In the forecasted time, the global Biobanks Market is predicted to grow. With the development of new technologies such as next-generation sequencing (NGS) and a greater focus on genomic medicine, biobanks are continuing to evolve. The availability of various types of biospecimens to serve a variety of sectors, such as drug research, diagnostics, and others, has expedited biorepository diversification, consequently propelling the market.
Jersey City, New Jersey, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Biobanks Market” By Product (Equipment, Consumable, and Others), By Service (Biobanking/Repository, Lab Processing, and Others), By Sample Type (Human Tissues, Organs, Stem Cells, and Others), By Application (Therapeutics, Drug Discovery & Clinical Research, and Others), and By Geography. According to Verified Market Research, the Global Biobanks Market size was valued at USD 63.9 Billion in 2020 and is projected to reach USD 79.5 Billion by 2028, growing at a CAGR of 5.50% from 2021 to 2028.
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Global Biobanks Market Overview
Increased application areas of biobank samples, increased financing from commercial and government organizations for biobanking, increased genomic research efforts, and increased investment in R&D activities by various healthcare firms are all driving the global Biobanks Market forward. The rapid expansion of the virtual network now encompasses many clinical sites and most bio-samples, expanding the types of clinical samples available for drug development and diagnostic operations. The rise of chronic diseases like autoimmune diseases, cancer, and blood disorders is fueling the Biobanks Market’s expansion. Furthermore, the rise in the number of people suffering from chronic diseases propels the industry forward. Advances in drug research and development, increased funding from government and private organizations, lifestyle changes, and an expanding worldwide geriatric population is all contributing to the market’s growth. Stringent restrictions, a lack of standardization, and ethical and legal challenges such as informed consent and participant privacy protection may stifle the Biobanks Market’s expansion.
During the forecast period, the Biobanks Market is likely to be driven by an increase in genomic and proteomic research. Proteomics is the study of a group of proteins, while genomics is the study of all genes. Biobanks are collections of biospecimens used in genomic and proteomic research. It assists in the detection of disease-related genetic alterations. During the projection period, strict biobank rules would be a prominent market limitation. It’s difficult to balance good research with regulations concerning individual or study participant privacy. Only relevant data should be collected and stored for a short period, according to the new rule. For monitoring massive amounts of data, a Data Protection Officer (DPO) is also needed. In the projected years, these regulatory rules are expected to be a major impediment to the biobanking industry.
The major players in the market are Thermo Fisher Scientific, Merck KGaA, Hamilton Company, Avantor, Tecan Trading, BioCision, Lonza, Stemcell technologies, Biovault Family and PromoCell GmbH.
Verified Market Research has segmented the Global Biobanks Market On the basis of Product, Service, Sample Type, Application, and Geography.
Biobanks Market, By Product
Biobanks Market, By Service
Biobanks Market, By Sample Type
Biobanks Market, By Application
Drug Discovery & Clinical Research
Biobanks Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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