Global Biobanks Market Size To Worth USD 165.1 Billion By 2033 l CAGR Of 8.59%
Category: Banking & FinancialGlobal Biobanks Market Size To Worth USD 165.1 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Biobanks Market Size is to Grow from USD 72.45 Billion in 2023 to USD 165.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.59% during the projected period.
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Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Biobanks Market Size, Share, and COVID-19 Impact Analysis, By Product (LIMS, Biobanking Equipment), By Biospecimen Type (Organs, Stem Cells), By Application (Therapeutics, Drug Discovery & Clinical Research, and Clinical Diagnostics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/biobanks-market
A biobank is a secure repository for storing biological samples like blood, tissue, and DNA, essential for medical research. It aids studies on how genes, environment, and lifestyle impact health. Researchers leverage data available in biobanks to gain insights and then update the data accordingly. They use specialized equipment like mechanical freezers, liquid nitrogen storage, and laboratory information management systems (LIMS) for biological sample management. Driving factors for the global biobanks market include technological innovations like automation. The rising number of chronic diseases, investments in genomic research and precision medicine, a growing focus on personalized medicine, and advances in big data analytics and AI fuel the market growth. However, the market might face several challenges, including high costs for establishment and operation, ethical and legal issues, data privacy, data security, and varying regional regulations.
The biobanking equipment segment is anticipated to hold the greatest share of the global biobanks market during the projected timeframe.
Based on the product, the global biobanks market is divided into LIMS and biobanking equipment. Among these, the biobanking equipment segment is anticipated to hold the greatest share of the global biobanks market during the projected timeframe. It offers effective storage and preservation of biological samples, ensuring the integrity and viability of samples. The continuous advancements in cryopreservation techniques and automation technologies, increasing focus on automation, and regulatory compliance necessitate the use of advanced biobanking equipment.
The stem cells segment is anticipated to hold the greatest share of the global biobanks market during the projected timeframe.
Based on the biospecimen type, the global biobank market is divided into organs and stem cells. Among these, the stem cells segment is anticipated to hold the greatest share of the global biobanks market during the projected timeframe. Stem cells can create other new cells like muscle, blood, and brain cells, crucial for regenerative medicine and numerous therapeutic applications. Advancements in stem cell therapies for diseases and growing investments in stem cell biobanking highlight their importance in clinical trials and research.
The drug discovery & clinical research segment is anticipated to grow at the fastest pace in the global biobanks market during the projected timeframe.
Based on the application, the global biobanks market is divided into therapeutics, drug discovery & clinical research, and clinical diagnostics. Among these, the drug discovery & clinical research segment is anticipated to grow at the fastest pace in the global biobanks market during the projected timeframe. They play a critical role in drug development and precision medicine, providing high-quality samples and data for disease research and treatment discovery. Advanced technologies like genomics, proteomics, and bioinformatics improve the analysis and use of biobanked samples.
Europe is anticipated to hold the largest share of the global biobanks market over the forecast period.
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Europe is anticipated to hold the largest share of the global biobanks market over the predicted timeframe. The robust healthcare infrastructure in this region drives the biobanking market. Countries like Germany, the UK, and Sweden have strong biobank networks and government funding. Strict regulations and the focus on personalized medicine and chronic disease research further boost demand. The presence of leading research institutions, pharmaceutical companies, and collaborative innovation boosts regional growth.
Asia Pacific is expected to grow at the fastest pace in the global biobanks market during the forecast period. Increasing investments in healthcare infrastructure and R&D in countries like India, are advancing medical research and biobanking in Asia-Pacific. Rising chronic disease rates and population growth drive demand for biobanking services. Lower operational costs, skilled professionals, and international collaborations further boost market growth.
Major vendors in the Global Biobanks Market include Thermo Fisher Scientific Inc., Merck KGaA, Qiagen, Biocision LLC., Stemcell Technologies, Danaher Corporation, Tecan Trading AG, UK Biobank, Becton, Dickinson, and Company (BD), Hamilton Company, Biovault Family, Charles River Laboratories, Promocell GmbH, Taylor-Wharton, and Precision Cellular Storage Ltd., and Others.
Recent Developments
- In November 2023, the 20-crore state-of-the-art biobank, the first in south India and only the third such facility in the country, would serve as a repository for future collaborative research to map onset and progress, prevention and reversal of diseases. The blood and tissue samples would be stored at -80 and -190°Celsius and studied over a period of 10 years to see what diseases they develop as part of 'a Million-Person Genome/Phenome Project'.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Biobanks Market based on the below-mentioned segments:
Global Biobanks Market, By Product
- LIMS
- Biobanking Equipment
Global Biobanks Market, By Biospecimen Type
- Organs
- Stem Cells
Global Biobanks Market, By Application
- Therapeutics
- Drug Discovery & Clinical Research
- Clinical Diagnostics
Global Biobanks Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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