Acumen Research and Consulting estimates that global bio banking market is expected to reach the market value of around US$ 70 Bn by 2027 and is anticipated to grow at a CAGR of around 5% in terms of revenue amid the forecast period 2020 – 2027.
The report provides analysis of global bio banking market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Cord blood cells from premature infants are being rapidly retained. The blood cord works to treat any problems that can develop at any age for the infant. It is rich in hematopoietic stem cells that can both distinguish themselves into myeloid and lymphoid cell lines and have the properties of self-renovation. This also continues to heal infections, wounds and injuries at all levels of life. As a result, the biobanks that hold cord blood cells prosper at a rapid rate in different areas, with an increasing understanding of the advantages of holding umbilical cables that ultimately contribute to the worldwide development of biobank industry.
In addition, there is a growing demand for cord blood and stem cells globally as these therapies can assist in tissue graft, organ transplantation, regenerative medicine and drug testing, and the increasing prevalence of chronic diseases such as Alzheimer, Parkinson's disease and diabetes, results in an increase in biobank demand, which boosts market growth.
Moreover, increased funding has been provided for biobanks for the preservation, analytics, transportation and collection of samples in increased research activities focusing on the unmet needs of various chronic diseases, such as diabetes, ischemic hearts, cancer, respiratory disorders. For example, in May 2017 the German Federal Ministry of Education and Research (BMBF) received US $16 Mn from 11 German biobanks. Therefore, the biobank industry is expected to expand in the coming years, with growing funds being made available to biobanks.
High chronic conditions incidence
Several medical diseases such as psychiatric, neurological and immunological disorders cannot be treated using traditional treatments because they have negative side effects. By integrating it with stem cell therapy, which works to reduce the damage due to doses of treatments, the risk of these side effects could be reduced. Moreover, about 14.5 Mn people suffer from cancer in the US, and this is expected to rise to 19 Mn by 2024, according to estimates from the National Cancer Institute. The cord blood needs for therapeutic purposes are projected to increase and thereby drive development on the global biobanking industry.
North America has substantial share of the global demand in biobanks and, without major variations, will show a consistent pattern over the projected period. The US is having the biggest R&D and improved health infrastructure expenditure in the world. The biobanking storages of RNA, DNA, tissue, blood, plasma, serum, cells, etc. are being used by a number of pharmaceutical/biotech companies, academia and institutions. Therefore, the region is projected to see high market share in the future with rising R&D investment and expanding healthcare facilities.
Due to the availability of well-established networks and facilities for biospecimen collection, storage and recovery, European countries made a major contribution in 2019. EuroBioBank and BBMRI – ERIC are two major Europe-wide biobanking networks that finance healthcare and science in the area. A large number of new biospecimens are deposited in Asia Pacific, which will be the most steadily increasing over the forecast period.
Key Players & Strategies
Participants include major global players Worthington Industries, Tecan Trading AG, Thermo Fisher Scientific Inc, QIAGEN, TTP Labtech, Brooks Life Sciences, VWR International, LLC, Promega Corporation, BD, Hamilton Company, Biokryo GmbH, Merck KGaA, and Others.
Most biobanks are created in order to satisfy the resource-related needs of bigger businesses. In the coming years, an increasing number of competitive biorepositories would improve demand. In addition, leading players like Thermo Fisher and Lonza have increased their position in the industry by expanding their portfolio to biobanking facilities like sample collection, storage, analysis and transport.
Biobanking Market by Specimen
Biobanking Market by Application
Biobanking Market by Type
Biobanking Market by Ownership
Market By Geography
Middle East & Africa
The biobanking market value is anticipated to be worth around US$ 70 Bn in 2027.
The biobanking market is anticipated to grow around 5% CAGR amid the forecast period 2020-2027.
North America held highest market share in 2019.
Asia Pacific is projected to be the fastest growing region in the global market.
Major global players Worthington Industries, Tecan Trading AG, Thermo Fisher Scientific Inc, QIAGEN, TTP Labtech, Brooks Life Sciences, VWR International, LLC, Promega Corporation, BD, Hamilton Company., Biokryo GmbH, Merck KGaA, and Others
Research is the highest segment in application segment
Growing demand for cord blood and stem cells as these therapies can assist in tissue graft, organ transplantation, regenerative medicine and drug testing, and the increasing prevalence of chronic diseases such as Alzheimer, Parkinson's disease and diabetes is driving the market