
  • Increase in R&D Activities for Application of Biobank Specimens
  • Surge in Prevalence of Fatal Chronic Diseases
Restraints
  • Legal and Ethical Issues of Biobanking
  • Lack of Awareness Toward Biobanking
Opportunity
  • High Growth Potential in Developing Countries

Key Players Profiled

  • BioIVT & Elevating Science
  • Geneticist Inc.
  • Firalis S. A.
  • AMS biotechnology Ltd. (AMSBIO LLC)
  • US Biolab Corporation, Inc.
  • ProteoGenex, Inc.
  • Cureline, Inc.
  • Bay Biosciences LLC
  • CTI Biotech
  • Boca Biolistics

For more information about this report visit https://www.researchandmarkets.com/r/ktvgoa

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