The biobanking industry is expected to witness significant growth and transformation in the near future. Biobanks play a crucial role in collecting, storing, and managing biological samples and associated data for research and healthcare purposes. With the advancements in precision medicine, personalized therapies, and genomic research, the demand for high-quality biological specimens for biomedical research, drug development, and diagnostic applications is increasing. Biobanks serve as valuable resources for researchers, providing them with access to well-characterized and diverse samples for studying diseases, understanding genetic variations, and identifying biomarkers.
Biobanking Market in terms of revenue was estimated to be worth $2.9 billion in 2023 and is poised to reach $5.0 billion by 2028, growing at a CAGR of 11.4% from 2023 to 2028 according to a new report by MarketsandMarkets™. The global biobanking market is expected to grow at a CAGR of 11.4% during the forecast period.
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Biobanking Market: Impact Analysis
Drivers
- Growing investments and funding for biobanks
- Focus on genetic testing and precision medicine
- Increasing trend in preservation of cord blood stem cells from newborns
- Favorable funding scenario for research related to regenerative medicine
Restraints
- High cost of automated equipment
- Issues related to biospecimen sample management
- OPPORTUNITIES
Challenges
- High operational cost of biobanks
- Storage of samples
Recent Developments
- In February 2023, PHC Corporation of North America launched the PHCbi Brand VIP ECO SMART Ultra-low Temperature Freezer with industry-leading energy efficiency.
- In September 2022, Cryoport entered into a strategic partnership with BioLife Plasma Services to offer supply chain solutions and service offerings, such as bioservices and cryo-processing, for BioLife Plasma Services.
Key players in the biobanking market include Thermo Fisher Scientific, Inc. (US), PHC Holdings Corporation (Japan), Becton, Dickinson and Company (US), QIAGEN N.V. (Germany), Merck KGaA (Germany), Avantor, Inc. (US), Cryoport, Inc. (US), Tecan Trading AG (Switzerland), Azenta, Inc. (US), Greiner Holding AG (Austria), Hamilton Company (US), Micronic (Netherlands), AMSBIO (UK), Bay Biosciences LLC (US), BioKryo (Germany), SPT Labtech (UK), ASKION GmbH (Germany), Cell&Co BioServices (France), Ziath Ltd. (UK), CTIBiotech (France), Cureline (US), Firalis Group (France), Sopachem (Netherlands), ProteoGenex (US), and US Biolab Corporation, Inc. (US).
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