Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Biobanking market.
Trusted Business Insights presents an updated and Latest Study on Biobanking Market 2019-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market.The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Biobanking market during the forecast period (2019-2029).It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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The global 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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A biobank is a practice of creating wide-range repositories for the collection, storage, and distribution of human samples such as blood, plasma, serum, urine, tissues, cells, and others. The field of biobanking has tremendously evolved over the years and is currently witnessing a significant growth. The integration of advanced technologies, data analytics, and automation has changed the traditional biobanks into virtual biobanks, giving rise to a transformative market potential. Globally, there are several types of biobanks such as, disease-oriented biobanks, population-based biobanks, tissue banks, and blood banks which are contributing to the market growth. Growing investments for drug development and increasing prevalence of disastrous diseases such as cancer, respiratory diseases, Alzheimers disease, and others are prominently leveraging the growth of this market.
Sustainable Biobanking is Likely to Propel Market GrowthSustainability of a biobank is crucial to remain operative and effective in the market. Despite financial support from public organizations, insecurity for long-term funding is a significant concern today. To achieve greater sustainability, a balance between financial, operational, and social dimensions of the biobank is necessary. Increased sustainability of the biobank would lead to the generation of higher revenue and thus, propel the global biobanking market. Currently, biobanks, as well as several industry stakeholders, are approaching various strategies to meet the sustainability goal. For instance, Biobanking and Bimolecular Resources Research Infrastructure (BBMRI) based in the Netherlands, has made a series on sustainable biobanking, which includes nine recommendations (for example, draft a business plan, user-centered perspective, choosing of business model, and others) for biobanks to achieve sustainability. The set also provides business tools for biobanks and case study analysis. Such strategies are the helping hand for biobanks across the globe to achieve faster sustainability during the forecast period.
Facility to Conserve Cord Blood Stem Cells to Proliferate Market Potential
Cord blood is the blood that remains in the umbilical cord post-delivery of a baby. It is the most abundant source of stem cells that is conserved and processed for medical research. The conservation of cord blood is on high demand in the field of biobanking and thus, is likely to increase the potential of the market in the coming years. Moreover, the launch of cord blood stem cell biobanking is majorly driving the market. For instance, in February 2020, Lund University in Sweden launched the worlds largest stem cell biobanking. The biobank will help researchers understand the origin of the most common disorders, such as Alzheimers disease and Parkinsons disease. Additionally, increasing prevalence of chronic diseases worldwide also plays a significant role in contributing to the launch of stem cell biobanks. Therefore, a rising number of biobanks will drive the biobanking market growth in the forecast period.
Launch of Software for Virtual Biobanking to Fuel Market Growth
In recent years, this market has rapidly undergone an evolution. The integration of advanced technologies with the biobanking system is currently the foremost market driver. Virtual biobanking is now revolutionizing the biobanking system as it minimizes time constraints and allows researchers to conduct the research smoothly. Virtual biobanking has helped the biobanks to generate higher revenue, thus increasing the market value and propelling the market growth. In addition, multiple software companies are into the development of software for the ease of the biobanking system and the adoption of a virtual biobanking system. For example, in September 2018, Technidata Medical Software launched a feature for its TDBioBank software solution. This software solution helps the biobank to gain visibility and improve the quality of the service provided to the customers. Thus, virtual biobanking is set to have multiple advantages and aid in the generation of higher revenue.
Ethical Challenges in Emerging Countries to Limit Growth
Ethical implication is an integral part of biobanking with respect to informed consent from patients, handling, storage, and distribution of samples. But, factors such as high level of poverty, lower literacy rates, and traditional practices in the emerging countries cause hindrance in the implications. Additionally, the lack of training and counselling on medical ethics to the respective personnel of biobank is another factor to limit the growth of the global biobanking market. Moreover, the misconceptions of biobanking in the patient population can also affect the growth of the market. The above-mentioned factors are likely to affect the overall value of the market in the coming years.
By Sample Storage Analysis
The Blood Segment to Dominate Stoked by Increasing Need for SamplesBased on sample storage, the market is segmented into blood, cells & tissue, and others. The blood segment dominated the global market in terms of market value and market share in 2018. Collection, storage, and distribution of blood samples have emerged mainly in the nations across the globe owing to a rise in the number of infectious diseases and demand for curative measures. Blood samples are considered as a crucial biospecimen as they contain DNA and RNA which are used in conductance of research activities. Thus, blood samples are primarily requested at the biobank by the pharmaceutical industries as well as academic medical institutions. According to the trans-hit bio database, 85% of blood samples are needed by the industry for non-cancerous studies as compared to other sample types.
Further, cells & tissues are anticipated to emerge as the fastest-growing segment in the global market. The faster growth is in accordance with the increasing demand for cells and tissue samples for investigating complex disorders such as Alzheimers disease, cancer, and others. Other samples, such as urine, hair, and many more, are anticipated to mark a slower growth during the forecast period owing to lesser demand and distribution of the sample.
By Application Analysis
Life Science Segment to Lead Backed by Rising Demand for Samples from Academic InstitutionsIn terms of application, the market is segmented into regenerative medicines, life science, and others. The life science segment dominated the global biobanking market in 2018. The dominance is attributed to the growth in the supply of sample distribution to the academic institutions and pharmaceutical R&D for clinical applications. Increasing prevalence of complex diseases and the need for curative measures are imposing pressure on the scientists. Additionally, the regenerative medicine segment is anticipated to grow at a higher CAGR during the forecast period. Furthermore, research and pharmaceutical companies globally have collaborated to conduct clinical trials of regenerative medicines for various applications.
Multiple clinical studies are in the pipeline, thus increasing demand for samples from biobanks. For example, in September 2019, the USFDA granted regenerative medicine advanced therapy designation for SB623 cell therapy of SanBio Group. Cell therapy is in the phase-2 clinical study indicated for the treatment of traumatic brain injury. The surging demand for personalized medicine is expected to play a critical role in human health. Hence, the demand for high-quality samples from biobanks is likely to mark a potential growth for the regenerative segment in the coming years.
By Settings Analysis
Establishment of Biobanks at Academic Medical Institutions to Aid Higher Market ValueBy settings, the global biobanking market is classified into academic medical institutions and pharmaceutical & biotechnology companies. In 2018, the academic medical institutions segment held the leading position in the market. The dominance is attributed to factors such as higher investments in R&D and a growing need for multiple samples to carry research activities. Increasing prevalence of cancer, Alzheimers disease, and others is demanding for higher curative measures, thus promoting research activities. Hence, the establishment of biobanks by the medical institutions has aided in the generation of higher market value. Biobanks at pharmaceutical and biotechnology companies also have a considerable share in the market owing to the adoption of advanced technologies and establishment of biobanks.
Europe dominated the market with market size of USD 8.93 billion in 2018. This dominance is attributed to the presence of well-established biobanks in the Nordic countries such as Sweden, Norway, Denmark, and others. According to an article posted in Global Engage, a producer of conferences and summits for the Life Science and pharmaceutical sector, approximately 40% of the population in Iceland have contributed DNA, which is safely and privately stored in the biobanks. Such contributions and growing supply of samples are adding to the market size of the European biobank market. Moreover, continuous efforts in R&D by European pharmaceuticals are also one of the factors responsible for the higher market share of the region. North America holds the second position in this market owing to the conductance of multiple clinical trials by the research institutes and pharmaceutical companies. Also, increasing technological advancements to set-up virtual biobank is a factor responsible for the geographical position of North America. Asia Pacific is expected to register a higher CAGR during the forecast period owing to higher sales of blood and cell samples to the academic medical institutions for research purposes. Additionally, growing investments in setting up well-structured biobanks are also responsible for surging the biobank market in the Asia Pacific region during the forecast period.On the other hand, Latin America and the Middle East & Africa are likely to exhibit a considerably lower growth in terms of market value owing to ethical challenges and smaller investments in the maintenance of biobank.
KEY INDUSTRY PLAYERS
Biobank Graz and Shanghai Zhangjiang Biobank Have Storage Targets of Million SamplesThe global biobanking market is consolidated with a number of banks worldwide. Some banks are disease-oriented, while some are population-based biobanks. Other banks, such as tissue banks, cell-specific biobank, blood biobank, and many others, are also contributing to the market. Biobank Graz is a publicly funded biobank having about 20 million sample collection facilities. Working on automation technology, Biobank Graz distributes samples ethically and scientifically to academic institutions worldwide. It is also known as a central hub for biomedical research. Similarly, biobanks having substantial storage facilities and distribution strategies are anticipated to contribute to the enhancement and market value of the global market.
LIST OF KEY COMPAINES PROFILED:
KEY INDUSTRY DEVELOPMENTS:
September 2019 The U.K launched a USD 247 million DNA database for Genome Decoding Research Project. U.K. Biobank, as a part of the project, will analyze and sequence the genetic codes of 500,000 volunteers. Pharma giants such as GlaxoSmithKline plc and Johnson and Johnson are also a part of the project.
The biobanking market report provides a detailed analysis of the market and focuses on key aspects such as leading biobanks, sample types, and leading applications of the sample. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years. It further highlights some of the growth-stimulating factors and restraints, helping the reader to gain in-depth knowledge about the market.
Report Scope & Segmentation
By Sample Storage
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Quick Read Table of Contents of this Report @ 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 (Includes COVID-19 Business Impact)
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