Biobanking Market Size to Surge at the CAGR of 5.9% from 2022-2031 – Digital Journal

Biobanking Market Introduction

The term biobanking is often misused to refer to any collection of human biological specimens (biospecimens), regardless of the standards established for various tissue collection procedures or requirements pertaining to ethical and legal considerations. The process of collecting bodily fluids or tissue samples for usage in research to better understand health and disease is referred to as biobanking. Biobank is a sizable collection of biospecimens that are kept primarily for usage in health and medical research, and are linked to pertinent personal and health data (such aselectronic medical record, family history, lifestyle, and genetic information).

The National Centre for Advanced Research and Excellence in Heart Failure (CARE-HF) at SCTIMST was established by ICMR to expand research in the field, as heart failureemerged as a significant health issue in India. One of the projects key components is the Heart Failure Biobank, which received funding of US$ 85,000 to build cutting-edge storage facilities.

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In terms of usage and design (focused on populations or diseases), biobanks are diverse (epidemiology, translational, pharmaceutical research). Biobanks include information and samples from large-scale epidemiologic collections, family studies, patients with a particular disease,clinical trialsof novel treatments, or patients with the disease in question. Data and samples are invariably gathered according to various guidelines, standards, and objectives.

According to the biobanking market analysis, little standardization has taken place across biobanks due to the challenges of data collection and sample storage within studies. The field of biome biobank research is rapidly evolving; however, the necessary biobanking infrastructure is currently fragmented and unprepared for microbiome biobanking. A number of international initiatives and protocols have recently been developed to address this issue. The goal of procedure standardization and harmonization is to facilitate data sharing among various resources, increasing effective sample size and statistical power, particularly for rare diseases.

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Public Participation in Biobanking to Drive Global Biobanking Market

Diversity of public participation in biobanking is a highlight of biobank success. Increase in number of biobanks across the world reflects their potential to improve the reproducibility and meaning of data generated by biomedical research. The fact that biospecimens are collected using strict and standardized methodologies ensures reproducibility, while meaningfulness is achieved by linking relevant information to biospecimens themselves as well as their donors. Biobanks success is dependent on the participation of diverse groups of people.

Increase in funding for biobanking from private and government organizations and expansion of application areas of bio-banked samples are the major factors driving the global biobanking market size. Availability of government funding for regenerative medicine, stem cell therapeutics, and cell &gene therapyis encouraging research in this area. Furthermore, growth in trend of cord blood banking is expected to contribute to the growth of the market.

Future prospects, such as advancements in orthopedic procedures using stem cells, are expected to fuel theregenerative medicinemarket. Genomic research is a key driver of the global market. Government support for regenerative medicine research through various initiatives is also likely to increase biobanking market share.

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Surge in Demand for Personalized Medicine Fueling Equipment Segment

Based on product, the equipment segment accounted for the largest share of the global biobanking market in 2021. Biobanking equipment is used in biorepositories to store biological samples for research purposes. Researchers use biobanking equipment to conduct tests or analyze specimens stored in a biobank. Along with equipment and consumables, software and services play an important role in assisting researchers in their studies of various diseases.

Surge in demand for personalized medicine, owing to high unmet medical requirements for developing effective therapies, is a key factor propelling the equipment segment. Increase in pharmaceutical R&D budgets by governments and private players is expected to support research activities. This is likely to augment the equipment segment.

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Usage in DNA and RNA Analyses Propelling Blood Products Segment

In terms of biospecimen type, the blood products segment held significant market share in 2021. Blood is one of the most frequently used biospecimens in research. Depending on the downstream application and blood fraction required, it is collected in tubes containing preservatives and additives (serum, plasma, white blood cells, red cells). Serum samples are typically collected in tubes containing a clot accelerator such as thrombin or silica, while plasma samples can be collected in tubes containing variousanticoagulantadditives. Majority of biochemical analyses are performed on serum, while DNA and RNA analyses are performed on anticoagulated blood. These practices have the potential to introduce heterogeneity into basic data. Citrate-stabilized blood, for example, yields higher DNA and RNA quality and more lymphocytes for culture than other anti-coagulants, while EDTA-coated collection tubes would be preferred for protein assays and most DNA-molecule analyses.

Growth in Trend of Precision Medicine Augmenting Therapeutics Segment

Based on application, the therapeutics segment is projected to account for major share of the global biobanking market during the forecast period. Clinical trials and research-based innovative activities such as personalized medicine aim to broaden the applications of biospecimens in research. Demand for precision medicines is high, as these promise breakthrough treatments in the most complex disease areas. Biobanks stand to benefit significantly from the growth in trend of precision medicines due to the sample data they possess, which is critical to precision medicineapplications in therapy areas such as oncology, psychiatry, infectious diseases, and cardiology.

Institutes are conducting studies on the usage of cord blood in various areas of science that could benefit human health. The Lund University in Sweden launched the worlds largest biobank in 2020 to better understand and conduct research in the most common diseases such as Alzheimers, Parkinsons, cardiovascular disease, and diabetes. Hence, surge in research activities has been observed in cord blood applications in the past few years. This is expected to increase the demand for cord blood, which in turn, is likely to augment the therapeutics segment.

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Advantages over Manual Sample Transport Bolstering Automated Segment

In terms of storage type, the automated segment is anticipated to grow at a rapid pace during the forecast period. Increase in demand for biobanking has induced biobanks to turn to automation to help maintain sample integrity and uphold their stringent specimen tracking standards. Automation can be used to improve access, cost, and throughput at various stages of the biobanking process.

Automated transport of biological samples from clinics and pre-analytical labs to the biobank has several advantages over manual sample transport. The primary advantage is the ability to deliver specimens 24 hours a day, seven days a week, without the need for staff to be present at all times, resulting in lower personnel costs. Moving samples around the lab can be aided by automated workstations.

In order to ensure consistent quality, the collection, processing, storage, and retrieval of samples by biobanks and biorepositories should be standardized, harmonized, and quality controlled to the highest level possible. This can be accomplished by putting in place a quality management system (QMS) and standard operating procedures (SOPs). Implementing technical solutions, particularly the automation of critical biobanking process areas, could help support this process. Automation improves reproducibility and accuracy, while decreasing the incidence of mislabeled or misplaced samples by reducing or eliminating human handling steps.

Analysis of Key Players in Global Biobanking Market

The global biobanking market is consolidated, with the presence of small number of leading players. Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the leading players in the global biobanking market. Thermo Fisher Scientific, Inc., PHC Holdings Corporation (Panasonic Healthcare), Hamilton Company, Chart Industries, Inc., VWR International, LLC, QIAGEN N.V., Greiner AG, Brooks Automation, Inc., Merck KGaA, and Tecan Trading AG are the prominent players operating in the global biobanking market.

Key Developments in Global Biobanking Market

Each of these players has been profiled in the biobanking market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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Biobanking Market Size to Surge at the CAGR of 5.9% from 2022-2031 - Digital Journal