Research 2022, Biobanking Market Size Is Projected to Reach USD 49.46 Billion in 2026 while exhibiting a – Benzinga

Pune, India, Sept. 27, 2022 (GLOBE NEWSWIRE) -- The global Biobanking Market is set to gain traction from the rising integration of innovative technologies in the pre-existing systems. Besides, the introduction to virtual biobanking is set to revolutionize the system by enabling researchers to conduct their studies smoothly, as well as by lowering the time constraints. This information is published by Fortune Business Insights in a recent study, titled, "Biobanking Market Size, Share & Industry Analysis, By Sample Storage (Blood, Cells & Tissue, and Others), By Application (Regenerative Medicines, Life Sciences, and Others), By Settings (Academic Medical Institutes, and Pharmaceutical & Biotechnology Companies), and Regional Forecast, 2019-2026."

The study further mentions that the biobanking market size was USD 25.09 billion in 2018 and is projected to reach USD 49.46 billion by 2026, exhibiting a CAGR of 8.9% during the forecast period.

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Biobanking Market Report Scope & Segmentation :

Emergence of Cord Blood Stem Cell Biobanking to Accelerate Growth

Nowadays, cord blood is considered to be an important source of stem cells that is often processed and conserved for medical research. In the field of biobanking, the conservation of cord blood is gaining more popularity. Also, the upsurging trend of cord blood stem cell biobanking is set to affect the biobanking market growth positively during the forthcoming years. Sweden's Lund University, for instance, unveiled the world's largest stem cell biobanking that would aid researchers in understanding the origin and cause of diseases, such as Parkinson's and Alzheimer's. Apart from that, the rising incidence of chronic diseases across the globe would contribute to the market growth.

Regeneron & UK Biobank Provide New Human Sequencing Data

In March 2019, UK Biobank, a large long-term biobank study, and Regeneron Pharmaceuticals, Inc., a biotechnology company headquartered in New York, confirmed the availability of a vast amount of new human sequencing data, especially for health researchers. It would help in providing them with an unprecedented 'Big Data' resource for reforming the understanding of human biology. It is set to further aid them in therapeutic discovery.

Around 50,000 UK Biobank participants were taken into consideration for generating the exome sequence data at the Regeneron Genetics Center (RGC). GlaxoSmithKline also joined hands with both companies. The data is linked to detailed imaging, de-identified health records, and other related information. Regeneron is also a part of a consortium of biopharma organizations, consisting of Takeda, Pfizer, Biogen, Bristol-Myers Squibb, AstraZeneca, Alnylam, and Abbvie.

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Introduction to Virtual Biobanking will Augment Growth

Since the past few years, owing to the rapid technological advancements, the biobanking industry has gone through an evolution. At present, the biobanking system is being integrated with innovative technologies. Apart from that, the emergence of virtual biobanking is revolutionizing the system as it enables researchers to conduct their work efficiently and reduces time constraints. It is further helping the biobanks in procuring high revenue.

Additionally, many software companies are conducting research and development activities to create novel software solutions. These software solutions would help in enhancing the quality of the service provided to the consumers and upsurge the visibility of biobanks. All these factors are likely to boost the biobanking market growth during the forecast period. However, the lack of counselling and training of medical ethics may hamper the market growth.

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High Demand for Samples from Pharmaceutical Industry to Augment Blood Segment

In terms of sample storage, the market is segregated into cells and tissue, blood, and others. Out of these, the blood segment acquired 79.5% biobanking market share in 2018 and is set to lead throughout the forecast period. This is attributable to the rising distribution, storage, and collection of blood samples backed by the increasing cases of infectious diseases. It is further creating high demand for curative measures. As blood samples contain RNA and DNA, they are considered to be a vital biospecimen and hence, are utilized in conducting several research activities. These are especially demanded by the academic medical institutions, as well as many pharmaceutical companies.

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Europe to Remain at Forefront Backed by Increasing Number of Biobanks

The market is geographically divided into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Amongst these, Europe is likely to remain in the dominant position in the coming years. It had generated biobanking market revenue of USD 8.93 billion in 2018. This growth is attributable to the presence of innovative biobanks in countries, such as Denmark, Norway, and Sweden. As per a report by Global Engage, in Iceland, around 40% of the population have contributed their DNA and those specimens are stored safely in biobanks.

Asia Pacific, on the other hand, is anticipated to exhibit a high CAGR in the coming years fueled by the rising investments by industry giants to develop well-structured biobanks. Additionally, increasing sales of cell and blood samples by the academic medical institutions for conducting research activities would propel growth in this region.

Key Players Aim to Open New Biobanks to Aid Researchers with Further Studies

Several companies present in the market are engaging in distribution strategies to enhance the market value. They are also investing huge sums for the development of new biobanks so that more researchers and clinicians would be able to conduct R&D activities for helping out the ones in need. Below is one of the latest key industry developments:

Fortune Business Insights lists out all the prominent companies operating in the biobanking market. They are as follows:

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Research 2022, Biobanking Market Size Is Projected to Reach USD 49.46 Billion in 2026 while exhibiting a - Benzinga